The Definitive Guide to Retirement Income Planning
By Russ Hodgson, CFP® and Joe Pond, CFP®
As you prepare for retirement, one of your primary goals will be planning to replace your working income with retirement income from sources such as Social Security, pensions, annuities, and investments.
We call this process retirement income planning.
As you look to transition to retirement income, creating and then executing a well-thought-out plan can reduce your retirement taxes and reduce your chances of running out of money. Plus, a good retirement plan means improved financial confidence and peace of mind, so you can enjoy your retirement instead of fretting about financials.
Whether you have charitable ambitions, want to create incredible experiences with your grandchildren, or have plans to travel, an income plan can assist you in reaching these goals.
In this article, we’ll discuss:
- What is retirement income planning?
- Why is it important to plan retirement income?
- How will Social Security impact your retirement income?
- How to plan your retirement income
- What is guaranteed retirement income?
- What is a retirement income gap?
- How a professional can help with retirement income planning