Retirement income planning can seem overwhelming, but it doesn’t have to.

Writing down all of your monthly expenses and separating them into the required costs of living and discretionary expenses is a great place to begin. The next step is to determine how much guaranteed monthly income you will receive from social security.

If you have an income gap between your required monthly expenses and the monthly income you will receive from social security; you may consider a 401k rollover into an annuity. Income annuities or an index annuity with an income rider can turn a portion of your retirement savings into a lifetime guaranteed monthly income stream.