Retirement Income Plan

When first meeting clients that are getting ready to retire, many 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, we have a system that brings comfort to many of our clients. It brings the required income with an easy-to-follow plan which helps our clients stay on track.

First, we must understand our income needs versus our income wants or as we call it: quality of life income. 

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 and 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 principal, 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 principal to cover risks.

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


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