Today we’re going to take you through the second piece of the T.I.M.E™ process (tax, income, money, and estate planning) with a discussion on income planning and why it’s so important for anyone preparing for retirement.
This piece of the process can be very challenging for a number of reasons. First, it takes a different set of tools when you’re decumulating versus accumulating throughout your working career. Second, it takes several steps to determine what you’re going to need to make your money last through retirement, and that’s hard to do on your own.
So we’ll layout this income planning part of our T.I.M.E™ process in this episode and help you better understand what all goes into creating your monthly paycheck in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:58 – Without an income plan, do you really have a retirement plan?
4:26 – Why are so many unprepared here?
6:38 – Steps to putting that income plan in place
9:13 – Real-life example
14:32 – What phone app does Frank use the most?
16:36 – Mailbag question on debt
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Advisory services offered through CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Oliver Asset Management are unaffiliated entities.
Licensed Insurance Professional. Respond and learn how financial products, including life insurance and annuities can be used in various planning strategies for retirement. The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. We recommend that you seek professional tax advice for applicability to your personal situation.
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