Congratulations! You feel you are in a position to retire. But then you feel a chill and the hair on the back of your neck rises up as the reality of producing a monthly “paycheck” from your various investment accounts starts to scare you. How in the world can you make this happen?
Most of us will retire with various accounts...retirement accounts like 401(k)s and IRAs, non-qualified accounts (which are accounts that are simply owned in your name or you and a partner). If retiring, your goal is, in its simplest form, to create a recurring deposit into your checking account from your pile of investments. This seems like a daunting task and in reality it is not easy. Which account do you tap first? Should you convert all of your investments into an income stream? What about tax considerations? All of these questions are important.
Allow me to share the five most common retirement income mistakes that I have seen.
The bottom line is that income planning may actually be a little complicated but with careful planning and some thoughtful foresight about what may happen 15 to 20 years down the road, you can not only set up a good income stream for you but also think about those that you benefit from the legacy that you leave.
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