Denton County Living Well Magazine Summer 2015 | Page 25

Income Strategies
for Retirement Courtesy Barlow Capital Advisors

W

ill I have enough money in retirement? It’s a question Americans are asking. The good
news is that you may be able
to retire with confidence and
enough assets — if you get organized. That
means thinking about what you want retirement to
be, reviewing your current investments and benefits, and taking maximum advantage of some investment vehicles designed to provide retirement
income. The key is to set clear retirement goals
and pursue them.
Because each individual’s idea of the perfect retirement is different, everybody will have different financial needs. Determine what yours will be
based on your vision of being retired. Don’t accept the conventional wisdom that says all of us will require 60
to 80% of our income when we stop working. Instead, try to
estimate a budget for your specific vision of retirement.
Once you have a sense of your financial needs, look at the
benefits you’re confident you’ll receive. Make sure you know
what you’ll get from your employer. This typically will take only
a quick visit to the human resources department.
Also, review your savings and investments. Then check on
your Social Security benefits. You can use the benefit calculators at the Social Security Web site www.ssa.gov.
When you know your goals and estimated expenses and income, you can create a written retirement plan that covers
investments held in retirement and nonretirement accounts. As
you do, it’s a good idea to look at several sources of income
that you can use to save and invest.
Begin