Does Your Retirement Have a Proper Income Plan?

We spend so many years of our lives working to save and accumulate assets to create financial independence for ourselves, but most people don't realize you must plan on how you will spend during retirement.  Transitioning from accumulation to the preservation and distribution phase can be a challenge.  Do you have the ability to shift your financial mindset from saving to that of income?  Having a custom income plan is critical to long-term success and sustainability throughout retirement.

To better understand the key risks, listen as Laura and Michael breakdown the elements necessary for a strong income plan. Why it is essential to have a purpose with knowing your retirement number and not just randomly taking income. 

Join us for episode 103 of the Retirement Talk Podcast as we make sure your income plan is constructed to face these retirement risks head on.

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How to Connect:

redefiningwealth.info

lswealthmanagement.com

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Timestamps (show notes):

1:20 – Background on our topic

3:21 – How the 4% rule started

4:43 – Results of a MetLife study

8:10 – Sequence of distribution

14:11 – Longevity risk

18:14 – Allocations

25:05 – Formulating a process to cover the key risks

28:48 – Our process for determining percentage to withdraw

31:15 – How much are you communicating with advisor?

32:28 – Security concerns