10.4 Estimating retirement income

In this section:

• 10.4.1 Case study: Building a retirement income
• 10.4.2 Calculate retirement income
• 10.4.3 Supplementing your retirement income
• 10.4.4 Professional advice for retirement planning
• 10.4.5 Types of investment advisors
• 10.4.6 How to find a financial professional
• 10.4.7 Questions to ask
• 10.4.8 Video: Choosing a retirement planner
• 10.4.9 Preparing for retirement
• 10.4.10 Summary of key messages

Introduction

Most people put together their retirement income from a variety of sources: pensions, savings, annuities, sale of their home, and so on. In this section, you will read a case study showing how one woman calculated her retirement income, and you’ll estimate your own. In it, you will:

• determine all the sources of retirement income you will have
• use a worksheet (or on online calculator) to estimate how much income you will get from each source
• learn how a financial professional can help you plan your retirement finances, and how to find a qualified planner.

By the time you finish this section, you will have a better idea of how well your pensions and savings will cover your retirement needs, and how to supplement your income, if necessary.