You've spent years saving money in anticipation of retirement, and while accumulating retirement savings is indeed important, it's only half the story. What happens after you stop working? Your focus shifts away from saving money and toward using that money to live the retirement you want.
Creating your personal retirement income plan
As you near retirement, creating a retirement income plan can help you make the most of your retirement investments and savings. While our Envision®
process helps you clarify and prioritize your overall financial goals so we can create a tailored investment plan just for you, retirement income planning focuses specifically on determining how much money you’ll need in retirement, and where your cash flow will come from each year.
Retirement income planning involves four components:
- Analyze income and expenses: Determine your expected sources of retirement income and anticipated retirement expenses, while also focusing on achieving the necessary balance of stability and growth.
- Modify income/investment strategy: Balance your personal retirement goals with a prudent investment approach that will provide the income you need throughout your retirement years.
- Plan withdrawals: Determine a withdrawal strategy that considers your income requirements, tax situation, and liquidity needs.
- Monitor and adapt: Revisit and adjust your retirement income plan whenever your circumstances change, but at least once a year.
Wells Fargo Advisors Financial Network can help as you plan your retirement income
Everyone has a different vision of retirement. And that's why it's important to create a personalized, written retirement income plan that is unique to your specific goals and situation.Get started today by calling us at 1-800-398-8138