You spend your working life building wealth to fund your retirement. Yet, when it’s time to transition from accumulating to withdrawing money (also known as the income phase of your financial security plan), you may feel uncertain about:
- How much money you’ll actually need to cover your expenses
- Whether your money will last
- How much investment risk you should take as you approach retirement
- How to customize your investments to your retirement date and risk tolerance
- How to minimize your taxes
- How to generate income within your portfolio
- Where to start when building your portfolio
- How to draw income from your portfolio tax efficiently
How much risk?
As we get older and closer to using our funds for income, many of us become more conservative and wish to take less risk. As you move closer to retirement, there are funds in the market that will automatically become more conservative, and with the help of a financial security advisor, can be customized to reflect your risk tolerance.
How can you create a monthly cash flow?
Knowing the amount of income you’ll have allows you to better plan your lifestyle. Consider an investment that helps you determine how much you’ll receive each month and allows you to defer tax on that income.
Talk to your financial security advisor today about how these and other ideas can help you effectively plan your transition from retirement planning to retirement living.
