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.
Includes expenses that require sufficient income to cover:
Covers expenses most would consider critical:
- Car maintenance
Expenses in this category typically would include:
- Club memberships
- Hobbies and interests
Can cover unforeseen or major expenses:
- Long term care
- Major repairs to the home
- New car or new home appliances
It's a good idea to have enough guaranteed income:
- Company or occupational annuity
- Social Security
Reliable sources of income should be used to cover important expenses:
- Income from ongoing employment
Examples of variable income could include:
- Rental Income
These could include:
- Reverse Mortgages
Accessing your deferred pension
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.