Income Planning for Retirement

As you get closer to retirement, thoughts of how you will spend your time often turn into dreams for retirement living. That is why income planning for retirement is so important!  Many people make plans based on a fraction of their current income because they have their houses and vehicles paid off, which in most cases may not be enough to meet retirement goals. Today we’ve put together an article that gives you a brief overview of how to plan out your retirement income.

Do You Have a Retirement Plan?

Before you start planning your retirement income, you should first take a step back and ask yourself, “Do I have a retirement plan?”.  If you don’t have one, first understand that you are not alone. Many Ohioans don’t have a retirement plan, which makes planning your income difficult. The first step to building a retirement plan is to understand what you want your retirement to look like. It can be something as simple as working around the house, having lunch with friends, and spending time at with your grandchildren, or grand plans of traveling. No matter what you want to do, you will need a way to finance it when the income from your job dries up!

What is Taken Into Consideration When Planning Your Retirement Income?

There are many factors that are taken into consideration when planning your retirement income.  After all, you’ll need to fund the lifestyle that you want to have. You’ll also have to take into account the cost of long-term care for both you and your spouse, and the cost of healthcare – two costs which can eat up a substantial portion of your monthly income. Additionally, you’ll want to plan for taxes and inflation – both of which can be unpredictable in the years to come.

Coming Up With A Monthly Budget

Arguably one of the most important steps in creating a retirement plan is budgeting. Coming up with an accurate monthly budget is the key to making your retirement funds last.  When you understand what your expenses will be, planning for the income needed to meet those expenses comfortably provides a magic number you’ll need to work toward. With that number in mind, you can save and invest in areas that will grow your balance to meet your monthly income needs.

 Safe Harbor Can Help

If you need help creating an income plan for your retirement, it’s best that you start sooner rather than later.  Although kicking the can down the road is certainly easier, it will make your retirement planning more difficult!  If you’re in this position, reach out to Safe Harbor Retirement Group for a free review of your retirement funds .  Our team of seasoned financial experts will help you get going in the right direction when it comes to reaching your retirement goals.  Give us a call at (614)-760-0670  or visit our website, www.safeharboroh.com to schedule a complimentary consultation today!

 

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