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How to Build a Retirement Income Plan

Today, we’re diving into the essentials of building a robust retirement income plan. Our latest YouTube video, “How to Build a Retirement Income Plan,” offers valuable insights and practical steps to ensure you have a financially secure retirement. You can watch the full video below:

In this video, we address one of the most pressing concerns for retirees: ensuring they don’t outlive their money. Here’s a breakdown of the key points covered:

  1. Understanding Your Spending Plan:
    • Needs vs. Wants: Identifying essential monthly expenses versus lifestyle expenses.
    • Phases of Retirement: The go-go years, the slow-go years, and the no-go years.
    • Deep Dive into Retirement Goals: Importance of envisioning your retirement lifestyle to accurately estimate expenses.
  2. Establishing Your Income Plan:
    • Reliable Income Sources: Social Security and pensions, often referred to as “mailbox money.”
    • Unreliable Income Sources: Income derived from investments like 401(k)s, IRAs, Roth IRAs, and stock accounts.
    • Structuring Investments: Developing an investment strategy to bridge any shortfall in your spending plan.
  3. Creating a Cohesive Strategy:
    • Integration of Plans: How your spending plan and income plan support each other.
    • Financial Statements Review: Analyzing all accumulated financial tools.
    • Investment Strategy: Crafting a plan that ensures a steady income stream.

The video emphasizes starting with your spending plan, then building your income plan, and finally aligning your investment strategy to support both. This structured approach helps alleviate the anxiety of having more life than money, a common concern among retirees.

Building a retirement income plan involves careful consideration of your spending needs and income sources. By following the steps outlined in our video, you can create a strategy that ensures financial stability throughout your retirement. Remember, the goal is to avoid the pitfall of having more life than money by planning meticulously and reviewing your financial situation regularly.

At West Advisory Group, we’ve developed our signature process, PEAK FORMula, to navigate the ebbs and flows of retirement life.

Having seen it all, we understand that while we can’t control everything, we have mastered the elements within our reach to ensure a smooth transition into retirement.

Our team of experts is perfectly matched to assist those who are within five years or less of retirement and are looking to shift from the accumulation phase of their working life to the distribution phase of retirement.

With our PEAK FORMula, we provide tailored strategies to help you achieve financial stability and peace of mind, allowing you to enjoy your retirement years without the worry of outliving your money.

Reach out to us today to see how our PEAK FORMula can work for you and help guide you through this pivotal journey with confidence and expertise.