Jan 12, 2018
Learn how to have a rock solid plan to generate income and
understand where you should take income from first and when to
trigger pensions and social security.
Main Questions Asked:
- Where should you take income from first?
- When should you trigger your pension?
- When should you trigger social security?
Key Lessons Learned:
How to Make Your Money Last and Work for You in
- Get the most out of your social security benefits. Have a plan.
Social security is a piece of retirement, and when you should take
your withdrawal depends on your individual situation.
- Get the most out of your pension benefits. Make the right call
when it comes to spousal benefit options. Think through the
survival option. Taking control with a buyout option may be a
- Reduce your taxes. Keep more of your money. Over the course of
a lifetime $6000 a year in tax savings is well over $100,000. When
you are retired, you have more control over the taxes you pay by
manipulating income strategies.
- Know exactly how you are going to withdraw money from
retirement accounts. Turning one income stream on at a time might
give you higher income and lower taxes. You need to plan where you
decide where to take your money from and in what order.
- Use different investment options for income. Mutual funds may
not have the best tax efficiencies and fee schedules. You can look
at ETFs, individual stocks or bonds, life insurance with tax free
income, and some annuities may be appropriate. Get involved in
different investments that create income.
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!