How Do I Plan for Retirement Income?

When nearing retirement, it’s important to consider how your retirement plan savings will replace your employment income.

By evaluating your savings, other sources of income, and potential expenses, you’ll get a clearer picture of how to withdraw plan funds for retirement income.

Replacing income in retirement

The money you’ve saved for retirement is designed to replace, or at least supplement, the income you earned while working. Doing this will help you maintain your standard of living so you can enjoy retirement.

To plan for income replacement, you’ll want to evaluate your different sources of retirement income and estimate potential expenses.

What sources of income might I have in retirement?

In addition to money you’ve accumulated in retirement savings accounts, you may receive income from other sources such as:

  • Social Security
  • Pension plan
  • Annuities
  • Part-time job

Take time to understand how each of these will contribute to your monthly income stream to cover your expenses.

What expenses should I anticipate?

To estimate your cost of living in retirement, start by calculating your expenses today. Then, ask yourself a series of questions to help you estimate future expenses.

  • What expenses are taken from your paycheck today? Think health insurance—you may pay this out of your own pocket once you retire.
  • Do you have expenses that are likely to increase once you retire, like medical expenses and prescriptions?
  • Do you have expenses that might decrease once you retire, like housing, clothing or transportation?
  • Have you budgeted for extras like travel and entertainment?
  • Have you consulted a tax specialist to estimate your taxes during retirement?
  • Have you budgeted for unexpected expenses, like home repairs, new appliances or automobiles?

How should I withdraw my retirement plan savings?

Once you understand expected income and expenses, you can make a plan for how you’ll withdraw money from your retirement plan savings.

Due to the tax implications of retirement plan withdrawals, it’s wise to consult with a tax professional and/or financial advisor to review your personal situation.

If your workplace retirement plan is with BB&T, you can contact us at 800-228-8076 and speak with a representative about a withdrawal plan.

The bottom line

Your method for withdrawing retirement plan savings is important, personal, and should be done by consulting a professional. By evaluating all of your income sources, potential expenses, and retirement plan savings, you can develop a clear picture of how you’ll replace income in retirement.

Ready to learn more about workplace retirement plans?

Contact us

If your workplace retirement plan is with BB&T, you can contact us at 800-228-8076 and speak with a representative about your retirement plan options.

Traditional banking services are provided by Truist Bank, Member FDIC.

Only deposit products are FDIC insured.

The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.

Investment and Insurance Products:

• Are not FDIC or any other Government Agency Insured • Are Not Bank Guaranteed • May Lose Value

Truist, BB&T®, BB&T Securities®, BB&T Sterling Advisors, Sterling Capital®, BB&T Investments, BB&T Scott & Stringfellow®, SunTrust®, SunTrust PortfolioView, SunTrust Robinson Humphrey®, SunTrust Premier Program®, AMC Pinnacle®, AMC Premier®, Access 3®, Signature Advantage Brokerage, Custom Choice Loan®, SunTrust SummitView® and GFO Advisory Services® are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by SunTrust Investment Services, Inc. and BB&T Securities, LLC, and P.J. Robb Variable Corp., which are SEC registered broker-dealers, members FINRA, SIPC, and a licensed insurance agency where applicable.  Investment advisory services are offered by SunTrust Advisory Services, Inc., GFO Advisory Services, LLC, BB&T Securities, LLC, Sterling Capital Management, LLC, Precept Advisory Group, LLC, and BB&T Institutional Investment Advisors, Inc., each SEC registered investment advisers.  BB&T Sterling Advisors, BB&T Investments and BB&T Scott & Stringfellow are divisions of BB&T Securities, LLC.   Mutual fund products are advised by Sterling Capital Management, LLC. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank now Truist Bank.

The information contained herein is for informational purposes only and does not represent an official statement of your SunTrust Investment Services, Inc. account. Please refer to your monthly or quarterly statements for a complete record of your transactions, holdings, and balances.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, GenSpring, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are marketing names used by SunTrust Bank now Truist Bank, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.

Branch Banking and Trust Company, Member FDIC.

Branch Banking and Trust Company is now Truist Bank. Learn more.

BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.

BB&T Complete Client Protection

about Truist Bank