The Importance of Income and Retirement Planning

Financial PlanningUntil now, your retirement planning has probably revolved around saving as much money as you can. The closer you get to retirement, the more you need to plan your income needs.

Unless you intend to work through your retirement years, you won’t have a paycheck to provide for your needs and lifestyle. Social Security will contribute some. Perhaps you have a pension, an employer retirement plan and some personal savings. Still, many people may end up with a deficit between what they need and what their current savings can produce in income.

To thoroughly plan for income needs in retirement, ask yourself:

  • How much will I need each year to maintain my current lifestyle?
  • What percentage of my retirement savings can I withdraw each year?
  • How long will my savings last at that rate?
  • Have I considered the impact of taxes and inflation?
  • How will my situation change if the economy sours?
  • Do I have enough to cover health issues?
  • Do I have possible solutions if my situation changes?

These are some of the questions Infinite Wealth Advisors will help you answer when creating an income plan. We will study your current retirement savings and how it compares with your projected needs. Our income planning services include recommendations to maximize your Social Security benefits and minimize the impact of taxes. We will also discuss sources of guaranteed lifetime retirement income.

Our goal is to help bridge any gap between what you have and what you will need so that you can continue the same standard of living you have today, throughout retirement.


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This information has been provided by a licensed insurance professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting the insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax, trust and estate, or investment advice. Infinite Wealth Advisors is not an investment advisory firm.  Investment Advisory Services provided by NAMCOA® – Naples Asset Management Company®, LLC, a federally registered investment advisor, website: .