One of the biggest financial goals for seniors nearing retirement is creating a steady and reliable income stream. With a paycheck going away, it’s essential to ensure your savings, benefits, and investments work together to cover expenses for decades to come.
Start by calculating your expected income sources, including Social Security, pensions, retirement accounts (like a 401(k) or IRA), and any passive income. Understanding how much you’ll receive each month helps you plan a realistic budget.
Next, consider withdrawal strategies to make savings last. Many experts recommend the 4 percent rule, meaning you withdraw 4 percent of your savings annually to avoid running out too soon. Others choose annuities or dividend-paying investments for added stability.
Finally, don’t forget about taxes and inflation—both can impact your purchasing power over time. A financial advisor can help you make smart decisions to keep more of your money.
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