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Part 1: What are your sources of retirement income?

Before you hit your workbook, at this point in your planning where do you think most of your retirement income will come from? Answer by clicking here.

Open your workbook to page 10 and start to determine your income sources in retirement and establish the projected annual amount you will take from each source. To help you determine these things, you may want to do the following:

• Hunt down and update the information on accounts for any employer-provided pension.
• Request a Social Security statement.
• Find out (using the resources below) whether the income stream from a pension and/or Social Security will pass to a survivor (e.g., spouse, dependents, or other heir) on your death. If either will, verify the amount.
• For investment accounts and other savings, make sure that beneficiary designations are up-to-date. You don't want your worldly possessions passing to that horrid ex-lover who tried to have you assassinated on a street corner in Bergen.
• Think about your accounts and inflation. Do you know if your retirement income will keep pace with inflation?

Stand up, stretch to the left, stretch to the right, and pat yourself on the back. You've made it through the hardest part of retirement planning -- organizing!! We're serious. This is one of the biggest hurdles and you, my friend, have crossed!  Jump on the discussion boards and see what these Fools had to say about getting themselves organized.

While you're there, take a moment to post a message about what has surprised you the most as you start to estimate your retirement costs and incomes.

You'll find these resources listed on the seminar resource sheet, but use the following Lesson Resources to help you:

1) figure out the facts about IRAs, SEPs, and 401(k)s;
Retirement Plan Primer  

2) set up an IRA and decide what to put in it;
All About IRAs  

3) determine if your employer's 401(k) or 403(b) plan is Foolish; and
All About 401(k)/403(b)s 
Ten Facts About 403(b)s   

4) estimate your future Social Security income.
Social Security Benefits Calculator

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Lesson 4: Investing Now »