- by T.Z.
Mistake 7: Failing to Have a Retirement Income Strategy
Many retirees have multiple revenue streams in retirement, but they might not think ahead about the best ways to put each of those income sources to good use.
Why This Is a Mistake
One of the most complex aspects of retirement is managing distributions from various retirement accounts, along with other sources, such as a pension or Social Security.
You need to decide: Which accounts should you tap and in what order? What are the tax ramifications? How will your income affect Medicare and other benefits? The ramifications of not having a retirement income strategy can be catastrophic, so protect yourself by making plans now.