Retirement Planning

Detailed information about your Savings Plan benefits is available in the myRetirement section of Total Rewards Gateway and on NetBenefits. Click here to learn more.

NetBenefits will be your main source for individual Savings Plan information. Once online, you can find information on the following tabs:

• Summary: Your savings balance, contribution amounts and investment returns can be viewed on the summary tab. You can also access transaction history, view personal statements and review financial terms and definitions.
• Plan Information: Learn more about the details of your plan and view other plan-related documents including a glossary of investment terms and various frequently asked questions.
• Other tabs include detailed information on contributions, investments, withdrawals/loans, rollovers and bank/tax information.

You can also call the Northrop Grumman Benefits Center (NGBC) for more information.

Take advantage of the free financial webinars Fidelity offers each month. Topics include Saving, Investing, Turning Your Savings into Retirement Income, Social Security and more. Some workshops are customized for Northrop Grumman employees/plans and others are more general. Log on to NetBenefits to see upcoming events.

Complimentary financial one-on-one consultations are also available and offer a phone-based financial well-being review with a licensed Fidelity representative. Register here.

The Planning & Guidance Center on NetBenefits is a great resource for retirement planning. The section provides information and powerful tools that allow you to model your total retirement income. In the Help & Methodology section of the Planning & Guidance Center, access the series of short videos showing how to:

• Interact With the Planning & Guidance Center
• Create a Retirement Plan
• Use the Retirement Modeling Tool

The primary objective of the retirement modeling tool is to provide you with education about your current savings and estimated future contributions, and the potential impact they may have on your estimated income in retirement. The tool allows you to explore hypothetical scenarios to potentially improve your retirement planning strategy.

It also offers a hypothetical illustration of the amount of monthly income you could potentially have in retirement. The overall score reflects your expected ability to meet expenses. It’s important that you understand the Retirement Score and perform the available interest sensitivity. Review the Results Chart, which shows the potential gaps and offers valuable suggestions. Analyze the potential impact of debt consolidation (know what we own and what we owe).

Here are some retirement planning tools available on NetBenefits that you may find helpful.

• Planning & Guidance Center: Create a plan for retirement to help you get and stay on track. By answering just a few questions, you’ll be able to see your estimated retirement income from the Savings Plan and any other retirement assets.
• Financial Wellness Check-Up: See what you’re doing well and ways you can improve your financial well-being.
• Savings and Spending Check-Up: See how your savings and spending compare to Fidelity’s 50/15/5 savings rule.
• Power of Small Amounts: Learn how a small change - 1%, 3% or 5% - can make a big difference over the long-term when saving for retirement.
• Contribution Calculator: See how saving more now can mean extra income at retirement.
• Traditional vs. Roth Retirement Savings Plan Modeler: View hypothetical scenarios showing differences between traditional pre-tax and Roth contributions.
• Take Home Pay Calculator: See how your pre-tax contributions may affect your take-home pay.

Complimentary financial one-on-one consultations are available and offer a phone-based financial well-being review with a licensed Fidelity representative. Register here.

Retirement planning sessions are also available by visiting a local Fidelity Investment Center.

• Locate a Fidelity Investor Center near you
• To make an online appointment, find an advisor at Fidelity.com or contact the Investor Center by phone for more information.

The Fidelity Personalized Planning & Advice service also gives you access to a team of professionals who can help you create and maintain a plan. Get the support you need to put your plan into action and track your progress against your goals. Please note that there is an advisory fee for this optional service.

In most situations, you don’t need to move money out of the Northrop Grumman Savings Plan just because you’re retiring. You will still have access to the same investment choices you’ve had all along. You just won’t be adding any additional contributions.

When you reach age 72, you will be required to start taking minimum distributions from your account. 

You can request a partial or full distribution of your account at any time by calling the NGBC.

If your account balance is less than $1,000, your balance will be cashed out 60 days after you leave the company.

Rolling over your money from the Northrop Grumman Savings Plan to an eligible retirement plan, such as another qualified plan or an IRA, is another option. This will allow you to defer federal and state income taxes and avoid any applicable penalties.

Before rolling over your money, you should compare the underlying fees and expenses of the investment options in the Savings Plan to those in the receiving account.

The Savings Plan also allows you to roll over your balance to purchase an annuity.

