KEY TAKEAWAYS:

Determine flexible withdrawal rates based on age, portfolio, and nonportfolio income.

Evaluate long-term-care insurance versus self-funding or hybrid products.

Consider annuities only after maximizing Social Security benefits for lifetime income.

Planning decisions are increasingly important as fewer retirees rely on pensions .

Retirement planning is complicated.

Fewer retirees can rely on pensions, so more people have to find retirement income elsewhere and navigate issues like managing taxes while withdrawing from different kinds of accounts, when to take required minimum distributions, and determining the appropriate asset allocation for their retirement portfolios.

Here are three tricky decisions that confront people planning for retirement today.

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