Creating Reliable Income Streams

Make Your Savings Last

Most of us spend years dreaming about and saving for retirement. Whether you’re entering full or semi-retirement, you’ll need strategies in place to replace the income from your working years.

Your RBC Wealth Management financial advisor can help you understand your sources of retirement income and whether they are sufficient for your needs. Generally speaking, your sources of income may consist of:

• Social Security
• Company pension and profit sharing plans
• 401(k) and 403(b) plans
• IRAs and other individual tax-deferred accounts
• Personal taxable savings and investments
• Part-time employment income

You may have questions about how best to draw income from your retirement savings. Your financial advisor can help you sort through the challenges of income planning to determine:

• When it’s most advantageous to begin receiving Social Security benefits
• How to convert your savings and investments into a steady stream of income
• Which income sources you should draw from first
• Tax implications of your decisions

Keep an eye on your retirement savings

When you stop working or leave an employer, you’re about to gain control of your retirement plan — and you want to make sure you manage these funds wisely, so they can help you achieve a comfortable retirement.

In short, when you stop working or leave an employer, you’ll need to explore your retirement plan distribution options carefully. In general, you have two options for your investments — you can keep it working tax deferred for your retirement or you can have your investments distributed to you and pay taxes on the distribution now.  Learn more

Important disclosure information about tax and legal advice