Retirement Planning Center

You know what your expenses are going to be during retirement, but how are you going to pay for them? Several important questions need to be asked when planning what your income will be in retirement.

1. What sources of income do I already have in place for retirement? 401(k)s, IRAs, pensions, etc.

2. What Social Security benefits am I going to receive? A Social Security Statement is a valuable document that estimates your future Social Security benefits and tells you how to qualify for those benefits. Request a Social Security Statement. For more information about Social Security, visit the Social Security website.

3. Will you be employed during retirement? Full-time, part-time or self-employed? How much will you earn?

4. Do you own a house? Will it be sold at retirement?

5. Which assets will be depleted or sold during retirement and which assets will be retained? How much are the assets worth?

6. Are you planning on receiving any inheritance?

   Calculate how much you will need to save to provide a certain income for your retirement.

   You may want to consult with your tax counsel or other professionals for legal and tax advice.