Building a Retirement Income Plan in Ten Steps
Clearly understanding the risks we face in retirement, we can start the process of putting together a plan.
A retirement income plan needs to be comprehensive in nature, taking into account both financial and non-financial aspects of one's life. There is no way around the fact that retirement income planning is difficult. In order to generate a plan that will meet your retirement income needs, a broad range of factors must be considered:
- Taking inventory of current situation (household balance sheet)
- Clarify and defining retirement goals
- Estimating retirement income needs (non-discretionary vs. discretionary)
- Understanding Social Security options (maximize)
- Managing expenses (healthcare, housing, leisure, basic needs)
- Identifying and managing tax issues (tax efficient withdrawals, Roth conversions)
- Developing a plan to turn your assets into income that will meet your retirement objectives (pay-checks and play-checks)
- Plus many more....
A well-positioned and well-developed retirement income plan can improve your financial position. There is real value in planning when it comes to retirement income.
Having a process in place to develop a retirement income plan is crucial to your ideal retirement. Our Ten-Step Retirement Income Plan will help you review your own situation and get on the right path to a successful retirement!