As you approach retirement, it is important to have a solid understanding of the sources of income you can expect in your golden years. The most common sources of retirement income are personal retirement accounts (401(k)s and IRAs), pensions, and Social Security. However, as pensions become less common and Social Security only replaces a small portion of pre-retirement income, most individuals rely primarily on their personal retirement accounts. 

Financial experts recommend that individuals aim to save enough money in their retirement accounts so that they can withdraw 25 times their annual living expenses. This means that a person with $40,000 in annual living expenses should aim to save $1 million for retirement. However, this rule of thumb may not apply to everyone and retirees may need to adjust their withdrawal rate based on factors like inflation, market fluctuations, and changes in spending. 

As you plan for retirement, it is important to have a diversified portfolio with a mix of stocks and bonds. During a market downturn like the one we are currently experiencing, it can be tempting to make big changes to your portfolio. However, financial experts advise against making major changes without consulting a financial planner and sticking to your long-term plan. 

While the recent market downturn may be concerning, history shows that portfolio values have rebounded or exceeded their original value in around 10 years. It is important to remain flexible in your withdrawal rate and consider factors like inflation and market fluctuations.  Fixed indexed Annuities can often provide both stability and growth during these times.  

In conclusion, there is no one-size-fits-all advice for investors nearing retirement. It is crucial to have a solid understanding of your sources of retirement income and to consult a financial planner when making decisions about your portfolio. With careful planning and flexibility, you can ensure a secure financial future for yourself in your golden years.