Retirement Income Plan
When first meeting clients approaching retirement, many have great anxiety over how to turn their life savings into a reliable and predictable income. If you have these same concerns, we have a system that brings comfort to our clients. It brings the required income with an easy-to-follow plan which helps our clients stay on track and focus on enjoying their retirement.
First, we must understand our income needs versus our income wants or as we call it: quality of life income.
These income needs include, but may not be limited to:
- Housing (mortgage, utilities, taxes and insurance)
- Food (excluding dining out)
- Transportation (car payments, fuel, taxes and insurance)
- Other debt obligations
Once we know our income need, we identify our predictable income sources:
- Social Security
- Pensions
- Annuity payout income
- Rental income (farm or other rental properties)
- Undefined regular retirement income
If the income need exceeds the cash flow from predictable income sources, we identify how to best leverage our retirement assets to cover that need in a reliable and tax efficient manner. There are many options.
Finally, we use the remainder of our money to cover quality of life income, risks to our financial plan, charitable giving, and wealth transfer maximization.
Some of the main risks to consider include loss of principal, inflation, longevity, and other unforeseen expenses such as long-term care needs or family emergencies. Our approach uses a three-part system that allows for the potential growth of assets and protection of principal to cover risks.
Please contact us directly for a no obligation appointment to learn the details for your specific situation.