Retirement Income Plan

When first meeting clients that are getting ready to retire they have great anxiety over how to turn their life savings into a reliable, predictable income that will not run out. If you have these same concerns I have a system that brings comfort to many of my clients. It brings the required income with an easy to follow plan which helps my clients stay on track.

First we must understand our income needs versus our income wants or I call it quality of life income. Income needs are simply put what a couple needs to live on.

These expenses include, but may not be limited to:
1. Housing (including mortgage, heat, lights, taxes and insurance)
2. Food (excluding dining out)
3. Transportation (if a car include fuel, taxes and insurance)
4. Other debt obligations

Once we know our income need we identify our predictable income sources:
1. Social Security
2. Pensions
3. Annuity payout income
4. Rental income (farm or other rental properties)
5. Undefined regular retirement income

If the income need is more than the reliable income source we identify how much of our retirement assets it will take to cover that need in a reliable predictable way. There are many options.

Next we use the remainder of our money to cover quality of life income, risks to our financial plan and potential wealth transfer issues.

Main risk factors to consider are loss of principle, inflation which is tied to longevity and any 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 principle to cover risks.

Please contact us directly for a no obligation appointment to learn the details for your specific situation.


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