With Americans living longer than ever and the average retirement age largely unchanged, many households struggle to make their assets last through retirement.Financial advice often focuses on boosting personal savings rates and maximizing return on investment during savers’ working lives, known as the accumulation phase of retirement planning. Equally important, however, is the decumulation phase, when households seek to generate sufficient income in retirement to meet their spending needs.
To do this, savers and retirees must treat retirement as a phase of life rather than a destination and develop a retirement income toolkit made up of multiple potential income sources and strategies that will diversify and increase retirement income. Ensuring this toolkit remains robust throughout the entire decumulation process requires active planning throughout the accumulation phase and keen attention to critical decisions, including when to retire and claim Social Security benefits.
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