“First, quantify fixed income sources.” Most retirees can expect to find a check from Social Security in their mailboxes every month. But, Social Security probably won’t cover everything. Some lucky retirees also may receive income from a pension plan (a plan funded solely by a former employer). How about you? Can you count on either of these sources? What other sources might pay you monthly … for instance, a rental property? About how much do you expect to receive each month?

Consider this – You may have some control over the amount you receive.

• You may be able to draw Social Security retirement benefits as early as age 62, but you may get a lower benefit than if you wait until your full retirement date.
• The longer you wait to draw Social Security, the higher your monthly benefit may be.
• You also may have some leeway regarding when you take your employer’s pension benefit (if any). If you take it early, it may be less; if you wait, it may be more.
• Discuss the amount and timing of your pension benefit with your Benefits department.
  

“Find out more.” Refer to your annual statement from Social Security, or go to www.ssa.gov for more information.