Call the NGBC if you’d like to roll over some or all of your Savings Plan balance, or to ask about the annuity option.

A withdrawal gives you access to the money in your account, but is subject to federal and state income taxes, and if you’re under age 59½, potentially an early-withdrawal penalty, unless you qualify for an exception to this rule.

• A partial withdrawal allows you to withdraw up to a specified dollar amount.
• A full distribution closes out your account. You can choose what to do with the assets: how much to withdraw as cash and how much to roll over to another qualified plan.

Make sure you understand the tax impact of taking your money from the Northrop Grumman Savings Plan. Read the “Taxes and Your Savings Plan Benefits” section of the Summary Plan Description (SPD) available on NetBenefits. You should also consult your tax or financial advisor.

If your account balance is $1,000 or less, it will be automatically distributed to you as a lump sum payment 60 days after you separate from the company unless you choose to request a full payment (rolled over or as cash) prior to that date.

If you have an outstanding loan from the Savings Plan when you leave Northrop Grumman, you may choose to make monthly loan repayments via direct debit from your checking or savings account.

In order to avoid taxation on your outstanding loan balance, you must make timely loan repayments and leave some or all of your balance in the Northrop Grumman Savings Plan. You will receive instructions on how to establish loan repayments via direct debit from the NGBC.

Your age at retirement has an impact on the value of your pension benefit. Consider the following age milestones as you estimate your pension benefits.

Deciding to retire before your normal retirement age may result in a reduced benefit because the benefit will be paid to you over a longer time period.

Complete your total retirement picture by including pension estimates at various ages in the decision process. Make the most of the retirement modeling tool in NetBenefits by including pension income in the analysis.

Another key decision at retirement is deciding how to receive your pension benefit or what optional form of payment works best for you. Generally, you can receive your pension benefit as a monthly “single life annuity” amount payable to you for your lifetime only, or as a “joint & survivor annuity” amount payable to you and after your death, to your beneficiary.

The following table shows some sample pension payment amounts for common optional forms of payment.

Follow these steps to add your pension income to the retirement modeling tool in the Planning & Guidance Center:

1. Gather the pension estimates you performed during your retirement planning.
2. Open Planning & Guidance Center on NetBenefits.
3. Click on “Review your analysis”.
4. Complete the “Salary & Other Income” screens. Entry points in the tool include the age, form of payment and the estimated monthly payment.
   
   • Monthly annuity payments can be entered at a specified age and form of payment (e.g., a joint & survivor annuity).
   • If available, lump sum elections can also be entered at specific dates.
   • Spousal retirement income can be included in the analysis.
   • Explore other potential retirement income sources supported in the tool.

The retirement modeling tool will accept pension income earned at a prior employer. Request pension estimates from your prior employer and enter them into the tool as described above.

A few final retirement modeling tool features to update your analysis: 

• Click “Review your analysis” for possible ways to improve your score.
• Click “About your score” to review your potential monthly income, expenses and surpluses or deficits.
• Review the "Investment Strategy" section.

Review the “Using the Retirement Modeling Tool” in the Total Retirement Income section for more information or call a Workplace Planning consultant at 800-420-2363 if you have questions or want help reviewing your results.

Pension estimates can be very detailed and complicated. Plan to start gathering your pension information well in advance of your actual retirement date. Here are a few pointers as you review your estimates:

• It’s important to model your pension benefits at least a year prior to beginning your pension payments. Completing the pension estimates in advance also helps prevent retirement delays in case you need to locate any required participant information.
• Understand all available optional forms shown on your estimates to help you decide how you want to receive your payment.
• Note that reductions usually apply to convert your accrued pension to optional forms of payment that cover joint & survivor scenarios, or have certain death benefit features.
• Confirm the information for your designated beneficiary(ies).

• Request access to a personal Retirement Benefits Coordinator (RBC) through the NGBC if you are within 90 days of retirement to help reduce any surprises.
• Understand your potential longevity needs, including providing benefits to your loved ones. The retirement modeling tool can show you an estimate of joint & survivor scenarios.
• Test your retirement plans with sensitivity analysis from the retirement modeling tool to help ensure you’re fully prepared to meet your essential needs. Establish a plan for unexpected emergencies, cost of living increases or high inflation periods.
• Your beneficiaries for your retirement benefits are usually designated in the election forms.

