One of the biggest challenges new retirees face is the transition from working to earn money to replacing that income with retirement savings. If you have been a good financial steward – saving part of your earnings to prepare for a comfortable retirement – it can be psychologically difficult to reverse that process.

The withdrawal of money from savings can create angst for many people. Their mindset, for likely 30 or more years, has been to save money in preparation for retirement; however, when they reach that point they do not usually have a plan for how to extract it. Sure, the mechanics of getting it out are easy, you just call the bank or brokerage firm and ask for a distribution.