Retirement Income Planning
It is natural to have anxiety in thinking about turning life savings into reliable and predictable retirement income. When it comes to retirement, cash flow is everything and an effective strategy is the foundation for a happy and healthy next chapter. Our clients appreciate our guidance and the ability to enjoy retirement with the confidence and peace of mind that their finances are taken care of.
Working with you, we can identify potential shortfalls and discuss solutions to help you stay on track. To begin, we will focus on understanding your essential income needs versus your lifestyle or quality of life income desires.
These income needs and sources may include, but not be limited to:
Essential Expenses
- Housing (mortgage, utilities, taxes and insurance)
- Food
- Transportation
- Healthcare & insurance premiums
- Other debt obligations
Lifestyle Expenses
- Travel
- Entertainment
- Hobby costs
- Gifts to charity and family
- Second home expenses
Possible Income Sources
- Social Security
- Pensions
- Rental income (rental properties, farmland, etc.)
- Deferred compensation, business sale payouts
- Other sources
If your income need exceeds the cash flow from income sources, we identify how to leverage your retirement assets to address that need in a reliable and tax efficient manner. There are many options.
Finally, we review the remainder of your assets and discuss quality of life income, risks to your financial plan, charitable giving, and wealth transfer maximization.
Some of the risks to consider include the potential for the 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 while placing an emphasis on protection of principal.
Please contact us directly for a no obligation appointment so we can learn more about you and the details of your specific situation.