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SafeMoney.com Blog
Retirement Income Planning: 5 Tips for Lifelong Financial Security
If only retirement income planning were as easy as answering one question: "What is your number for lifetime retirement security?"
That would be nice if retirement boiled down to just one number. But this oversimplifies what it takes to enjoy a secure retirement because, in truth, it requires a customized income planning approach.
Why? Because determining how much money you need in retirement is just as much a personal question as it is a mathematical one.
Just think about your goals and what you might need financially to make them happen. Do you plan to travel? To begin a career 'second act' by getting involved with entrepreneurship or consulting? To donate time and resources to causes that are near and dear to you personally?
Bottom-line, everyone will have different income needs. So, here are five important tips to help guide you through your retirement income planning process. You can also further explore some topics by checking out the other SafeMoney articles linked to throughout this piece.
Could Pension Maximization Work for You?
If you are among the rare few with a retirement pension, congratulations! You have a benefit that is becoming increasingly rare.
With the 401(k) plan becoming the workplace retirement plan of choice, people hold more responsibility for their financial futures than ever.
Knowing you have a pension gives you the comfort of knowing that, once you retire, you are scheduled to receive monthly income payouts for life. Your income payment will be based on your salary and your length of employment.
Just like with annuity payout options, the lifetime payout option you select with your pension plan will have a direct bearing on how much income you receive.
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