As you near retirement, the question that seems to form on everyone’s mind is whether you have sufficiently saved to enjoy the quality of life to which you are accustomed during retirement. In tackling this question, it is not simply an issue of whether you have sufficient money on the first day of your retirement, but also whether you properly invest and manage your savings during retirement. It is important that you not only look at the “big picture,” but also what your monthly needs will be and how to properly leverage your savings so as to provide the monthly income required. In preparing for and predicting the best ways to monitor your savings and monthly income, consider the following: systematically drawing down your savings, converting a portion of your savings into an income annuity, avoiding lump sum pension payouts (in favor of lifetime retirement income streams), and even delaying claiming social security benefits until your full retirement age.
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