GateHouse News Service
Christine Marcks, president of Prudential Retirement, offers these tips for retirees hoping to create a paycheck for life:
• Put your savings to work. Just because you've stopped working does not mean your retirement income should stop growing. Consider investing in the new generation of retirement income products that guarantee a minimum annual income while offering a measure of flexible control over assets. • Stick to your strategy. The stock market promises only one thing: It’s never predictable. Ask about new product innovations that let you take advantage of potential market upswings while shielding income from inevitable downturns. • Maintain control and access to your nest egg. • Postpone Social Security benefits. You can claim Social Security retirement benefits as early as age 62 or as late as age 70. The longer you wait, the larger the monthly benefits. • Practice tax-smart asset distribution. To make retirement assets last as long as possible, always consider the total amount of taxes you may owe to the government and how to best manage the unlocking of those tax liabilities over time.
