Getting Ready to Retire: Identify Income Sources

Once you have an estimate of your expenses, it's time to create a plan. Start by identifying your assets and accounts. You'll then project this income against your expenses to help create an initial plan.

List your assets

Do you own a home or a business? Perhaps you have life insurance, a trust fund, or stock options. If you own rental properties, or expect to receive income from part-time employment, list these as assets as well.

List your accounts

List any retirement accounts, such as a 401(k), IRA, or pension from an employer, as well as social security, and any personal savings, investment, or checking accounts.

Create your initial plan

Social Security benefits calculator
Compare estimated monthly and lifetime benefits at different claiming ages, and see how other factors may affect your benefits amount.

For illustrative purposes only.

Start by categorizing your income as either guaranteed or variable. Guaranteed income would include funds you'll receive on a consistent basis such as Social Security or pensions. Discretionary income would include funds such as personal savings or earnings from a part-time job.

A strong plan combines guaranteed income with flexible income sources to help you offset unexpected expenses. Consider allocating guaranteed income to cover essential expenses and discretionary funds to cover "nice-to-haves."

Next steps

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