Once you decide the best ways to source spending in retirement, develop a strategy for claiming Social Security benefits, determine how to make decisions for healthcare and long-term care needs, and manage future tax liabilities in the retirement income plan, there are still several things you must consider.
Relying on the stock market to fund retirement can be risky. Retirees who depend on market returns to generate income face the potential loss of savings and spending ability should they experience poor market returns during the critical early years of retirement while spending from their portfolios.
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An income distribution strategy will help generate lifetime retirement income, prevent spending too much or too little, increase income efficiency (higher spending and/or increased legacy values), and mitigate the most significant retirement risks (inflation, timing, and longevity).