Retirement Income Planning

Aside from saving for college, retirement planning it is often a family's biggest goal and hurdle (and college is only four years—retirement should be enjoyed for longer than that). Unfortunately, many people aren’t planning ahead. In fact, according to a Fidelity Investments survey, more than half of Americans don’t have enough money saved to cover their basic needs during retirement.

Saving for retirement takes planning and discipline, and many advisors know how to collaborate effectively with their clients to help them reach their goals. However, once you've decided it’s time to retire, there are different issues to consider. How long will you want to keep working in some capacity? What are your income needs? What additional plans do you need to put in place for health care or long term care so you can enjoy what you have spent years saving for?

As a specialist in retirement income planning, that's where I can help. Over the past few years, there's been a major change in how we need to plan for retirement. Instead of just thinking about a numerical goal, and what investments or portfolio distribution will help clients reach that number, we've shifted to a focus on building reliable income strategies.

Retirement income planning in Bucks County is about having the financial means to support your lifestyle in retirement. Retirees' situations vary according to their ability or desire to keep working, health, finances, access to pensions or Social Security, and family obligations. A retiree's quality of life is dependent on having adequate cash flow and being prepared to handle the unexpected.

As a Retirement Income Certified Professional®, I have the expertise to help you create a framework for a robust and fulfilling retirement. The four fundamental areas that I address in retirement income planning are:

• Covering essentials;
• Ensuring a lifestyle;
• Preparing for the unexpected; and
• Leaving a legacy.

The planning process includes:

• Understanding your goals and objectives, and helping you create a vision for your life in retirement.
• Building a budget that will allow you to live your vision, including options for increasing income prior to retirement.
• Continuous monitoring and maintenance of your investments to help ensure that you're on track, especially in response to changes in investment value or family circumstances.
• Shifting your focus to a less cluttered lifestyle. This can be one of the trickiest shifts, as we're all programmed to "save." I'll teach you how to carefully and thoughtfully "spend" to enjoy your retirement the way you hope to.

We'll work together to create a retirement income plan that incorporates a healthy mix of financial strategies and tools that address: maximum Social Security and pension benefits; long-term care needs; and tax-efficient strategies for accessing cash.

With people living thirty or more years after retirement, your money has to last as long as you do. Bucks County retirement income planning is more complex than figuring out how much money to save or invest for retirement. Doing the hard work now will help you maintain independence and dignity in your later years, as well as leave a legacy for your family.

Ready to get started? Contact me to schedule an appointment.

There's a great book that you should read: The Big Retirement Risk: Running Out of Money Before You Run Out of Time.

Author Erin Botsford talks through some of the hurdles retirees face. I encourage you to look through it, and we'll talk about avoiding those pitfalls when we meet.

You can find it on Amazon.