Income Planning

Although it might seem obvious, many people fail to consider the full impact of their paycheck ending when they exit the workforce. If you intend to maintain your preretirement lifestyle, you need a plan to generate reliable income for the rest of your life. After carefully considering your income needs, you can start to form a strategy as to where those funds will come from. 

How We Can Help

Income planning should be tip of the spear.  We'll address everything below and then some.

  • Pensions: Multiple clients who sit down with us have some version of a pension.  Pensions need to be reviewed and all options considered.  Is it best to grab 100% survivorship?  Or is it more efficient to protect your spouse in a different manner?
  • Social Security: This is usually a staple to most retirement plans, but there can be an overwhelming amount of variables to consider.  Should you delay until full retirement age?  Have you performed a break-even analysis?  Was that analysis performed with the time value of money in mind?
  • Inflation: Put simply, was your last car more expensive than the first house you purchased?  Inflation is the slow deterioration of purchasing power over time.  If you need 60,000 to live on, at 3% inflation you'll need 120,000 in 24 years to purchase the exact same amount of "stuff". 


Ready to take the first step in creating your plan for life after work?

Contact Us