Retirement Income That Lasts

The fear of running out of money is common. A clear plan is the answer. Here is how it can work.

Start with the income you need

Add up your monthly bills. Then add up what is already guaranteed, like Social Security and any pension. The gap is what your plan must fill.

Use guaranteed income for the basics

Some people use an annuity with a lifetime income option to cover core bills. That payment lasts as long as you live.

Build a steady withdrawal plan

For the rest of your savings, set a withdrawal rate you review each year. Adjust when life or the market changes.

Wait on Social Security if you can

Waiting past 62, up to age 70, raises your monthly check for life. If your health and cash flow allow it, waiting can pay off.