How to Build an Income Plan For Retirement
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Do you know how much you will spend in retirement? How about what you\\u2019ll need to cover expenses such as food, utility bills, insurance, and so on?
Income planning is one of the most important things you can do for retirement. Having a retirement income plan not only gives you peace of mind, but it lets you see exactly how much you have to spend during retirement.
We want to help make sure that you create an income plan for retirement that you\\u2019re happy with. In this episode, we are joined by Morgan Dunn, our Chief Operating Officer, who asks some common questions we get from clients around retirement income plans. We walk you through how to build an income plan for retirement and share what expenses you need to consider while creating your income plan.
In this episode find out:
- What a retirement income plan is
- How to break your income plan into three categories: essential needs, wants, and legacy
- Why you need a written retirement income plan
- Why it\\u2019s important to understand what is for retirement and what isn\\u2019t when building your income plan
- What to do if you think you\\u2019re short
- How to start building an income plan for retirement
Tweetable Quotes:
\\u201cWe break income down into three categories: Essential needs, Wants, & Legacy.\\u201d
\\u201cInflation can have a massive impact on those dollars, and we don\'t want to be inflating things that just aren\'t going to be there.\\u201d
\\u201cEveryone should have a written retirement income plan.\\u201d
Important Links & Mentions
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
To receive our free book, Get Off the Retirement Rollercoaster, leave a 5-star rating review on Apple Podcasts and send a screenshot to morgan@pomwealth.net.
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