Your full retirement age under Social Security varies based on the year you were born and can be between ages 65 and 67. You may begin payments as early as age 62, but reductions apply for beginning payments prior to your full retirement age.

By contrast, you must begin payments by age 70. Benefits will increase if you begin payments after your full retirement age. While many people could benefit from waiting until age 70, others may need this source of guaranteed income sooner to help pay for expenses. See the example below for more detail.

Colleen is age 62. If she waits until age 67 (her full retirement age) to collect, she will receive approximately $2,000 per month. However, if she begins taking benefits at age 62, she’ll receive only $1,400 dollars per month. This “early retirement” penalty is permanent and results in her receiving 30% less. If she waits until age 70, her monthly benefits will increase another 24% over what she would receive at age 67, to a total of $2,480 per month.

The retirement modeling tool in the Planning & Guidance Center on NetBenefits allows you to estimate Social Security Benefits payable at various ages. The estimates are based on your current pay and the age you wish to begin payments. 

You may also consider visiting the Social Security website for estimates based on your complete work history. You can find valuable information about eligibility, full retirement ages and special payment arrangements for certain situations. Access the Social Security website to learn more.

Think about attending a Social Security workshop. Go to the NetBenefits Learning Hub to see available workshops, where you can learn valuable information and speak to a subject matter expert.

Here is some additional Social Security planning information that you may find helpful.

• Maximize Social Security
• Tips for Singles
• Social Security for Divorced Employees
• How to Protect Finances if You’re Widowed
• Social Security Tips for Couples

Start by creating (or signing in) to your personal “my Social Security account” on the Social Security website to verify your information. Benefits are based on the earnings in the Social Security system. Other items you may want to gather include:

• Social Security number.
• Date of birth: you may need an original birth certificate or other proof of age.
• Employer names or self-employment records for the past two years: you may need a copy of your W-2 for the prior year.
• Bank information to set up direct deposit.
• Family members who may be eligible to receive future benefits.

Applying online may be an easy option to complete your application at your own pace. However, you can also apply by phone or at a Social Security office. 

If applying by phone call 1-800-772-1213, gather the information summarized in “Where to Start” above. A representative will take you through the process step by step.

If applying in person, check the Social Security website to find a local office, and confirm what you need to bring when you schedule an appointment.

Note that it takes up to three months to complete the payment application process and begin your Social Security payments.

Below are examples of other resources to explore. This isn’t an exhaustive list, but it’s a good place to start your research.

• Personal Savings and Investments – savings accounts, brokerage accounts and other assets can supplement your retirement income.
• Health Savings Accounts (HSAs).
• Traditional or Roth Individual Retirement Accounts (IRAs).
• Other Retirement Plans – don’t forget to include prior employer retirement plans.
• Real Estate or Personal Property – downsizing or selling your home can offer a source of income during retirement.
• Company Nonqualified Retirement Plans – certain employees participate in supplemental retirement plans that provide benefits beyond IRS limits.
• Continued Employment – many employees plan to keep working during retirement to offset medical costs or supplement income.

Once you have identified the other resources you want to include in your retirement income, you can incorporate them into your overall plan. The retirement planning tools available on NetBenefits help you not only create a plan for retirement, but also offer guidance on how to include other sources in that plan. By answering just a few questions, you’ll be able to see your estimated retirement income from all your retirement assets.

Visit the Planning & Guidance Center for more details.

For personalized guidance, register for a complimentary financial one-on-one consultation or schedule a phone-based financial well-being review with a licensed Fidelity representative. During the conversation, you can discuss how to include other resources in your retirement plan. Visit NetBenefits to register.

Complimentary retirement planning sessions are also available by visiting a local Fidelity Investment Center near you.

• Locate a Fidelity Investor Center near you
• To make an online appointment, find an advisor at Fidelity.com or contact the Investor Center by phone for more information.

Begin gathering information from your other sources at least one year prior to your retirement. The sources may be payable differently and it may take time to set up the various payments. Knowing this information early may help prevent unwanted confusion and delays when your retirement date arrives.

Once you have identified your other sources, call the Northrop Grumman Benefits Center (NGBC) at 800-894-4194 to speak with a representative, schedule a 1:1 session with a retirement planner or start a conversation with a planning & guidance counselor who can discuss how your other sources may fit into your overall retirement plan.

Complimentary retirement planning sessions are also available by visiting a local Fidelity Investor Center.

