THE MONEY PUZZLE
When you walk out of your place of employment for the last time it can feel a bit scary financially.
- You’ll no longer be receiving the regular income you’ve become accustomed to. Everyone wants to receive a predictable stream of income and in retirement it has to come from multiple sources – government benefits, company pension if you have one, retirement savings and other assets.
- Retirement income is a puzzle that can be put together in so many different ways. You need to understand what the pieces look like and how they might best fit together for you. Which of your assets should be used first and which should be deferred for later use?
- A good income plan will minimize unnecessary fees and be tax efficient, so you can benefit from the money that you’ve worked so hard to save. You want it to generate your desired net spendable retirement income, last your lifetime, and perhaps leave some money to your estate.
The process can be complicated. Consult a financial planner if you need help sorting it all out.