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Retirement Income Planning

Retirement Income Planning

One of the most significant transitions that occurs in life is retirement. Gone are the days when people dreaded retirement, but it remains a point of concern without a well-designed income plan. For many, it's the end of active work life and a time to relax, travel, and spend time doing what it is that you love.

For a peaceful and exciting retirement, you must generate a steady cash flow from various sources that only an expert retirement financial planner can guide or help you establish. To achieve a smooth transition into retirement, you will need professional retirement financial planning.

You may know and understand saving for retirement as an investor, and yet you might wonder how best to withdraw that money for your retirement life. This is where you need financial professionals to guide you on retirement income planning. Our professionals will show you the available and reliable retirement plan solutions and strategies fitting your needs.

Retirement Income Strategies

Retirement Income Strategies

While financial planning assists you in identifying income sources,
understanding your future expenses, establishing a savings program, risk, and asset management, it is important to make sure the estimated future cash flows will sustain your anticipated retirement lifestyle. The best strategy should involve a qualified financial planner to help you identify your future income sources and the rules governing them, such as tax requirements and others.

Most of these income sources include well-defined contribution plans such as 401(k)s and other IRAs, pension plans from the government, military, or the company you work for, social security benefits, reverse mortgages, home equity, real estate, and others. On the other hand, the most popular retirement income strategies are:

  • Bucket strategy
  • Systematic withdrawals
  • Social security maximization
  • Health savings accounts (HSAs)
  • Downsizing

With these strategies in mind, our advisors will check how much you have and will need for your future. Our retirement financial planners will guide you on developing investment plans that give your money a chance to grow based on the information you provide. Since they are qualified financial planners, they will also help you understand your tax obligations and make intelligent choices.

Why You Should Consider Retirement Income Planning

After our qualified and experienced financial advisors guide you into comprehensive retirement financial planning, it's critical to establish the withdrawal parameters. It can be tempting to withdraw all or a large sum of money when you retire, leaving you with very little to rely on to meet your needs.

Since your cash flow comes from your savings as guided by a financial planner, a well-designed retirement income planning strategy is the only ideal way of helping you make regular and reasonable withdrawals. In addition, it may help you:

  • Cover your lifetime basic needs in retirement
  • Get regular or consistent cash flow into your bank account either monthly or as planned
  • Get investment earnings with minimal or tax-free when you retire
  • Avoid running out of money in retirement
  • Determine a specific rate of return from your cash stream and how much you should withdraw in the agreed period

As recommended, working with our financial advisors at Everest Financial, Inc. will give you specialized knowledge and assistance in your retirement income planning. This way, you will be prepared for retirement and remain protected against unexpected financial turmoil.

Everest Financial, Inc., Your Ideal Finacial Planner

Financial professionals at Everest Financial, Inc. have a passion for helping our clients. With years of experience, our team is qualified in planning, designing, and assisting you to build effective strategies towards your retirement goals. Moreover, we have a strategic partnership with local professionals, such as attorneys, accountants, credit unions, banks, and others, helping us guide you in building a well-defined retirement income plan.

Frequently Asked Questions

What is the most popular retirement income plan?
While a retirement income plan varies from one person to another, IRAs are the most common. You can also use an IRA to set up accounts for investment portfolios such as stocks, bonds, mutual funds, and CDs. This allows you to easily use the systematic withdrawal strategy, which works well with the 4% rule.

What is a realistic retirement income?
There is no specific amount, but financial professionals, including Everest Financial Inc, state that a realistic retirement income should give you about 80% of your final annual pre-tax income before retirement.

What is a good monthly income for retirement?
A good monthly income retirement mostly depends on your lifestyle, income, expenses, goals, and other needs. With our help, you will quickly understand the amount you need monthly, where you can also use the 4% rule to withdraw your retirement income.

Consulting with a licensed, qualified, and experienced retirement income planner at Everest Financial Inc can help you avoid the stress and some complex strategies used. Contact our financial professionals today to find out more about building a hitch-free retirement income plan.

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