The key to managing your money for your retirement income is in careful planning. It takes an estimated guess to foresee into the future and assess how much you will need to live. You will also need to set aside enough money for unforeseen health problems that may put a heavy burden on your retirement funds. Working with a Financial Planner and creating a Financial Plan are some important tools that you can take to create a viable plan. However, even with the best tools, it is possible to outlive your money; a situation that poses a dire threat to many in retirement. Social Security benefits are the basis of retirement funds, with pensions, 401k plans, IRAs, and personal savings and investments adding the rest of the income. To carefully determine how much Social Security benefits you will receive (and to determine how much additional income you will need through your retirement) you can use a calculator (provided by the Social Security Administration website) that will give you the numbers that you need.