The amount needed for a comfortable retirement varies depending on your lifestyle, desired retirement age, and expected expenses. A general rule is to aim for a retirement income that covers at least 70-80% of your pre-retirement income. However, the best way to determine your specific number is to create a personalized retirement plan that takes into account your goals, savings, investments, and expected retirement expenses, such as healthcare, travel, and daily living costs.

The ideal time to start taking Social Security benefits depends on your financial situation, health, and retirement goals. You can begin receiving benefits as early as age 62, but your monthly benefit amount will increase the longer you wait, up until age 70. For many, it makes sense to delay benefits to maximize their monthly income, but if you need the income sooner or have health concerns, starting earlier could be more beneficial. A retirement planner can help you evaluate your options and determine the best timing for your unique circumstances.

A reliable income stream in retirement typically comes from a combination of Social Security benefits, pension plans (if available), and personal savings, such as retirement accounts (401(k), IRA, etc.), investments, and annuities. A retirement planner can help you create a strategy that balances growth and income, using a diversified mix of investments and income sources to ensure you have sufficient funds to cover your expenses throughout retirement.

The most significant risks to a retirement plan include outliving your savings, unexpected healthcare costs, inflation, market volatility, and changes in tax laws. To mitigate these risks, it's essential to have a well-diversified portfolio, plan for potential healthcare expenses, and maintain a flexible withdrawal strategy. Regularly reviewing and adjusting your retirement plan with a professional can help address these risks and ensure your strategy remains aligned with your goals and needs.

Ensuring that you don’t outlive your money requires careful planning and a strategy that balances your income needs with the longevity of your assets. This includes creating a budget, setting a sustainable withdrawal rate, and considering investment options that provide growth while managing risk. Annuities or other guaranteed income products may also be beneficial for some individuals. A retirement planner can help you create a comprehensive plan that accounts for your life expectancy, inflation, market risks, and personal goals to ensure your money lasts throughout your retirement.