Smart Management of Retirement Income—Getting Ready for Retirement

Before you retire, you’ll need to consider these questions:


  • What sources of income are you confident you’ll receive?
  • How much income will these sources provide each year?
  • How and when will the income be paid?
  • How will you coordinate payments from different sources to create a steady stream of income so there’s money for as long as you need it?


In most cases, the longer you work and the higher your salary, the more retirement income you can anticipate. If your employer offers a traditional pension, the pension income you receive will depend on the years of service, your salary and the age when you stop working. On the other hand, tax-deferred retirement plans—including employer-sponsored retirement plans such as 401(k)s, 403(b)s, individual retirement accounts (IRAs) and annuities—provide income based on the amounts you put in them, the investment choices you made and the way those investments performed.


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    Living Expenses in Retirement