Formulate a Plan for Your Retirement Income

Investing is not the only thing you should do when planning for retirement. According to Goetz, you also need to secure your steady income sources after you leave the working field.

“Focus on your income plan as much, if not more than your accumulation plan,” he said. “Far too many plan for retirement as if it’s a single destination at a specific time, and therefore only plan to grow their assets as high as they can. While this is extremely important, you also need to build a plan to monetize that asset and provide a relevant income stream for potentially three decades or more. What if market volatility becomes the norm? What if low-interest rates bring on inflation? What if retirement for you and your spouse last well beyond three decades? These are all considerations in building your retirement income plan.”