Help Turn Retirement Savings Into Retirement Income

Whether you’re ready to retire or only just beginning to think about it, understanding how to potentially create a steady stream of income throughout your retirement years from your savings can be daunting. If you withdraw too much, you could run out quickly. Withdraw too little and you may find that you’re not enjoying your retirement years.

Here are some things to consider:

Retirement lifestyle

This is an important first step to consider when planning for retirement. Take a hard look at what type of retirement lifestyle you’d like and develop a budget so you know how much income you will need to maintain that lifestyle. Once you know, you can begin to craft your approach to accomplish this goal. Be prepared to adjust your lifestyle goals based upon how old you are when you begin saving for retirement and changes in the market.

Sources of retirement income

Make a list of your potential sources of income including Social Security, 401(k)s, CDs, IRAs annuities, savings, home equity, inheritance, and any others. You should understand how those income streams will work for you including how predictable the amount you can withdraw from that stream each month will be. Read your plan summaries so you understand when you can access funds and how to withdrawal from them. This is where you may need to consult with a tax or retirement professional.

Withdrawal strategy

Your withdrawal strategy will depend on your income sources and your age. Each source carries differing guidelines so it’s best to consult a professional to guide you. For example, some employer-sponsored 401(k) plans only allow you to withdraw funds at retirement age; others may be more flexible. To receive full Social Security benefits, you must wait until you reach the Social Security Administration’s retirement age, which varies depending on when you were born. You can begin receiving Social Security benefits as early as age 62, but the benefit will be reduced.

Is your current strategy enough?

Do you find yourself doubting your preparedness? Taking time now to develop and implement a retirement income strategy is strongly recommended. 1st United has contracted with CUSO Financial Services, L.P. (CFS*) to help you reach your financial goals. Our CFS* representative has met with many 1st United members and has assisted with everything from financial advice to retirement planning.

If you’d like help planning for retirement and developing a retirement income strategy, reach out to Rahil Machiwalla at (925) 598-4718. He is available to chat by phone or he can meet you for a complimentary appointment at any of our 1st United branches.
This information brought to you by...

Rahil Machiwalla, CFS Financial Adivsor
Rahil Machiwalla, CUSO Financial Services, L.P.*
Financial Advisor
(925) 598-4718
CA Insurance Number: 0G20361

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to Credit Union members. Please consult a qualified tax advisor for specific tax advice.