The day you retire is the day you need a plan in place to replace a big chunk of your wage income. For many, the biggest challenge is how, exactly, that should happen.
Retirement resources such as Social Security and pension benefits—if you have one—will form the foundation of your retirement monthly income. Additional income needed will come from CDs, IRAs, 401(k)s, Lump Sum Distributions, and similar assets.
Recent studies show that, without a solid plan, a majority of today’s retirees face the prospect of outliving their money due to longevity, market volatility, and the absence of guaranteed income benefits. So not only does planning make common sense, we believe it is absolutely crucial for a successful retirement.