Retirees should ensure their essential expenses are covered by predictable, guaranteed income sources to avoid reliance on market performance for necessities.

“one of our core beliefs here at Fidelity is that your essential expenses should be met by predictable forms of income.”

Creating a retirement income and withdrawal strategy begins with mapping out essential and discretionary expenses, gathering all income sources, and calculating the portfolio withdrawal needed.

“so the best place to start is first having my clients map out what their expenses look like, both the essential, nonnegotiable expenses, like your groceries and utilities, as well as the discretionary spending, like travel, your golf membership, or presents for the grandkids.”