A. Here are 5 steps to consider taking to help create a diversified income plan:
- Identify your personal and financial goals.
- Complete a retirement income plan to determine the probability that you will have enough money to last throughout retirement.
- Determine when to take Social Security; how much of your investment portfolio you want to allocate to an emergency fund, income protection (via annuities), and growth potential; and who will manage your investment portfolio.
- Implement your plan with the right mix of income-producing investments to balance your financial needs and investment priorities in retirement.
- Regularly review your plan's progress to make sure your investment plan is on track to meet your lifestyle and income needs.