Are you planning on retiring in the next few years? If so, you’ll want to create a retirement income plan.
First of all, while you’re still working, look for ways to boost your retirement income, such as increasing your 401(k) contributions. And you might want to explore products that can provide you with a lifetime income stream.
You’ll also want to estimate your expenses in retirement, including your health care costs, which can be considerable.
And it’s important to review your investment mix. As you near retirement, you may want to lower your portfolio’s risk level.
Finally, once you are retired, you’ll need to create a sustainable withdrawal rate from your various retirement accounts. You don’t want to take out too much, too soon, and risk outliving your income.
By planning ahead and making the right moves, you’ll feel more confident in your ability to maintain enough income to last throughout your retirement. And that feeling of financial security can help you enjoy an active lifestyle during your years as a retiree.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.