So what exactly is retirement income? And why do you need to plan for it?
If you're investing, then retirement income is likely something that's been on your mind. After all, planning ahead for when you stop working and can no longer rely on a regular paycheck can seem daunting. But, with the right knowledge and preparation, setting yourself up to be financially secure in retirement doesn't have to be overwhelming – and is actually something quite manageable!
Retirement income is the money you receive when you stop working and can no longer rely on a regular paycheck. Planning for retirement income needs to be done ahead of time because it's not possible to make up for lost retirement savings later in life. A retirement plan should include sustainable withdrawal strategies, such as investments and retirement accounts, that provide consistent income streams during retirement.