With the help of your Representative, you can follow this five-step process:

1. Assess Your Situation - Start by reviewing your retirement income goals. Estimate your “replacement ratio.” That’s the percentage of pre-retirement income you’ll need to maintain your standard of living. The rule of thumb is 74% to 83% of your current income. Set your goals for basic income (what you need to spend), flexible income (what you want to spend), and your estate goals (your financial legacy).




2. Consider the Risks - Look carefully at the risks associated with retirement income. Each one is an important consideration in developing a sound retirement income plan. The basic risks are inflation, fluctuating investment returns, expensive health care, outliving your retirement assets, and changing tax regulations.



3. Evaluate Strategies - Select the best options for investing, based on your specific situation, and for rolling over your 401(k) or other retirement plan. Develop a method for drawing income from your investments. Consider a payout annuity. And set a benefit start date that is most advantageous to you.



4. Implement a Solution - Put your plan into action with the appropriate products and services. Also look at ways to protect your income … through long-term care coverage, Medicare supplement insurance, life insurance, and annuities.



5. Measure Success - Economic conditions are constantly changing, so it’s a good idea to take a close look at your retirement plan on a regular basis. Working with your representative, you can review your plan at least annually, and make any adjustments to keep your retirement income in line with your goals.