There are a number of strategies for managing your post retirement income sources. One idea, which I discussed earlier, is to postpone taking Social Security until you reach age 70. A five-year delay is worth about 35 percent more in monthly benefits. You may want to consider buying a five-year immediate annuity to replace the income you are electing to defer from Social Security.

If at all possible, make sure that you avoid penalties on withdrawals from your retirement plans. (more…)

Cash, dough, greenbacks, moollah, dinero—whatever the moniker, the amount of money we have will define what we can and can’t do in retirement. Retirement is all about money and our ability to manage it so that we can use it during our retirement years and leave an estate for our loved ones if we choose to do so. Perhaps the most important point is to convince you that you must establish an income that you can- not outlive. With life expectancy increasing, you run the very real risk of outliving your income. (more…)

You may have a general idea of how much income you expect to receive after you quit working, but to be on the safe side, you ought to know exactly what this amount will be. For example, how much retirement income will you receive from each of the following sources: (more…)