How Do You Create a Simple Retirement Income Plan?

A retirement income plan is needed because life changes in retirement. Your retirement plan should account for every year in retirement, even past your life expectancy. For each year, make a list for you and your spouse that include social security income, pensions, and annuity income. Also, list earnings from investments and working part-time. 

List any other fixed and regular income sources. For each year, list your desired gross retirement income need. Be sure to include taxes, the effects of inflation and potential medical expenses. Then for each year, determine the gap or surplus by subtracting expenses from income.

If you see that you have gaps in your retirement plan, give us a call today. We can make sure you have a strategy to help you reach your retirement goals.

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Retirement Wealth Strategies is an independent business from Cambridge. Investment Advisory services offered through Investment Advisor Representatives of Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc. a broker-dealer, member FINRA/SIPC. This communication is strictly intended for individuals residing in the states of Arizona, Florida, Georgia, Kentucky, Kansas, Michigan, Nevada, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, South Carolina, Tennessee, Texas, West Virginia, and Wisconsin. No offers may be made or accepted from any resident outside the specific state(s) referenced. Powered by AdvisorFlex

 

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