Retirement Income

Retirement Planning

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Managing your income is always important, but it becomes even more critical during retirement, when your income comes from your savings rather than from wages and earnings. Because your source of income - which you saved so carefully during your working years - is limited during retirement, you need to ensure that it lasts through your retirement years. This means determining your income needs in the years leading up to your retirement and, once you retire, efficiently managing your retirement assets. In this article, we look at some issues you need to consider when doing these things.

If your reassessment of your retirement portfolio and current expenses reveals a shortfall in your savings, you may need to continue working beyond your anticipated retirement date. (For more on how to assess how much you will need for retirement and how much you have, see (Fundamentals Of A Successful Savings Program.) However, should you decide to work, be cognizant of how your income could affect the amount you receive from social security if you are under the full retirement age determined by the social security agency. For instance, for 2005 the maximum amount you may earn without losing social security benefits is $12,000. If your income exceeds $12,000, your social security benefit is reduced by $1 for each $2 you earn above $12,000. But starting with the month you reach full retirement age, your income will not affect your social security benefits.
An alternative means for retirement income is to cash out your life insurance policy with a life settlement from LifeSettlementExpert.com

Like other aspects of financial planning, managing the income you will receive during your retirement years requires careful planning. It is critical that you do not wait until you retire to start making your financial plans. Instead, reassess your financial status during your pre-retirement years so that you can determine whether you need to defer retiring. Most importantly, talk to your financial planner, who will be able to determine your specific needs. (Keep in mind that the topics covered in this article are discussed from a general perspective.)

Your income stream during your retirement years usually depends on your annual expenses, the amount you have saved and the amount of years you project you will stay in retirement. To balance your income with your expenses, consider doing the following:

»	Make a list of your monthly expenses, such as utilities - including electricity, telephone, gas and water - groceries, rent or property taxes and transportation. Also consider medical and leisure expenses.

»	Take stock of the amount you have saved for retirement. This includes your regular savings and your retirement account balance.

»	Considers a life settlement using Settlement Gateway to have brokers bid on your life insurance policy.