3 Key Considerations for Retirement Income Planning Beyond Just Annuities

(don’t forget to checkout the video of this blog too)

Annuities can be a great tool for protecting yourself from market volatility…

And for providing a stream of guaranteed income for life.

But, they are NOT the end-all-be-all for retirement planning.

In fact, there are many other considerations that play a key role in creating retirement income.

Here are the 3 key components to income planning:

✅ Investment Strategy & Risk Tolerance

How much risk are you willing to endure in retirement?!

This is a key component to how your portfolio will be allocated in retirement.

And this will directly affect your income.

Over time, being able withstand more market volatility often leads to better results (including more income)…

But not everybody can endure the low points of the market that come from that volatility (that’s why it’s so important to have money designed for long-term growth and a separate segment of money designed for safety & income).

✅ Portfolio Withdrawals (income from the market)

How much income will you need from the market each year⁉️

And how flexible can you be with that income amount⁉️

If you have a lot of flexibility then you increase your chances of success significantly.

Also, if you have sources of fixed income you are much less likely to over withdraw from your portfolio (in years where the market has dropped).

✅ When to take Social Security & Pension Income⁉️

Your withdrawal strategy will likely change based on when you take pension or Social Security income.

If you take those income sources earlier you may rely less on your portfolio for income in the early years retirement.

But it may also make sense to delay those sources to protect yourself from inflation and long-term care.

All of these decisions depend on a variety of factors

☑️ They depend on the market conditions for you at retirement…

☑️ They also depend on your retirement income goals, such as:

🔹What type of lifestyle would you like to live and how much will it cost❓

That’s a key question that is going to determine the best strategy for YOU in retirement‼️

Let’s Chat 💬😎