#9 Distribution Strategies- 10 Things You Need To Know To Plan Your Retirement Income

 In Financial Planning, Ozarks Live, Tips

#9 Distribution Strategies- 10 Things You Need To Know To Plan Your Retirement Income

The ninety topic in our ten part series is Distribution Strategies.  Work with a financial professional create a retirement income distribution strategy that includes tools that guarantee against loss. How long retirement income will last can be significantly impacted by whether a person stays within a pre-determined budget and does not withdraw more income than planned for each year.

The first step to develop a distribution strategy would be to identify the retire income sources available to help pay for a desired lifetime during retirement. Some sources most likely to be available will be Social Security, a pension, an annuity, or income from a job. Additional retirement assets may include a 401(k) plan, IRA savings, CDs, mutual funds or brokerage accounts. Once a plan is together, then it is easier to develop a budget and stick to it and living within those means, which is the best way to save money.

The next step is to position reliable benefit sources – such as Social Security, pensions, and the others listed above – to pay for basic needs, ensuring they will be covered. Next, use other retirement savings to supplement any gap in the income and to pay for vacations, going out to eat and any extras you desire.

Be proactive in developing a plan. Make goals, objectives, and priorities clear and evident and stick to them.

Tune into Bruce’s show on Tuesday for the last part of the 10 things you need to know to plan your retirement income series.

We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation. We are able to provide you with information but not guidance or advice related to federal benefits. Our firm is not affiliated with the U.S. government or any governmental agency.  Investment advisory services offered through AE Wealth Management, LLC, an SEC Registered
Investment Adviser.

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