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Whether you’re in or nearing retirement, planning for potential risks can help ensure that you’ll have income throughout your life. Without a steady paycheck from an employer, you’ll need to make the assets you’ve saved — along with Social Security and any pensions you may have — last throughout your retirement years. Here are a few tips to help you stay on track:
Achieving the right balance to help ensure your income needs are met throughout retirement requires a comprehensive retirement income plan that addresses:
How you allocate your assets across various asset classes during the retirement accumulation phase can have a profound impact on the savings you have upon entering retirement. However, once in retirement, your focus may need to include an allocation strategy designed to meet specific income objectives, including:
Developing your retirement income strategy can be a complicated process. Determining the optimal balance across guaranteed, stable, and growth strategies requires experience and deep knowledge of the financial markets. A financial advisor can help you create an income stream designed to support your lifestyle in retirement. Together, you and your advisor can help determine a retirement income strategy that fits your needs.
As your circumstances, goals, and the financial markets change, it’s important to review your strategy and investment portfolio regularly to help ensure you remain on track to meet your goals. Successful retirement planning begins with understanding how economic changes impact your investments.
By taking these steps to mitigate potential investment risks, you can better help secure your future. With these plans in place, you may spend less time worrying and more time looking forward to your retirement years.
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This article has been prepared for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each investor’s situation is unique you need to review your specific investment objectives, risk tolerance and liquidity needs with your financial professional(s) before a suitable investment strategy can be selected. Also, since Wells Fargo Advisors does not provide tax or legal advice, investors need to consult with their own tax and legal advisors before taking any action that may have tax or legal consequences.
Retirement Professionals are registered representatives of Wells Fargo Advisors, LLC. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. Discussions with Retirement Professionals may lead to a referral to Wells Fargo Advisors’ affiliates including Wells Fargo Bank, N.A. Wells Fargo Advisors and its associates may receive a financial or other benefit for this referral.