Income Planning: An Essential Part of a Successful Retirement
While in the workforce, you are at the mercy of your employers when it comes to the number printed on your paychecks. At set intervals, you receive a certain amount of money that is based on the time and effort you put into your responsibilities. But things change when retirement years begin. Retirees must essentially “pay themselves” with the money they have saved, Social Security, and other funds. How this process is handled can make the difference between living comfortably through retirement and scrambling for money a few decades into this period.
Income planning is the process of setting a budget during retirement years that includes withdrawals, spending, and additional investments. While you can undertake this process on your own, it is best to receive the feedback of an experienced retirement income planner in Corona/Citrus Heights area. They can provide clarity to some of the more difficult aspects of these plans including inflation, market fluctuation, rates of return, and various financial products.
This individual will look over your retirement assets and compare them to your needs and goals. From there, you will work with them to determine an appropriate monthly budget. Don’t think of this as a strict allowance like a young child is given. You’ll still have the adaptability to plan vacations, participate in hobbies, spoil grandkids, and live out other dreams you’ve been waiting years to realize. Income planning is simply making proactive choices that lead to a fulfilling retirement.
When income planning for retirement, it’s wise to not hastily pull out all the funds you have saved or invested. You have many years ahead of you to continue to invest and grow some of your money. Safeguard Investment’s income planners can help you select investment vehicles that offer both potential for growth and flexibility for withdrawal during this time period.
Start building your retirement income plan by visiting Safeguard Investment today. We’ll provide personalized counsel geared toward helping you live a long and happy retirement.
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