One of the biggest concerns for those approaching retirement is ensuring a steady and reliable income stream. After all, you’ve worked hard your entire life, and you deserve to enjoy your retirement years without worrying about money. At Atlas Wealth Advisors, we can help you create a retirement income plan that provides financial security and peace of mind. Here’s how:

• Assess Your Income Sources: Start by identifying all your potential sources of retirement income. This might include:
  • Social Security: Estimate your monthly Social Security benefits based on your work history and when you plan to claim.
  • Pensions: If you have a pension plan, determine your estimated monthly payments.
  • Retirement Accounts: Calculate the balances in your 401(k)s, IRAs, and other retirement accounts.
  • Annuities: If you own any annuities, determine the income they will provide.
  • Other Investments: Consider income from taxable investment accounts, rental properties, or other assets.
  • Part-time Work: If you plan to work part-time in retirement, estimate your potential earnings.
• Develop a Withdrawal Strategy: Once you have a clear picture of your income sources, you need to determine how much you can safely withdraw from your retirement accounts each year without depleting your savings. This is a critical step in ensuring your money lasts throughout your retirement. We’ll consider factors like:
  • Your Life Expectancy: A longer life expectancy means your money needs to last longer.
  • Investment Returns: Realistic investment return projections are essential for sustainable withdrawals.
  • Tax Implications: Withdrawals from retirement accounts are generally taxable, so you’ll need to factor in taxes when planning your withdrawals.
  • Inflation: Inflation erodes the purchasing power of your money over time, so you’ll need to adjust your withdrawals accordingly.
• Explore Guaranteed Income Options: Annuities and other guaranteed income products can provide a predictable income stream, helping you cover essential expenses and reduce financial anxiety. These products can be particularly helpful for those who are concerned about outliving their savings or who want a guaranteed source of income to supplement Social Security and pensions.
• Consider Part-Time Work: If you enjoy working and want to stay active, consider part-time employment or consulting to supplement your retirement income. This can also provide social interaction and a sense of purpose.
• Plan for Unexpected Expenses: Life is full of surprises, and retirement is no exception. It’s important to have a plan in place to handle unexpected expenses, such as medical bills, home repairs, or supporting family members, without derailing your retirement finances. This might involve setting aside an emergency fund or having access to a line of credit.