In this program, we’ll take a look at some general retirement income planning concerns, considerations, and strategies. For most of us, retirement planning has generally focused on accumulating savings. In fact, if any of you have attended a retirement planning presentation in the past, it’s likely that the presentation centered on just that--building up retirement assets. This discussion picks up where accumulation planning leaves off.
As you get closer to retirement, it’s time to turn your attention from accumulation to distribution. That’s what retirement income planning is all about—understanding how much income you’ll need during your retirement years to support the retirement lifestyle that you want, and positioning your assets to provide that income.
Retirement income planning is important because the consequences of a bad decision can be severe. For example, improper planning could mean that you outlive your retirement income—not something to look forward to in your later retirement years.
While there’s no such thing as a “one size fits all” plan, there are steps you should take to maximize the possibility of a financially secure retirement.
Planning for retirement income starts with three basic questions:
What does retirement mean to you? That is, what is it that you want and expect in retirement? Do you plan to travel? Pursue a hobby? Volunteer your time, or start a new career or business? It’s important to consider your expectations carefully, because your retirement income plan will be designed to support the retirement lifestyle that you envision.
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