Most of us spend years dreaming about and saving for retirement. Whether you’re entering full or semi-retirement, you’ll need strategies in place to replace the income from your working years.
Your RBC Wealth Management financial advisor can help you understand your sources of retirement income and whether they are sufficient for your needs. Generally speaking, your sources of income may consist of:
You may have questions about how best to draw income from your retirement savings. Your financial advisor can help you sort through the challenges of income planning to determine:
When you stop working or leave an employer, you’re about to gain control of your retirement plan — and you want to make sure you manage these funds wisely, so they can help you achieve a comfortable retirement.
In short, when you stop working or leave an employer, you’ll need to explore your retirement plan distribution options carefully. In general, you have two options for your investments — you can keep it working tax deferred for your retirement or you can have your investments distributed to you and pay taxes on the distribution now. Learn more
A financial advisor can help you determine how much income you will need and recommend strategies to optimize your income sources.
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More workers are waiting to retire. In 2011, 36% of workers say they plan to retire after age 65 - up from 11% ten years earlier.
Source: Employee Benefit Research Institute
Delaying retirement beyond your full retirement age may result in higher benefit amounts from Social Security. The full retirement age ranges from 65 to 67 years depending on your birth year.
Source: Social Security Administration