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.
- 0:40 – Andy Bush describes some myths related to the transition
- 2:14 – What are the common financial buckets people retire
- 5:49 – What are potential retirement income sources?
- 8:06 – When managing your withdrawals, what should be the
- 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:
- The three common forms of retirement income sources are social
security, defined benefit pension programs, and annuitized defined
- Potential retirement incomes include tax advantage retirement
income accounts, personal savings, rental income, and reversed
- Don’t underestimate life longevity in your retirement game
- “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.” –
- “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.