Income sources other than government benefits.

The major sources of retirement income, other than government benefits, are pension plans, individual retirement account (IRAs), annuities, investments and post retirement employment. The planner must identify each potential source of income and determine whether the income will meet the client's retirement needs, goals and objectives. If the income is not sufficient, the client's primary asset, the home, may need to be sold. The planner must also understand the timing and mode of distributions from qualifies plans, IRAs and annuities, as the rules are complex. The planning process should involve an analysis of the income tax consequences of each potential element and should be designed to take full advantage of the favorable income tax provisions available for the older client.