Retirement Income Planning
Retirement income planning is a process of ensuring that one’s income needs will be met throughout retirement. It considers a full range of strategies to generate income from financial assets that have been accumulated for retirement, while addressing a variety of risks that retirees may face.
Effective retirement income planning requires different skills than those deployed to accumulate assets. Spending money involves more challenging decisions and less room for error. In addition, retirees may be apprehensive to spend the money they’ve worked for a lifetime to save.
A thoughtful retirement income plan that outlines specific goals, engages clients in ongoing dialogue, and provides them with the tools needed to manage their plan will ultimately help to empower them. Ongoing partnership with their trusted advisors can help ensure the plan’s success, despite changing circumstances or other obstacles