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    Retirement Resource Center · Guide

    Questions to Ask Before Choosing Retirement Income

    A balanced set of questions to work through before you commit to any way of creating retirement income, whether that is drawing from investments, using insurance products, working longer, or combining several approaches.

    Written for anyone within about ten years of retirement, or already retired and reviewing their plan. This guide does not recommend one approach over another. The right mix depends on your situation, and a qualified professional can help you evaluate it.

    Income Needs and Timing

    • How much income will I need each month, and when should it start?
    • Which expenses are essential, and which could flex if markets or health change?
    • How might my income needs change over a retirement that could last decades?

    Existing Income Sources

    • What income is already reliable, such as Social Security or a pension?
    • What is the gap between that reliable income and my essential expenses?
    • Which accounts will I draw from first, and in what order?

    Access to Your Money

    • How much of my money can I reach without penalty if plans change?
    • What surrender periods, withdrawal limits, or age restrictions apply?
    • How much liquidity do I want to keep for emergencies and opportunities?

    Fees and Restrictions

    • What are the total annual costs of each approach, including rider charges and advisory fees?
    • What restrictions come with each option, and what do I give up in exchange?
    • How will each cost or restriction affect my income over time?

    Inflation

    • Will my income keep pace with rising prices, or is it fixed?
    • If income is fixed, what else in my plan can absorb higher future costs?

    Survivor Needs

    • If I die first, what income continues for my spouse or partner?
    • What happens to each account or contract at my death?
    • Are beneficiary designations aligned with that plan?

    Protection and Guarantees

    • Which parts of my income are guaranteed, and by whom?
    • What is each guarantee actually worth, and what does it depend on?
    • How much market decline could my plan absorb without changing my lifestyle?

    Tradeoffs Among Approaches

    • What does each approach optimize for: growth, income, access, or protection?
    • What am I giving up with each choice, and is that trade acceptable to me?
    • Could a combination of approaches fit better than any single one?

    A Hypothetical Example

    Imagine a couple that needs $5,000 per month and expects $3,200 from Social Security. Their essential expense gap is $1,800 per month. They might compare covering that gap by systematic withdrawals from investments, by an income annuity, by part time work, or by a blend. Each choice trades off growth potential, access to money, and predictability differently.

    This example is hypothetical and for illustration only. It assumes specific income needs and Social Security amounts that will not match your situation, and it does not represent any product, return, or recommendation.

    Watch the Walkthrough

    A neutral explainer on the questions worth asking before you commit to any income approach.

    Related Resources

    Sources

    Want to work through these questions with someone? A Retirement Conversation is a calm, educational review of your situation and options.

    Schedule a Retirement Conversation

    Draft for review. Last reviewed: October 23, 2026