—
In a recent interview, financial planner Jason Taylor, was asked to explain strategies to get the best possible retirement income stream from a 401K.For more information please visit https://www.taylorsfinancial.com/
When asked to elaborate, Taylor commented, “Surprisingly, converting money that you’ve been funneling into your 401K into an income stream can be a challenging process. But there are some steps you can take to help ensure a smooth transition post-retirement."
One of the first steps in turning a 401K into steady income is by estimating how much someone needs for expenses after retiring.
“Getting a grasp on your planned expenses once you retire will help you reach a reasonable estimate of how much you’ll need to take out of your 401K. Filling out a retirement expense worksheet will provide you with an accurate figure of essential and non-essential expenses,” Taylor said.
Taylor added that estimating a reasonable lifespan also helps ensure his clients will have enough money to last the whole of their retirement.
Another critical thing to do, according to Taylor, is to find out which expenses will be covered by a 401K based on someone's particular financial situation.
“The money you receive from Social Security and any other pensions you may have could cover your essential expenses, meaning that you could use savings from the 401K for the non-essentials,”
"However, if you'll need to use your savings from your 401K toward necessary expense, it will be important to create a financial plan," he commented.
When asked to elaborate Taylor said, “A comprehensive financial plan is a very important foundation to any life change. With a plan you can gauge the likelihood of running out of income. It can help you discover what your monthly expenses can be. Retirement being a big psychological and financial change, it would be a great time to revisit an old plan or create a new one.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Jason Taylor
Email: Send Email
Organization: Taylors Financial
Address: 4025 Automation Way D3, Fort Collins, CO 80525, USA
Phone: 970-584-9551
Website: http://www.taylorsfinancial.com
Source URL: http://RecommendedExperts.biz
Release ID: 353066
Google
RSS