Boomers Need an Income Stream In Retirement, Not Simply a Savings Plan

People need to plan to provide income for themselves in retirement with the same care and diligence in which they save for retirement, says Scott Holsopple, Managing Director of Retirement Solutions at The Mutual Fund Store. Holsopple says retirees must calculate how they plan to fund their lifestyles taking into consideration their needs, wants and wishes. He says social security is a main source of retirement income for most people, but should be part of a holistic plan which also includes health care. Finally, Holsopple says retirees are more confident and save more when they consult a financial advisor for guidance.