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Income Planning

Income Planning is crucial for people in or nearing retirement

Years ago, most people could count on receiving generous pension and Social Security checks when they retire. That’s no longer the case. Income planning is crucial for people in or nearing retirement. Ask yourself, will I have enough money to live comfortably for 5, 10 or 20 years without going broke? And, what will happen if I live past life expectancy?

You’ll have a sense of security with us helping you to develop a plan to help manage your cash flow, maximize tax advantages and take timely distributions for yourself and those you care about the most. We’ll help you plan for anticipated expenses, including wishes and wants, as well as unexpected expenses that may have a big impact on your income plan (such as an illness).

Our analysis begins with a discussion of matching basic expenses to regularly received fixed income sources. In order to understand as to whether you’ll have adequate income to live a comfortable life at retirement, you’ll need to know what your approximate expenses will be. Then you will need to have a conservative, yet somewhat predictable, idea of what you will receive for income. Some individuals may choose, or be required, to work part time, in even a lesser paying job to supplement their income. If your guesstimated expenses exceed your guesstimated income you have a shortfall.

Most people look for guidance and advice when developing their income planning strategy. A knowledgeable and experienced financial planner has been through the exercise many times and can be invaluable in helping you to get on the right track. Staying on the right track will take discipline and dedication, but as you enter retirement, you’ll be inspired to stay the course.

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