4 Critical Components To A Successful Retirement Income Plan‼️

(don’t forget to checkout the video of this blog too)

Saving enough to be able to comfortably retire is crucial

However, creating an effective income plan is even more important

You’ve done all of the hard work to get to retirement

Now you must create retirement income that lasts‼️

Here are 4 critical components to a successful Retirement Income Plan:

✅ Create an Investment Strategy You Can Stick To

Having more money invested aggressively often yields better results…

But, if you can’t handle the ups-and-downs of the market this is a poor approach‼️

This can leave you susceptible to making an emotional decisions with your investments.

That’s why you must carefully consider how much risk YOU are comfortable with in retirement.

✅ Protect Your Wealth At The Most Critical Time

The market provides the best opportunity for long-term growth.

However, unlucky market timing can drastically affect your retirement plan.

The years leading up to retirement and the early years of retirement are CRITICAL.

These are the most important years to protect your wealth from large market losses‼️

✅ Match Income & Expenses Appropriately

Your retirement lifestyle will be just like your lifestyle leading up to retirement.

You will have fixed expenses…

And you will unexpected expenses…

You need to account for both.

That’s why it’s often smart to create sources of guaranteed income that match your fixed expenses, while using your other assets to create a more flexible income stream to account for fluctuations in your income needs.

Your Social Security income might provide enough fixed income, or maybe you need to layer on some additional income with an income annuity.

Either way you want to always be sure you have enough INCOME to cover your expenses each month (in retirement).

✅Review Your Income Plan Annually (especially in retirement)

Just because you’ve retired doesn’t mean the planning phase is over.

You still need to review your plan based market conditions, income needs, and many other factors.

Doing this protects you from any BIG surprises in retirement….

And it allows you to make minor adjustments to ensure you have safe, enjoyable, and financially prosperous retirement.

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