The 4 Key Considerations for Creating A Sustainable Retirement Income Plan

(don’t forget to checkout video #1 & video #2 of this blog)

Saving and accumulating assets for retirement is one thing.

But, effectively distributing your hard-earned assets comes with a new set of challenges.

You don’t have the time you once did to recover from the ups-and-downs of the market…

You also likely don’t have the same level of consistent income that you did during your working years.

That’s why there are 4 key considerations for creating a sustainable retirement income plan:

✅ Lifestyle

You may only have anticipated expenses of $5,000/month in retirement.

But that doesn’t mean that’s your retirement income goal!

You should strive to really determine what type of lifestyle you WANT to live in retirement.

This might include lots of travel, trying new restaurants, and maybe even spoiling the grandkids (more than usual)!

Either way that’s a key consideration for ensuring you have enough income to fund the lifestyle that you WANT to live.

✅ Longevity

How long do you and your spouse plan on living❓

Obviously no one knows the answer to this question but it’s still a very important consideration.

I think you should plan on living a long, prosperous, and enjoyable life in retirement…

And your finances should reflect this.

Keeping the possibility of a long life in mind you have to plan on your retirement assets lasting that long.

Luckily most people have Social Security as a lifetime income source, but often times, you may want to include some additional, lifetime income to fully enjoy your retirement (without any unnecessary financial stress).

✅ Liquidity

Liquidity is just as important in retirement as it is when you are accumulating money for retirement.

That’s because of unexpected expenses…

Maybe it’s an unexpected medical bill or even a potential long-term care event.

Either way, it’s important to have liquidity available to deal with the expenses that are impossible to anticipate (even in retirement).

✅ Legacy

Is leaving money to your loved ones or your favorite charity important❓

It certainly doesn’t have to be….

But, if you’ve completely funded your own retirement it’s likely you’ll want to be strategic with your remaining assets.

There are a variety of strategic ways to leave your legacy. 💫

Maybe it’s a tax-free wealth transfer for your loved ones. 💜

Maybe it’s a gifting tax-free wealth to your children and grandchildren on an annual basis.

Or, maybe it’s using your additional retirement assets to pay for family vacations during your retirement.

There are lots of ways to leave your legacy, you just have to develop a plan that feels right for you!

Let’s Chat 💬😎