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Income Planning

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Retirement Planning in a Language You Can Understand

Income Planning for Retirement:

Preserving Your Financial Future

Planning for retirement involves more than saving money – it is about creating an ongoing and reliable income to support your desired lifestyle and allow your golden years to be as bright as possible. At RetireStrong Financial Advisors, we strive to design a personalized income plan to provide you with financial independence and confidence in retirement. 

What Is Income Planning?

Income planning includes analyzing all of your financial resources, identifying your goals for retirement, and creating a plan that will generate reliable and consistent funds throughout your retirement journey. We look at your various sources of income – from pensions, 401(k)s, and IRAs to personal savings, rental income, or business revenue – and structure your plan in a manner to help you generate a steady income, stays consistent with cost of living increases, and is as tax efficient as possible.

Why Income Planning Matters

Our goal for your retirement plan is income optimization, which balances your immediate financial needs with long-term growth and security, allowing you to maintain your lifestyle without worrying you’ll run out of money. This is important for many reasons:

  • Longevity:
    Because Americans now have longer life expectancies, you need an income strategy that will be able to support you for the duration of your retirement, whether it spans 20, 30, or even 40 years.
  • Market Changes:
    Well-structured income plans attempt to mitigate the risks of market fluctuations and preserve your retirement funds.
  • Rising Costs:
    Your income plan should take inflation and rising healthcare costs into account in order to maintain a consistently reliable stream of income.
  • Tax Efficiency:
    An effective income plan also considers the taxes associated with your income and is designed to minimize your lifelong tax liability.

How RetireStrong Financial Advisors Can Help

At RetireStrong Financial Advisors, we take a comprehensive approach to income planning that includes:

  • Evaluating Your Assets:
    We will review your savings, investments, pensions, 401(k)s, IRAs, Social Security benefits, and any other income sources you have to develop a plan for your financial future.
  • Creating a Sustainable Strategy:
    Our advisors take the time to listen to your needs, preferences, and goals then develop a personalized plan that takes these into account. A sustainable strategy helps to ensure you have enough money planned for monthly expenses while aiming to help you pursue your desired lifestyle throughout your retirement.
  • Minimizing Taxes:
    We strive to design a plan that helps to maximize your income while limiting the amount of unnecessary taxes you have to pay.
  • Adjusting to Changes:
    Unexpected things happen in life that can result in varying financial needs. We regularly review and adjust your plan to accommodate life changes, cost of living increases, and market fluctuations.

Let Us Help Optimize Your Income Strategy

Your financial future begins with a conversation. Contact RetireStrong Financial Advisors today to schedule a short introductory meeting and take the first step toward a secure and confident retirement.