Tips for retirement

With 10,000 baby boomers hitting retirement age every day, financial planners are hearing a lot of questions about how to convert savings into income while interest rates are at rock-bottom lows.
We asked eight advisers the same simple question: What would you advise someone who wants to turn $250,000 from their retirement savings into a steady income stream today? Assume this retiree has other assets in a diversified portfolio and this is the amount set aside purely to generate income.
Why the quarter-million number? Because U.S. Census Bureau data shows that the average net worth of a 65-year-old with some college education is $500,000. That person can put half of his or her overall net worth toward income generation and still have Social Security and other assets to draw on to maintain a diverse portfolio and a source of emergency funds.