• Locate a Fidelity Investor Center branch near you
• Make an appointment online with a Fidelity advisor or contact the Investor Center by phone for more information.

• Your Northrop Grumman Health Plan: The health plan coverage you have as an active employee ends at the end of the month in which you retire. At that point, Northrop Grumman will give you the option to continue your medical, dental, vision and/or EAP coverage through COBRA for 18 months.
• Your Eligibility for Retiree Medical Coverage through Northrop Grumman: Your options depend on whether you are under age 65 or age 65 and older. Refer to “Understanding Your Options At Retirement” for more information.
• Cost of Coverage: Continuing your coverage through COBRA or enrolling in your spouse’s coverage may be less costly than retiree medical coverage. You can enroll in the Northrop Grumman Retiree Medical Plan at a later date.
• Medicare Penalty: You become eligible at age 65, or earlier if you have certain health conditions or are disabled. It’s important to sign up for Medicare as soon as you’re eligible. If you don’t, you may need to pay higher premiums.
• Your Health Savings Account (HSA): You take your HSA with you when you retire. Save as much as you can tax-free while you are eligible so you have funds available for your healthcare expenses when you retire.
• Healthcare Expenses Can Be Significant in Retirement: Factor in your anticipated healthcare costs in the retirement plan you’re building through the Planning & Guidance Center. Fidelity’s Prepare for the Reality of Healthcare in Retirement workshop can also help you plan. Look for an upcoming workshop on NetBenefits.

Before you retire, call the Northrop Grumman Benefits Center (NGBC) at 800-894-4194 to learn what’s available to you. Be sure to request a retiree medical modeling statement that will describe your options and costs.

When you retire from Northrop Grumman, you may:

• Continue your medical, dental, vision and/or EAP coverage for yourself and any covered dependents you have as an active employee under COBRA for 18 months.
• Enroll in one of the retiree medical plans available under the Northrop Grumman Retiree Medical Plan if you are under age 65 and eligible.
• Enroll in Medicare Parts A and B if you are 65 or older; Medicare will be your primary health insurance at that point. You can purchase individual Medicare supplemental coverage through Via Benefits™, a private insurance exchange that provides eligible retirees access to supplemental insurance plans. Note that if you are under age 65 and your spouse is over age 65, or vice versa, the person under 65 may enroll in a Northrop Grumman Retiree Medical Plan option and the person over 65 may elect to enroll in Medicare supplemental coverage through Via Benefits.
• Choose a mix of the above options – for example, enroll in a Northrop Grumman Retiree Medical Plan option (if under 65) while continuing your active dental coverage through COBRA.
• Defer retiree medical coverage through Northrop Grumman until a later date.

Read the Northrop Grumman Retiree Medical Plan Summary Plan Description for additional details on how the Plan works.

Northrop Grumman is the integration of over 20 companies across aerospace, technology and defense industries. Your company heritage and employment history may impact your eligibility for the Northrop Grumman Retiree Medical Plan and what you pay for coverage.

In general, you are eligible for retiree medical coverage if, at the time you retire from Northrop Grumman:

• You are age 55 or older with a minimum of 10 years of service, or
• Age 65 or older with a minimum of five years of service.

You and Northrop Grumman will either share the cost for coverage, or you will be required to pay the full cost, depending on your company heritage and employment history. Note that most employees hired after 2003 are not eligible for subsidized coverage.

Call the NGBC to determine your eligibility. Request a retiree medical modeling statement, which will show your options and costs.

If you have more than one retiree heritage classification, make sure you compare the subsidies offered under each heritage (for both pre-65 and 65 or older) and choose which works best for you.

The Northrop Grumman Retiree Medical Plan offers medical coverage similar to what’s available to active employees.

• Plan 1: High Premium/Low Deductible Plan
• Plan 2: Medium Premium/Medium Deductible Plan
• Kaiser HMO depending on your zip code
• Anthem Medigap-type plan if you are under age 65 and eligible for Medicare due to disability
• TRICARE Supplement

You will be starting a NEW plan as a retiree. Amounts applied to the deductible and out-of-pocket maximum for your active coverage do not carry over to your new retiree coverage. All out-of-pocket amounts are reset at the beginning of each plan year, on January 1.

