Planning for retirement income starts with three basic questions:
What does retirement mean to you? That is, what is it that you want and expect in retirement? Do you plan to travel? Pursue a hobby? Volunteer your time, or start a new career or business? It’s important to consider your expectations carefully, because your retirement income plan will be designed to support the retirement lifestyle that you envision.
When do you plan to retire?–as we’ll discuss, the age at which you plan to retire can have an enormous impact on your overall retirement income situation.
How long will your retirement last?–in other words, how long a distribution period should you plan for?