wife-on-husbands-back-smiling

Retirement

Live for today. Plan for tomorrow.

Budgeting for retirement

When you retire your cost of living will change. Some expenses will increase and some will decrease. Your lifestyle and health will play a role in how you choose to spend your money. Assessing your living costs and understanding your income are essential when making a decision on what form of annuity to select.

Planning Tip

Your expenses can be categorized into 4 types, and matched to the following income sources:

Essential

Includes expenses that require sufficient income to cover:

  • Food
  • Housing
  • Utilities
  • Debt

Important

Covers expenses most would consider critical:

  • Insurance
  • Clothing
  • Healthcare
  • Car maintenance

Discretionary

Expenses in this category typically would include:

  • Vacations
  • Entertainment
  • Club memberships
  • Hobbies and interests

Occasional Major

Can cover unforeseen or major expenses:

  • Long term care
  • Major repairs to the home
  • New car or new home appliances
Next, match your expenses to the following income sources:

Guaranteed

It's a good idea to have enough guaranteed income:

  • Company or occupational annuity
  • Social Security

Reliable

Reliable sources of income should be used to cover important expenses:

  • Cash
  • Savings
  • Income from ongoing employment

Variable

Examples of variable income could include:

  • Stocks
  • Bonds
  • Rental Income

One-Off Sources

These could include:

  • Reverse Mortgages
  • Inheritance
Once you have matched your expenses to your income, read over the different annuity types to figure out which will be the best fit for your situation/lifestyle. If you need to discuss your options more thoroughly, please contact your tax advisor or financial planner.

Accessing your deferred pension

Approximately five months before your normal retirement date, we will reach out to you to begin the retirement process.

If you want to access your deferred pension in advance of your normal retirement date, please call us at 1-800-664-6129 for Banner Retirement Services, or 1-855-914-9123 for William Penn Retirement Services.

Once you've received your quotes, you may want to obtain advice from a tax advisor or financial planner.

If you want information in advance of your normal retirement date, including information regarding optional retirement dates, please contact us at 1-800-644-6129 for Banner Retirement Services, or 1-855-914-9123 for William Penn Retirement Services.