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Retirement Income Planning

3 Keys to a Retirement Income Plan

Build a retirement income plan that aims for lifetime income, growth potential to combat inflation, and flexibility in mind. We all know that there is no one-size-fits-all retirement. You may want to travel the world. Your neighbor may want to garden and read. Finding the right mix for you depends on a myriad of factors including your savings, expenses, health, family, and values.

The good news is that whatever your situation, you can help improve your retirement readiness (and potentially your retirement lifestyle) by learning about 3 essential building blocks for retirement income plans. Combining them can provide a combination of growth potential, guaranteed income (i.e. Social Security, Pension, Etc.),* and the flexibility to adjust as your needs change, or life throws a curveball.

We believe a solid retirement income plan should provide 3 things:

  • Guarantees to ensure core expenses are covered (i.e. Social Security, Pension Etc.)
  • Growth potential to meet long-term needs and legacy goals
  • Flexibility to refine your plan as needed over time
<span>5 steps to consider taking to create a diversified income plan:</span>

5 steps to consider taking to create a diversified income plan:

  1. Identify your personal and financial goals.
  2. Complete a retirement income plan to help determine if you'll have enough money to last throughout retirement.
  3. Figure out when to take Social Security; how much of your investment portfolio you want to allocate to an emergency fund, income preservation, and growth potential; and who will manage your investment portfolio.
  4. Implement your plan with an appropriate mix of income-producing investments to balance your financial needs, goals, risk tolerance and investment priorities in retirement.
  5. Set up regular reviews with a financial professional to make sure your investment plan is on track to pursue your lifestyle and income needs.
Additional Special Services that can be included

Additional Special Services that can be included

  • Executive Benefits
  • Plan Conversion
  • Merger and Acquisition Assistance
  • Compliance Correction
  • Coordination with Other Consultants
  • Provide analysis for suitable social security timing and filing.
What is a Back Door Roth IRA?

What is a Back Door Roth IRA?

The back-door IRA is sometimes also likened to a contribute and convert strategy. In essence, for high income earners who make too much earned income  to contribute to a Roth IRA outright, there’s always the option to invest in a traditional IRA. Anyone can do that as long as you have earned income. The question is whether the contribution would be deductible or not. With this back-door Roth feature, you contribute to a traditional IRA and then shortly thereafter, convert it to a Roth.  It's a two-step process to get to a Roth where you wouldn’t be able to it directly because your earned income is too high.

Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Guaranteed income refers to ensuring core expenses are covered (i.e. Social Security, Pension Etc.)  There is no guarantee that a diversified portfolio will perform better than a non-diversified portfolio in any given market. Please note that individual situations can vary. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you.   |  908-782-7200