Element 06 of 10
Retirement Income
How do we transform accumulated wealth into dependable lifetime income?
What this Element covers
Millions of Americans are entering a dramatically different phase of their financial lives every year, transitioning from full-time work into retirement. Monetary habits shift from “accumulation” – building wealth through saving and investing – to “distribution” – drawing on these savings for income that will be needed throughout the golden years. Those life savings will also be the source for legacy planning.
Determining the right time to claim Social Security benefits may be one of the most important retirement decisions to make. Assuming you have enough credits, you might be able to start as early as age 62, wait until full retirement (age 67), or collect the maximum benefit at age 70.
When nearing or entering retirement, reviewing investment goals, tolerance for risk, and capacity for risk should not be overlooked. Whatever the situation, many investment options are available to help meet specific income needs.
Withdrawals from an individual retirement account, or IRA, can begin without penalty at age 59½. Accessing funds as needed or establishing automatic distributions can be transferred to personal spending accounts.
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