In retirement, how will you use your nest egg?

[January 28, 2012]  (ARA) - You've waited your whole working life and now it is finally here: retirement. Savings, 401(k)s, investments: you did what you needed to get to the finish line. So now what?

Determining how to manage your nest egg during retirement can seem daunting without proper guidance. Here are some tips to get you thinking about your retirement income strategy from Thrivent Financial for Lutherans.

Products with guarantees help retirees succeed
Establish a floor of income with product guarantee features. Take a closer look at products like selected annuities to help supplement your guaranteed income stream. When part of a broad retirement strategy, guaranteed products can help provide you with or supplement other income.

Asset management is critical
Make sure you have the right combination of stock market exposure for long-term growth and investments for short-term income and stability. Long-term equity exposure can help portfolio growth and act as a hedge against inflation. Short-term income should be managed more conservatively to create added stability to your retirement strategy.

Protect your income strategy
Guard against the loss of income that can come with unexpected catastrophic events. Even the best retirement strategy can be rendered meaningless if unexpected health care costs, death or other life-changing events occur. Protect your retirement by ensuring you have the proper levels of life insurance and long-term care insurance.
 

Work with a financial professional
The phrase "set it and forget it" does not apply to retirement income strategies. As lives change, so do needs, and a financial professional can provide ongoing guidance and maintenance for your strategy. They bring a knowledge and understanding of the economy and markets, and they can be a resource for answering questions you have along the way.

 

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