Retirement Income

What is “Retirement Income”

For the majority of society, retirement is the time that you stop working. When you want to transition your life to doing what you want when you want to. It is the time when you are finally FREE from your career but not the expenses!  And over the prior decades, you have been accumulating as big a pot of money as possible to help cover the retirement costs. 

When you leave your job, that income stops. At this point, to supplement your lifestyle, you need to start to use your own assets to fill in the income gaps that are left. This is your retirement income. 

Retirement income can come in many different forms:

-Social Security

-Annuities

-Sale of Investments

-Income from investments

-Business payouts

-Pensions

-Life Insurance

My job is to help coordinate the proper strategy so you can avoid longevity risk. Longevity Risk is the risk that you outlive your money. The strategy’s foundation is built on a person’s goals and what they want retirement to look like.  

 

Longevity Risk

This is the risk that you will outlive your money. Check out the table to the right.  Because of modern healthcare and technology, living longer is a high probability. 

In addition, if you live a healthy lifestyle, your chances of living longer are even higher! 

Managing your retirement income based on your life and goals is of the utmost importance. 

Protecting Your Future

Working with a financial professional can help to make the emotional rollercoaster ride of the markets smoother and less emotionally volatile. 

That is why we prepare by building a financial plan and use the proper investment strategy to achieve the goals within the plan. We build this plan to help prepare for any external factors that arise.

That way, when your emotions start to influence you, there are guidelines that can be followed to stop any impulsive actions.

What if we could help ensure you could live the way you want regardless of market volatility, politics, or pandemics?

That is the mission with Retirement Income Planning. 

How I Help Prepare

As we start thinking about retirement, we can start to attack some specific areas to prepare for the upcoming retirement. 

We need to get organized. Start to understand where are money is at and how are assets are used. This is where we can start to know exactly where we are.

Now is the time to start specificaly describing what we want retirement to look like. I mean literally. Let’s paint that picture and start to build the framework so you can make that picture a reality. 

As we start to get organized, taking inventory of your numbers is extremely important. I need to clearly know where you are now so I can get you to those goals. Adjustments will probably be needed but that is the point. 

Next, we either get invested or make sure you are invested the right way. No two people invest the same way. We need to confirm that your investment strategy is aligned with that picture we painted. 

Ready to talk more about Retirement Planning?

 Let’s start a conversation. Send us your contact information and we’ll be in touch to go over your finance goals.

Tools We Use