Note that dental and/or vision coverage are not offered through the Northrop Grumman Retiree Medical Plan. See what dental and/or vision coverage is available through the Northrop Grumman Federal Credit Union or choose to continue your active dental and vision coverage through COBRA.

If you are under age 65 and eligible for Medicare due to a disability, our medical plans coordinate with Medicare, so make sure you’re enrolled in Medicare Parts A and B.

If you are age 65 or older, Medicare will be your primary medical insurance. Access the Medicare website to learn more about Medicare and how to enroll.

You have the option to purchase additional coverage to supplement Medicare, and Northrop Grumman partners with Via Benefits, a private insurance exchange, to give you access to a broad range of supplement insurance plans and help in selecting and enrolling in supplemental coverage.

Depending on your company heritage and employment history, you may be eligible for a Retiree Health Reimbursement Account (RHRA) with Via Benefits. You receive a fixed annual “credit” amount in your RHRA that you can use to help pay for your purchase of an individual supplemental plan, prescription drug, dental, vision, TRICARE supplemental or long-term care coverage, or Medicare Part B premiums.  

You must elect a supplemental medical, prescription drug, dental or vision plan through Via Benefits to use the RHRA. (Exception: you may enroll in Kaiser, TRICARE supplemental or long-term care coverage and notify Via Benefits of your enrollment).

Contact Via Benefits at 855-832-0976 or visit the Via Benefits website for more information and to enroll.

Certain retirees in a few heritage classifications may stay enrolled in a Northrop Grumman Retiree Medical Plan option when they reach age 65 instead of receiving an RHRA through Via Benefits, and some may receive a stipend through the Medicare Part B Reimbursement and Stipend Program that’s different from an RHRA. Your retirement modeling statement will indicate if you are eligible for these options.

When you retire from Northrop Grumman, you and your covered dependents may be able to continue your medical, dental, vision and/or EAP coverage for a limited time through COBRA. When COBRA ends, you may enroll in Northrop Grumman retiree medical coverage.

Call the NGBC and ask for the cost of COBRA coverage to help you compare your choices. COBRA is a continuation of your active coverage, so any amounts applied to your deductible and out-of-pocket maximum for the current year do not reset to zero.

If you are eligible for Medicare, ask the Northrop Grumman Benefits Center how COBRA and Medicare coordinate. Generally, if you were already enrolled in Medicare at the time you elect COBRA, you may remain enrolled in it until the end of the COBRA continuation period; however, Medicare will be your primary coverage. If you first enroll in Medicare after you elect COBRA, your coverage through COBRA terminates. Since each qualified beneficiary can independently choose to maintain COBRA coverage, their enrollment may continue even if you enroll in Medicare.

When you’re ready to retire, a Retirement Benefits Coordinator can help you with the retirement process. This specially trained Northrop Grumman Benefits Center service representative can answer questions about your retirement benefits and offer personalized service.

The Health Care in Retirement and Northrop Grumman Retiree Medical Plan Summary Plan Description include more details.

If you are under 65
Make sure you understand the different coverage effective dates as you plan for retirement.

• Retiree medical coverage will be effective the first of the month following your enrollment.
• If you retire from Northrop Grumman, the benefits you have as an active employee remain in effect until the end of the month in which you retire. If you terminate your employment, your benefits end on the day of your termination.
• Any amounts applied to your deductible and out-of-pocket maximum from active coverage or COBRA reset to $0 when you enroll in retiree medical coverage.

To enroll in the Northrop Grumman Retiree Medical Plan, you must call the NGBC to make your elections. NetBenefits will not display your retiree medical plan options and costs, or allow online enrollment, until after you retire.  

If you are 65 or Older
Medicare will be your primary health insurance coverage if you are age 65 or older, and you have the option to purchase additional coverage to supplement Medicare. Go to the Medicare website to learn how to enroll in Medicare. It’s important to sign up for Medicare as soon as you’re eligible. If you don’t, you may be charged higher premiums.

First, contact the NGBC to determine if you’re eligible for the Retiree Health Reimbursement Arrangement (RHRA) or other subsidized retiree medical coverage. Then, contact Via Benefits at 855-832-0976 or visit the Via Benefits website for information about the supplemental Medicare options they offer, and to enroll.

