Smart Steps to Secure Your Retirement Future

Retirement is a time to enjoy the fruits of your labor, but many people are anxious about their financial future. A recent study found that a significant number of people aged 61 to 65 are considering delaying retirement due to financial concerns. This highlights the importance of planning for retirement income.

Managing Cash Flow

One of the biggest challenges in retirement is managing cash flow. Many people struggle with the shift from saving to spending. To ensure a steady income, it's important to organize your budget.

• Identify Necessary and Discretionary Expenses
• Plan for Variable Spending Years (e.g., travel, unexpected expenses)

Mitigating Longevity Risk

With people living longer, there's a real chance of outliving your savings. To mitigate this risk, consider:

• Delaying Social Security Benefits
• Leveraging Your Pension Plan
• Diversifying Your Portfolio
• Annuities for Guaranteed Income

Tax Efficiency

With income coming from multiple sources, it's important to coordinate withdrawals in a tax-efficient way. Strategies include:

• Roth Conversions
• Conventional Withdrawal Strategies
• Proportional Withdrawal Strategies

Planning for Healthcare Costs

Medicare doesn't cover all medical expenses. Explore additional options like:

• Long-term Care Insurance
• Health Savings Accounts
• Paying Down Debt Before Retirement