There was a time when pensions were the most common of retirement benefit plans. Employees looked forward to what could generally be described as a private version of Social Security offered via an employer. However, those days are gone, and only a small number of the US population have pensions now.

There are so many decisions for you to make about your retirement income as a retiree, and as a pension-holder, you’ll want to be sure you make the most of this income-generating asset. The choices you make with your pension can impact your finances for the rest of your life.

If you’re preparing for retirement or looking for more financial stability, you’ve likely thought about how your retirement savings can be used smartly to cover your costs and maintain your lifestyle. It’s normal to fear running out of money in retirement, given that you are done with your working life and are turning to your own source of savings and wealth for your financial security. While you may have saved well, it can be daunting to realize you have to now turn those savings into income that can sustain you for the rest of your life, especially if you don’t have a pension. Living off your savings and investments is quite different than living off external income.

You may not think of your family as incredibly wealthy, but America is full of ‘millionaires next door.’ Financial Advisors are not just for movie stars and CEOs. They work with countless ‘millionaires next door’ each year. You’ve worked hard and saved for retirement, and now the question is how you’ll make it last for the rest of your life while maintaining the lifestyle you want.