Once your reach retirement, you will face the challenge of deciding how and when you will take your money out to support yourself. When making these choices, you need to decide how you want to receive income after retirement….
Creating Your Retirement Paycheck
From the date you started your career to the final day on the job, you probably were working on an important goal: saving for retirement. You may have set up retirement accounts through your company, invested in the markets or sold a business to fund your retirement years. Whatever methods you used, once you hit retirement, it’s time to plan your income differently....
Not Gonna Do It
If you've been walking around thinking that Social Security will cover most of your bills in retirement, it's time to set yourself straight -- and start saving for the future. While the amount of money you'll need in retirement will depend heavily on your lifestyle and goals, most seniors will require around 80% of their former income just to cover the basics....
It’s Complicated
If you’ve been working for quite a while, your financial life has probably been managed to the rhythm of your paychecks. If you’ve managed to stay employed, it’s probably worked well – money comes in and goes out on a nicely predictable schedule. There are times, however, when something unexpected comes up...