WHEN YOU STOP EARNING A REGULAR PAYCHECK

Transitioning from a 9-to-5 career, or any other career for that matter, can be daunting when your income source is no longer as predictable as it once was. Although you've probably done a great deal to ensure you have the necessary wealth to enter retirement you may not have the requisite knowledge or skill to convert into a regular income that can cover your everyday expenses, as well as near- and long-term plans.

There are a variety of ways in which different investments can provide income, as well as numerous strategies for taking distributions from these investments. Following are some of the items that I will address in helping you craft a retirement income plan:

INVESTMENTS

Bonds 
Dividend-Paying Stocks 
Preferred Stocks 
Convertible Bonds and Convertible Preferred Stocks 
Mutual Funds 
Annuities 

DISTRIBUTION STRATEGIES

Systematic Withdrawal. By withdrawing a fixed amount from your account on say, a monthly basis, care must be taken to ensure that the investment still grows over time given that interest and dividends may not cover the withdrawal every calendar month, causing you to dip into the principal.
Interest and Dividends only. This may be a good option if you are already receiving an adequate fixed income from other sources such as Social Security or a pension.
Bond Ladders. A bond ladder can help provide a reliable income while helping to preserve the principal investment. I can describe this in greater detail when the time comes.

FIXED INCOME

Social Security. Planning exactly when to file for your Social Security benefits can be a key element in your retirement income plan. To learn more about this important step, visit my page at Social Security Wise.
Required Minimum Distributions. The IRS has certain rules and regulations requiring you to take minimum distributions from your tax deferred accounts such as IRAs and 401(k) plans as soon as you reach age 70 ½.

ESTATE AND SUCCESSION PLANNING 

Estate Planning. Estate planning is appropriate for all income levels. For instance, it's important to ensure that all beneficiary designations on your accounts and estate documents are current and correct. Establish and fund any trusts or other estate planning instruments that will help transfer your estate.
Business Succession Planning. Business owners should create a succession plan so that the business to which you’ve dedicated so much of yourself can become part of your legacy.