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Want Retirement Income? 4 Steps You Must Take

4 Steps To Create The Retirement Income You'll Need


Senior woman holding open a purse on her lap
Andrew Bret Wallis/ The Image Bank/ Getty Images

As you begin to think about where your retirement income will come from, take the time to work your way through the articles below. They'll give you a great overview of the issues you need to think about as well as some specific ideas on when to retire, and how to create the retirement income you'll need.

1. Plan For Retirement Income

Whether you're one year away from retirement, or fifteen years out, start planning now. Read everything you can about retirement income strategies and investments. Those who plan will have more retirement income than those who don't.

2. Learn How To To Create Retirement Income

Rather than thinking about investment returns, now is the time to think about investment strategies that will maximize your lifetime retirement income. These strategies involve combining sources of guaranteed retirement income with investments that offer enough growth to allow your income to keep pace with inflation. Below are several articles that will give you specifics on how to do this.

3. Decide When To Begin Your Retirement Income

Although you may be anxious to retire, you'll want to weigh out the pros and cons of retiring early. Your earning potential is a powerful asset; don't be too quick to cut it off. Choosing the right time to retire can mean the difference between an enjoyable retirement, or one fraught with money worries.

4. Understand How Taxes Will Impact Your Retirement Income

You may pay less taxes in retirement, you may not. When planning for retirement income, don't forget to calculate how much of that income may need to be allocated to pay income tax.

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