Financial considerations will change after retirement. Many retirees have to make changes to their budgets because their savings will now have to last for an indefinite period of time. To help relieve some of the stress of financial planning through retirement, it helps to find a predictable income option.
Predictable income options help to alleviate any pressure if and when financial markets become unstable. Should you experience this, a predictable income option will minimize an unstable market’s impact. It doesn’t rely on market performance, so you can trust it even when there’s increased volatility.
There are multiple options for predictable income, including:
- Social security
- Pensions
- Annuities
- RSPs transferred to RIFs (Retirement Income Fund)
Each option has its merits, so it’s wise to consult with your financial advisor before making a final decision. Their knowledge of your financial history and the current financial situation will help them narrow down which option is right for you.
Halton Wealth Management has developed its own Retirement Income Confidence Program, which will help you plan every step of your finances through retirement. Want to know more? Click here: http://www.haltonwealthmanagement.com/retirement
