You wouldn't play golf without a full set of clubs. Don't go into retirement without a fully equipped retirement toolbox. Retirement brings the freedom to explore a new stage of life. But for many, after years of working for others, it also means assuming responsibility for generating a paycheck for decades. Having a few basic resources at hand can make it easier to navigate the challenges that come with retirement.
A recent Wall Street Journal article, titled "Have the Right Tools for Retirement," says you need a full set of golf clubs to play the game as intended. Similarly, you need a full set of retirement tools to ensure that you are planning wisely. These should include all of the following:
- a realistic budget and an efficient plan for withdrawing money from savings;