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We just celebrated Mother’s Day. Maybe you took your mother to brunch, or shared a festive family meal with her. As a parent, a son or a daughter, these family events are priceless. With these happy times fresh in mind, maybe it is time to talk about how you can all achieve a comfortable retirement.

One of the keys to enjoying retirement is being able to effectively turn the savings and investments you’ve accumulated into steady, long-term income after you stop working. Here are three issues to consider:

1. Turn your investments into a paycheck. Most retirees don’t have the expertise to manage large sums of money, so look for ways to turn your nest egg into manageable, periodic payments to yourself. Municipal bonds are one option. Interest on muni bonds is usually paid semiannually, giving you a predictable flow of income. An annuity is another popular choice. An annuity turns a lump-sum deposit into fixed payments. Some annuities even promise guaranteed payments for life for the individual who buys it or for his/her family.

2. Fly to quality. When investors move their money from risky assets into safer ones, it’s called a flight to quality. Retirees need to focus on quality investments. For this reason, many retirees look to the types of bonds that produce income on a regular basis, yet have a very low chance of default.

3. Don’t ignore equities. While it is important to move most of your assets into less risky, less volatile investments, it is also critical to guard against rising inflation eating into your nest egg. Consider keeping some of your retirement money in stocks, which generally have a greater potential for growth to outpace rising costs.
Of course, it is crucial to talk with a fee-based financial professional about your unique situation and your options before making any moves. You – and your mother – will be grateful you did.