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Sources of Income

You've spent years working and saving for your retirement. Now that it’s here, you’ll want a plan for generating and managing your income. The first step is to identify the primary sources from which you can create your income strategy.

  • Retirement and saving account withdrawals
    You may have savings invested in a number of different accounts: some that are taxable (brokerage accounts), tax-deferred (Traditional IRAs, qualified plans), or potentially tax-free (Roth IRAs). Each type of account has its own distribution and tax rules. Additionally, you will want to find the right mix of investments and withdrawal rate to help make your savings last. At Wells Fargo Advisors, a financial professional can work with you to discuss retirement risks, help you decide how to prioritize the order in which you take withdrawals from these accounts, tell you about distribution rules, and help you determine appropriate investments as you take your retirement income.
  • Social Security payments
    If you haven't already started receiving monthly benefits, you will need to decide when to begin taking them. The amount you receive each month varies according to several factors, including your work and salary history, as well as when you decide to retire. Further, married couples have more choices to consider. Because the rules and options are complex, you may want to meet with a representative from the Social Security Administration.
  • Pension payments
    If your employer offered a traditional pension, you may be able to receive it as monthly benefits, a lump-sum distribution (which in some cases can be rolled over into an IRA), or a combination of both. There are many factors to consider and the decision is usually irreversible so you may want to talk to a Wells Fargo financial professional before making a choice.
  • Annuities
    Investing a portion of your retirement savings in an annuity allows you to build a guaranteed lifetime income stream.

    Variable annuities are long-term investments appropriate for retirement funding and are subject to market fluctuations and investment risk. Guarantees are based on the claims-paying ability of the issuing insurance company. Guarantees apply to minimum income from an annuity; they do not guarantee an investment return or the safety of the underlying funds.

  • Job earnings
    If you are continuing to work while in retirement, your earnings are another source of income, which may impact your Social Security benefits. 

We are here to help you determine which income strategy is right for you. To get started, contact a Wells Fargo Retirement Professional today.

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