You likely have your own vision for retirement—you may want to golf every day, or visit family once a month, or sign up for ballroom dancing lessons. “Identifying your priorities and personalizing your strategy is a key part to turning years of contributions into retirement income,” Smith says.

A few thought starters may help as you put those plans and priorities to paper. Here are four of them, as you begin building a solid retirement income plan.

Step 1: Define what retirement means for you.

What do you envision doing during your retirement—traveling, staycationing, working part-time? Those first, active years of retirement may look a lot like the last years of work, in terms of spending. So it may be a good idea to customize your budget for the go-go years, the slow-go years, and the no-go years.

If you have a spouse or partner, consider whether you plan to retire at the same time and whether your retirement goals align.

Step 2: Analyze your financial situation.

Review your current asset allocation and how it’s working for you in your investment portfolio and retirement accounts. Switching from saving to spending may mean you still need some growth potential to keep up with inflation, or you may want to curb the amount of risk you’re taking to protect your assets.

Also consider your expected income during retirement. Include both guaranteed income (like Social Security, pensions, and annuities) and variable income (like retirement accounts, a part-time job, and rental income). Make note of debts you’ll have in retirement.

Then estimate how long your savings may last—accounting for expected and unexpected lifestyle changes over the years.

To learn more about creating your income plan, read “Map out your retirement budget.”

Step 3: Evaluate your options and adjust.

If you’ve done the math and your analysis shows you may not achieve your retirement goals, don’t worry. You can make changes to manage expenses and boost savings, especially if you’re still in your working years:

• Increase your retirement plan contributions.
• Make catch-up contributions to your current IRA or retirement plan if you’re age 50 or older.
• Contribute to a new individual retirement account (IRA) or Roth IRA.
• Adjust your budget to reduce expenses.
• Manage debt so you have more money for long-term savings.
• Work longer, or work part-time in retirement.

Step 4: Choose retirement income solutions.

After you’ve evaluated your current situation and retirement goals, a financial professional can suggest retirement income solutions that make sense for you.

Your income plan could include:

• savings from your retirement accounts, such as an employer-sponsored 401(k) or 403(b) plan or an IRA,
• options like income annuities, fixed deferred annuities, mutual funds, and bank accounts, or
• a combination of both.

Pay attention to the details.

Smith says when evaluating your choices for retirement income, consider the differences in fees and expenses, as well as tax and legal implications (creditor protections and required minimum distributions), for each option. Also consider your risk tolerance and the length of time before you retire.

Read “Retirement withdrawal strategies: Stay tax smart.”

“By taking a planned approach to creating a retirement income paycheck, you help reduce your chances of outliving your savings. Because no one wants that, right?” Smith says. “Plus, when you know you can’t outlive it, you’re not afraid to spend your money and enjoy your life more.”