As you approach retirement, it’s important to plan ahead for the time when you’ll no longer earn a regular salary. Soon, the objective of accumulating savings for retirement will be replaced by the goal of generating income from personal savings, Social Security, and possibly, a pension and other sources. You’ll need income for the rest of your life, which in today’s world could mean more than 30 years of retirement. Achieving that goal requires a well thought-out plan that can provide stable income you can count on.
How do you begin the process of creating this type of plan? A good place to start is by asking yourself what kind of lifestyle you’d like to lead and how much after-tax income it will require. If you’re comfortable with your current lifestyle and budget, use this information as a basis for comparison.
Two of the biggest fears pre-retirees face is lacking enough income for a comfortable retirement and outliving their savings. It doesn’t have to be that way. A tailored financial plan tells you where you stand right now and helps you shape a financial future that leaves nothing to chance.
Where We Come In With Retirement Planning
Johnson Brunetti can help you determine how much retirement income you’ll have and whether the amount will be suitable to support your chosen lifestyle. We’ll look first at your sources of guaranteed income, like Social Security and corporate pensions, then calculate the income with a reasonable rate of return that your personal savings can provide.
If you have an income shortfall, you’ll know and can take the appropriate action. If you have more than enough income – and many people are surprised to find they do – you can decide to retire sooner than you expected and lower the investment risk you take. In short, Johnson Brunetti can simplify the planning process and create an easy-to- understand, actionable plan (our one-page Money Map Plan) that can address all the essentials for a financially secure retirement— how to save, how much to save, how to pay off debt, how to generate income from your savings, how to make the most of guaranteed income sources, like Social Security and ways to make your money last a lifetime.
- Estimate the monthly retirement income necessary for their chosen lifestyle
- Identify their sources of retirement income
- Estimate how much guaranteed income they’ll receive
- Determine whether their savings is sufficient for their income objectives
- Develop strategies to address any savings shortfalls
- Identify realistic rates of return for their risk tolerance
- Select the retirement accounts they should draw income from first and why
- Find the ideal time to start taking Social Security
- Make a decision about paying off or carrying a home mortgage in retirement
- Enjoy an income they can’t outlive/Make sure they don’t outlive their money
Our Philosophy & Approach to Retirement Planning
1. We help you prepare for a changing world
2. We help you maximize after-tax income
3. We like to keep things simple
Ask financial advisors for a retirement income plan, and many will give you a 4-inch-thick document that you’ll look at once and store on the bookshelf. We create our one-page Money Map plan, which is clear, concise, actionable and written in plain English. In other words, we keep it simple.
