When Ernie Herbert married his wife, it was his father-in-law who gave him the best advice: “He said you should start saving for retirement now,” Ernie recalls. Starting with a $1,000 mutual fund investment and investing regularly, the couple built up a solid nest egg.
Now on the cusp of retirement, they find themselves asking a number of questions. Are we going to be okay without a regular paycheck? How do we invest to maximize retirement income? What if we outlive our investments? Fortunately for the Herberts, there are time-tested strategies for generating income that can help them reach their retirement goals.
“The transition from saving for retirement to living off your nest egg may seem difficult at first,” says Rob Williams, Director of Income Planning at the Schwab Center for Financial Research. “But there are steps you can take and strategies you can consider