Assess Your Income Strategies

It’s important to consider where your monthly income will be coming from and how much of it will be from your savings. Also, you’ll want this income to exceed your expenses. A key aspect to consider is delaying your Social Security benefits.

Each month you wait, your benefit increases. You’ll collect the highest monthly payout possible if you postpone claiming your benefits until you’re 70 years old.

Social Security is the best retirement income you can get because your benefits are indexed for inflation, and you’re assured non-volatile income. Then, you’ll need to figure out which accounts you want to go into first and how much you want to take out.