Sources of Income

You've spent years working and saving for your retirement. Now that it's here, you'll want a plan for generating and managing your income. The first step is to identify the primary sources from which you can create your income strategy, or "retirement paycheck."

  • Investment and saving account withdrawals
    You may have savings invested in a number of different accounts: some that are taxable, tax-deferred (Traditional IRAs, 401(k)s), or potentially tax-free (Roth IRAs). Each type of account has its own withdrawal and tax rules. Additionally, you will want to find the right mix of investments and withdrawal rate to make your savings last. A Wells Fargo Funds Investment Specialist can help you decide how to prioritize the order in which you take withdrawals from these accounts, tell you about distributions rules, and recommend distribution amounts.
  • Social Security payments
    If you haven't already started receiving monthly benefits, you will need to decide when to begin taking them. The amount you receive each month varies according to several factors, including your work and salary history, as well as when you decide to retire. Further, married couples have more choices to consider. Because the rules and options are complex, you may want to meet with a representative from the Social Security Administration.
  • Pension payments
    If your employer offered a traditional pension, you may be able to receive it as monthly benefits, a lump-sum distribution (which in some cases can be rolled over into an IRA), or a combination of both. There are many factors to consider and the decision is usually irreversible so you may want to talk to a Wells Fargo Funds Investment Specialist before making a choice.
  • Job earnings
    If you are continuing to work while in retirement, your earnings are another source of income, which may impact your Social Security benefits.

Perhaps the most important step in planning your retirement income is to simply get started. A Wells Fargo Funds Investment Specialist can help you plan your retirement budget and strategy for creating a financially secure retirement.

To talk to a Wells Fargo Funds Investment Specialist, call 1-800-359-3379.

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