How 2 Couples Covered Their Income Gaps for Life with Income Annuities
September 28, 2021 by Ken Nuss
When you’re planning your retirement, consider your need for cash flow. If your cash flow isn’t right, the rest of your investment strategy will become unstable. You may need to sell off investments when you have to rather than when you want to.
To determine your needs for cash now and in the future, here are some questions to ask yourself:
- When do I plan to retire?
- How much income will I need beyond Social Security and my pension, if any?
- Will I start taking my Social Security benefits early, at full retirement age, or wait until 70?
- How will I use my savings and investments, both taxable (nonqualified) and qualified plans, such as my IRA, 401(k) or Roth IRA, to create retirement income?
- What’s my risk tolerance?
- If I and/or my spouse live to a very advanced age, will our savings last?