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Preparing for retirement should create excitement, not concern. Yet for many, that’s not necessarily the case.

According to a recent study, 60 percent of pre-retirees do not have a plan for how much money they will spend each year in retirement and where that money will come from.1 Additionally, three in four Americans remain highly anxious about their overall retirement outlook.2

That’s where we come in.

We use insurance products, such as fixed annuities, and a variety of investment products to help you build financial strategies. From tax-efficient strategies to investment advice to protecting some of your assets — we’ll cover as many bases as possible to help you create a strategy that supports your retirement lifestyle and long-term financial goals.

Retirement Income Strategies

You spend most of your life working hard and spending a lot of money. Hopefully, you saved a little money too.

When you retire, everything you know about managing your money by experience gets turned upside down. This is because you are no longer receiving a paycheck from work and you need to adjust the ways you spend.

When you retire, you have to make due with and maximize what you already have. Instead of saving money, you now have to have an income plan in an unpredictable retirement scenario. You just never know how things will be played out.

Whatever you have been doing the last 40 or 50 years, it all changes upon retirement. Here are a few practical income strategies.

Be Tax Efficient

Every penny counts when you are managing retirement income. This holds especially true when it comes to tax savings.

Every retirement account you have could be taxed differently and you need to think strategically when you want to make withdraws. Also, be aware of how much money you withdraw in a year and how that impacts your tax bracket.

Taxes are really complicated and what works for your buddy might not work best for you. Your best bet is to look for a good financial advisor upon retirement. You will want someone with experience and who is familiar with strategies that will save you money in taxes.

Home Equity

In all likelihood, your home is your most valuable asset, but not your retirement savings. But there are still plenty of ways in which you can turn your home into retirement income.


One way is by getting a reverse mortgage, then you can actually make money in the form of a lifetime annuity or secure a line of credit. You get to stay in your home as long as you wish and it provides a reliable stream of income.

You can also cash in some of your home’s equity and downsize. You really don’t need that five-bedroom house anyway.

It may even be possible to rent out part of your home, which is a great way to generate cash flow.

Spending Shifts

Upon retirement, we tend to spend a little more money than we did while we were working. As we age, our spending habits change and we buy less.

This is a trend that is predictable, but there are spending shifts that aren’t so predictable. For example, you need to be prepared for medical expenses, which can cause a spending spike.

Maximize Social Security

If you wait to start Social Security until the maximum retirement age, you will get significantly more than if you start getting it at age 62. It’s a no-brainer, right?

However, there are other factors to consider. In fact, it might make better financial sense to go ahead and receive Social Security at age 62. It’s something you need to discuss with your financial advisor.