Retirement Income Understanding Retirement Income Do you feel like you are behind the curve when it comes to investing for retirement? At Anthony Petsis & Associates, Inc., we help our clients find a financial plan that aims to provide enough retirement income to live comfortably after transitioning out of the workplace.What Is Retirement Income?Retirement income refers to any regular influx of funds an individual uses to pay living expenses during retirement. For most people, retirement income includes a combination of several types of income, such as the following:- Employer-sponsored pension plans - Social Security income - Retirement plans, including an IRA, 401(k), 403(b), SIMPLE, and other types of investment accounts - Capital gains, dividends, and interest from non-retirement investment accounts, such as stocks and mutual funds - Proceeds from a cash value life insurance policy - Payments from an annuity - Reverse mortgage income - Proceeds from the sale of a home, such as if you decide to downsize your primary residenceSome types of retirement income carry tax advantages while other types of income are taxable. Along you’re your tax advisor, we can help our clients weigh the tax benefits of potential retirement solutions. Why Is Retirement Income Important?As humans live longer, we're also living longer after the traditional retirement age of 65. This means that you need to create enough retirement income to fund your desired lifestyle for 20 years or more. When planning an effective retirement strategy, we help our clients explore these questions:- How much money will I need to live on each year? - Will my savings support that level of withdrawal, or will they be depleted? - Do I expect to develop chronic health care issues that will require medical care? - How will inflation, cost of living changes, and taxes affect my savings? - What standard of living do I want to uphold during retirement? For example, do I plan to travel or do I envision a quiet life caring for grandchildren? - Will I sell my home after retirement?Planning for retirement requires taking a close look at your goals, lifestyle, and assets and determining how to create enough retirement income to build the type of life you want in your senior years. To learn more about our process for helping you create a financial plan that can provide retirement income, contact Anthony Petsis & Associates, Inc. in Newtown, PA. Our team of associates will look closely at your financial objectives and put a plan in place to help you have financial independence when you retire. Click on this text to complete our online form or call (215) 968-6638 to schedule your consultation.