Split Coverage Situations

In some cases, the retiree may be age 65 or older when the spouse is still under age 65, or vice versa. In these situations:

• The individual under age 65 may enroll in medical coverage under the Northrop Grumman Retiree Medical Plan until they reach age 65.
• The individual who is age 65 or older may have access to the services offered through Via Benefits.

COBRA Benefits

When you retire from Northrop Grumman, you and your covered dependents may be able to continue your medical, dental, vision and/or EAP coverage for a limited time through COBRA. When COBRA ends, you may enroll in Northrop Grumman retiree medical coverage.

Call the NGBC and ask for the cost of COBRA coverage to help you compare your choices. COBRA is a continuation of your active coverage, so any amounts applied to your deductible and out-of-pocket maximum for the current year do not reset to zero.

Maximizing your retirement income starts with identifying the available sources to include in your plan. Identifying them now and estimating how they might change over time can help give you the most accurate picture when you reach retirement age.

• Savings: Review the savings information in the Savings section (click button above) or log on to NetBenefits to see your savings balance, contribution amounts and investment returns.
        
• Pension: The information in the Pension section (click button above) can help you make an informed decision on your pension benefits. You can estimate and compare different payment amounts and schedules that may be available to you if you are eligible for a pension benefit.
  
  
• Social Security: Make sure you understand the basics of Social Security by reviewing the Social Security section (click button above). Learn about eligibility and retirement ages to maximize your benefits.
  
  
• Personal Income: Identify other income sources by reviewing the Personal Income section (click button above).

Your total retirement income represents one side of the equation, but it must be offset by your expected expenses during retirement. Your expenses may vary once you reach retirement; for example, spending on food, entertainment and transportation may remain stable, but spending on housing may go down and spending on health care may go up.

A general rule of thumb is to expect expenses between 55%-80% of your pre-retirement income. There are a number of retirement expense calculators in the Planning & Guidance Center. See the next section for more details.   

Another major expense during retirement is medical cost. See the Retiree Medical section (click button above) for information about choosing the right health coverage for you and your dependents. Understanding your options, including what may be available through Northrop Grumman, can help you decide on the right plan for the right price.

Another way to analyze how to maximize income and minimize expenses is to model various scenarios and outcomes.

The Planning & Guidance Center on NetBenefits is a great resource for retirement planning. The section provides information and powerful tools that allow you to model your total retirement income. In the Help & Methodology section of the Planning & Guidance Center, access the series of short videos showing how to:

• Interact With the Planning & Guidance Center
• Create a Retirement Plan
• Use the Retirement Modeling Tool

The primary objective of the retirement modeling tool is to provide you with education about your current savings and estimated future contributions, and the potential impact they may have on your estimated income in retirement. The tool allows you to explore hypothetical scenarios to potentially improve your retirement planning strategy.

It also offers a hypothetical illustration of the amount of monthly income you could potentially have in retirement. The overall score reflects your expected ability to meet expenses. It’s important that you understand the Retirement Score and perform the available interest sensitivity. Review the Results Chart, which shows the potential gaps and offers valuable suggestions. Analyze the potential impact of debt consolidation (know what we own and what we owe).

Call the Northrop Grumman Benefits Center (NGBC) at 800-894-4194 to discuss the requirements that could impact timing of your Northrop Grumman-provided benefits. Request a personal Retirement Benefits Coordinator (RBC) through the NGBC to help walk you through step by step and reduce some of the surprises.

Once you have identified the available sources to include in your plan and modeled various scenarios, review each of the sections in Retirement Planning to identify specific steps required to initiate the benefits.

• Savings: decide whether to leave your money in the plan or when and how to take a distribution.
• Pension: identify how and when to start collecting your pension.
• Social Security: know when is the right time to start your payments.
• Personal Income: identify all the required steps and timing for each of the additional sources.
• Retiree Medical: review how you will transition from active to retiree medical coverage.

• Savings: Determine how and when you want to receive your savings plan balance, and how that decision fits into your total retirement income.
• Pension: Decide when and in what payment form you want to receive your pension payments, and how to include those payment amounts in your total retirement income.
• Social Security: Consider when you want to receive your Social Security payments, and how those payment amounts impact your total retirement income.
• Personal Income: Learn which sources to include and how each method of payment impacts your total retirement income.
• Retiree Medical: Choose the right health coverage for you and your dependents, and how those expenses will impact your total retirement income.
• Check out this article on managing cashflow in retirement.