Nov 16, 2018
Learn the three questions you need to ask when making sure that
you have enough income available for your retirement needs.
Main Questions Asked:
Do I have an income plan that will allow me to have enough money
to last throughout my retirement?
Do I understand my rate of returns and what money I should spend
Key Lessons Learned:
Good Income Planning Keys
- Are you going to have enough money to last the rest of your
life? Ask yourself, how much money do you need available each month
based on your goals, and will you ever run out of money.
- What rate of return do I need on my savings?
- Which account should I take money out of first?
An Example of Using the One-page Many Map to Create a
- Ask the three questions of do I have enough money, what rate of
return do I need, and which account should I spend first?
- Once you know that you have enough money and what rate of
return you need, then you can decide which account to spend
- To have financial security it needs to be based on a plan.
- Do I know exactly how much income I need in retirement? You
could do a simple calculation based on your current take-home
- Do I know which account I should draw from first? One of the
most important things when taking income is minimizing taxes. Which
account you draw from first matters.
- Do I know the ideal time to take Social Security? For each year
you delay, your monthly check goes up by 7 to 8%.
- Have I addressed longevity risk so that I don't outlive my
- Am I prepared to handle Market volatility? Fear and emotions
can lead to poor decisions.
- Do I have my legacy plan nailed down? Create a legacy plan
based on your values. You can use trusts to maintain your
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!