2. Estimating your monthly retirement income


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life

Retirees typically wonder whether they will have enough retirement income. The answer to this seemingly simple question can become quite complex.

Many retirees have multiple sources of income including retirement investment accounts such as a 401(k) plan or IRA, Social Security income and one or more pensions.

Your monthly income from Social Security and pensions is relatively easy to determine. Income from your investments will depend on how long you want the income to last and the rate of return you earn on the funds.

The following subtasks may assist you in estimating your monthly retirement income. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1: Set a withdrawal rate from you retirement investment accounts

Subtask 2: Estimate your Social Security and other income

Subtask 3: Consolidate your IRA and 401(k)-type plans


Entering Retirement Tasks

1. Selecting your retirement lifestyle
2. Estimating your monthly retirement income
3. Setting up your spending plan
4. Enrolling in Social Security and Medicare
5. Managing taxes during retirement

Estimating your monthly retirement income Subtasks

1. Set a withdrawal rate from your retirement investment accounts
2. Estimate your Social Security and other income
3. Consolidate your IRA and 401(k) – type plans

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