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Retirement may cause changes in your lifestyle as well as your finances. It is critical to have a plan in place that accounts for potential risks to your retirement security. Employers benefit from defined contribution retirement plans because they eliminate financial volatility, traditional pension risk, market volatility, and long-term financial uncertainty; however, they also introduce new risks and responsibilities. Employees benefit from defined contributions because they give them more control, more flexibility, and, in an ideal world, access to institutionally priced investments. Secure your financial future even after you retire.
As you near the point at which you will trade your paycheck for retirement, you will begin to rely on your hard-earned retirement income sources to help provide an income stream that will see you through your retirement years.
Begin by determining your potential retirement income sources and the amount of income they are likely to provide in retirement. Our investment portfolio can assist you in getting started, and common sources of income include:
1.Guaranteed Income (i.e. Social Security, Annuities)
2.Pension plans (i.e., defined benefit plans)
3.IRAs
4.Retirement savings, including 401(k), 403(b), and 457 plans
5.Other non-retirement savings, including brokerage accounts, savings accounts and certificates of deposit (CDs)
As you consider your retirement income options, start categorizing them into income categories such as lifetime, dividend, and interest income. Many retirees use lifetime income sources to cover essential living expenses because they are predictable. Discretionary and unexpected expenses are typically more flexible than essential expenses, so your investable assets can assist in covering these costs.
Diversifying your retirement income across all three categories can help you generate income in retirement that may last a lifetime because each retirement income category represents a different type of income and mitigates different retirement risks.
Equity income investments, which are intended to provide long-term growth and income, can help offset the effects of inflation. As you near retirement, investing a portion of your investable assets in high-quality, dividend-paying stocks and equity mutual funds can help protect your retirement portfolio from inflation risk. These investments also allow your portfolio to benefit from strong market performance, which is becoming increasingly important for retirees as many people spend 20 years or more in retirement. Equity investments, on the other hand, are subject to market volatility.
Interest-bearing investments can provide a steady, low-risk income stream while also protecting your principal investment. Increasing your interest-bearing investments as you approach retirement may help your portfolio weather market fluctuations; however, these investments are subject to credit and other risks.
For many today's retirees, Social Security benefits are their primary source of lifetime income. Although you can begin receiving Social Security benefits at the age of 62 or defer them until the age of 70, the monthly payment amount you receive is determined by your retirement age. The Social Security Administration's Social Security tool can assist you in determining when you should begin receiving Social Security benefits.
Learn more about the various investment options available to you. Request a free retirement consultation to determine whether your retirement plans are on track. Think about working with a Financial Advisor to develop an investment strategy for your retirement portfolio. Read More
DigtPay can assist you in investing your savings in order to generate predictable retirement income. DigtPay can assist you as you consider various strategies for investing your retirement savings. Get started today by contacting us, requesting a retirement consultation, or learning more about retirement withdrawal strategies.
Consider converting a portion of your investments into an annuity if you do not expect to receive Social Security benefits or pension plan payments, or if these amounts will not cover your essential living expenses.
Guarantees are based on the issuing insurance company's ability to pay claims. Guarantees apply to annuity minimum income; thus, they do not guarantee an investment return or the safety of the underlying funds.