During your working years, you know where your income is coming from because you’re working. But once you retire, you’ll have to identify your income sources, know how much you can expect from them and know how to manage them to help support a retirement that could last two or three decades.
So, where will your retirement income come from? And what decisions will you need to make about these income sources?
Consider the following: Retirement accounts – If you’ve regularly contributed to an IRA and a 401(k) or similar employer-sponsored retirement plan, you likely have accumulated substantial amounts of money in these accounts — but during your retirement, you’ll need to start tapping into them. In fact, once you turn 73, you’re required to start taking withdrawals from some of your retirement accounts, with the amount determined by your age and account balance.
