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Advisors of Horizon are Registered Representatives of Cetera Advisors LLC, a broker/dealer and Registered Investment Adviser.

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  2. Managing Income in Retirement

May 31, 2019

 

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Network, discuss what you need to know when managing your retirement income. Learn from Bill and Andy about common and potential financial sources of retirement funds, when to withdraw them, and what RMDs are. 

 

Episode Highlights:

 

  • 0:40 – Andy Bush describes some myths related to the transition into retirement.
  • 2:14 – What are the common financial buckets people retire with?
  • 5:49 – What are potential retirement income sources?
  • 8:06 – When managing your withdrawals, what should be the proper order?
  • 9:57 – What are the required minimum distributions?
  • 11:28 – What is the bottom-line when summarizing what you should do to manage retirement income?

 

3 Key Points:

  1. The three common forms of retirement income sources are social security, defined benefit pension programs, and annuitized defined contribution plans.
  2. Potential retirement incomes include tax advantage retirement income accounts, personal savings, rental income, and reversed mortgages.
  3. Don’t underestimate life longevity in your retirement game plan.

 

Tweetable Quotes:

  • “Everybody retires at 65 and it just happens’…that’s just not true. You have to do some planning and some forethought into, ‘how am I going to pay for these bills?” – Andy Bush.
  • “When you are planning, obviously, the main thing there is to make sure that your needs are being met by guaranteed income.” – Andy Bush.
  • “Taxes, that is a big thing because, a huge withdrawal, a lump sum in one particular year could bump you up into another tax bracket.” – Bill Bush.

 

 

Resources Mentioned: