At about your 50th birthday, you should consider defining your retirement income plan: your strategy for how you’ll pay yourself in retirement. Your plan will incorporate income sources such as Social Security benefits, pensions, payouts from your 457(b) or 401(k)-like plans, annuity payments, and income generated from other investments.

But your retirement income plan defines more than just where your income will come from; it spells out how your income will be arranged for tax efficiency and life longevity to help avoid outliving your income.
A person standing in a kitchen smiling while holding a cup of coffee.

Retirement can last 20 to 30 years or more. A clear plan can help ensure that you’ve covered essential expenses and provided for a retirement lifestyle with less stress. It also helps you make informed decisions about when to retire, when to claim your Social Security retirement benefit and how much to withdraw from your various income sources each year.

The more options you have, the more detailed your retirement income plan may need to be. Even if retirement seems a long way off, consider starting to define your retirement income plan today.
Let us help you get empowered through planning
Log in to your NYSDCP account and use My Income & Retirement PlannerSM. Then contact your Account Executive to discuss how to refine your plan. For even more detailed planning, consult with your financial professional.
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