Cataloging your income sources shows you how much money you’ll start with to pay for retirement expenses. Begin by tallying your non-investment income: Social Security, pensions, residual business income, and earned income—if you or a family member plan to work part time, for example. The gap between this accumulated wealth and your expenses is what your investments must fill.
Next, incorporate your investments and non-cash accounts into your potential sources of income. Make sure you have a handle on the details of your potential pension payments, retirement account withdrawals, employer obligations, and other long-term sources of income.
Don’t forget to account for tax implications when considering these account options and withdrawals. Each is different and comes with different tax consequences or withdraw penalties if done at inopportune times. Fisher Investments may be able to recommend a tax expert that can help you determine the optimal asset allocation and withdrawal schedule to keep your money in your hands.
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