A 3-step plan to getting the retirement income you need

My wife & I have substantial 401(k) balances & hope to retire in five years. But we're not sure about how to turn our savings into income. We're considering buying an annuity, but don't know whether that's a good move or whether we should be doing something else. What do you think? -Ken R.

I think that you and your wife need a retirement income plan, a detailed strategy for figuring out how much income you'll need to live the retirement lifestyle you envision and coming up with a realistic way to generate that income.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755