An income plan is a written plan that demonstrates your income streams, identifies income gaps, and plans in which order to take the income stream. To successfully plan, your guaranteed income must cover your basic living expenses and last at least into your mid-to-late 90’s. In addition, a retirement income plan should protect your spouse (if applicable) from loss when the other spouse passes away, as well as cover final expenses for your beneficiaries.
Fiduciary Retirement Advisor
The strategies used in growing, saving, and accumulating your wealth before retirement should be drastically different as you approach retirement! Would you go to a doctor with a complicated knee problem if he doesn’t specialize specifically with knees? Why wouldn’t you go to a specialist? The same goes for retirement. In addition, you want to ensure that they are a fiduciary only advisor. Many claim to be fiduciary, while operating under suitability standards – meaning they are finding a solution that is suitable, but not necessarily the best possible option. Make sure your advisor is obligated and wants to put your best interests first – always!
Retirement Legacy Plan
Whether you are leaving a financial legacy to your children and grandchildren, your church, or favorite charities, proper planning is the only way to be sure what you want to happen actually happens! What are the best ways to protect your legacy from frivolous spending? The average inheritance is spent in only 17 months! Is that what you want from your years of hard work? How do you protect your money from lawsuits, taxes, or quarrelsome families fighting for your inheritance?
Retirement Healthcare Plan
In retirement, health care may be the largest expense – and one that no one wants to talk about. Statistics show that those entering retirement today may spend as much as $400,000 on healthcare alone throughout their retirement! To add to the problem, long term care insurance has become very cost prohibitive for most retirees. Retirees typically need at least 2-3 hedging strategies to keep health care in retirement from eroding your nest egg.
Retirement Tax Plan
In retirement, it is not uncommon for many to expose themselves needlessly to excess tax liabilities. There was an adage that your taxes will be lower in retirement – do you remember that? Unfortunately, that adage has been proven to be false for those that have done an honorable job being responsible and putting money away for the future. Retirement, however, is not the time to pay taxes on every dollar! What have you done to mitigate the risk of taxes going up when you are in retirement?
Retirement Investment Plan
As you transition into retirement, investment planning strategy transitions into risk management! While you were working, you were investing at a higher risk tolerance. You had the ability to take more risk because you had more time. Retirement is an entirely different phase of life, however. It is a fundamental shift in your lifestyle and your money must make that shift with you! Your focus should no longer be on growth, but rather preservation. Have you ever heard the phrase “defense wins championships”? This is not only for sports – but real life, too! This does not
Retirement Income Plan
An income plan is a written plan that demonstrates your income streams, identifies income gaps, and plans in which order to take the income stream. During retirement you need a guaranteed stream of income. Social Security and pensions are the starting point, but then it is up to you to establish the rest with your savings. To successfully plan, your guaranteed income must cover your basic living expenses and last at least into your mid-to-late 90’s. In addition, a retirement income plan should protect your spouse (if applicable) from loss when the other spouse
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