Income Distribution Planning Services | Wealth Management Strategies

Income Distribution Planning

You’ve spent your entire working life saving for retirement, but as you approach those Golden Years, it is only natural to have financial concerns. Some retirees decide the first few years after retiring to “live it up” and spend a significant portion of their retirement savings by traveling, purchasing vacation homes – or other amenities. Others retire and become even more frugal because they are afraid of running out of money.

There are several reasons why retirement can cause anxiety – the unpredictability of the stock market, the rising costs of health care, the future of Social Security – to name a few. The other issue is simply a mind-shift from “saving” to “spending” – which can be quite difficult for many. One key is to find a spending balance by developing an income distribution plan for retirement.

Achieving a Balanced Lifestyle

Although most retirees have done their due-diligence by saving during their working years, they don’t properly plan for spending during their retirement years. It's important to meet with your financial adviser before your first day of retirement, so you can develop an income distribution plan to help you achieve a balanced lifestyle in your Golden Years.

Look at these aspects when trying to determine
the right income distribution plan for you.

Lifestyle

As you move toward your retirement years, you probably seek and receive advice from friends, neighbors and family. While their experience with the retirement years is something to learn from, only you can determine how much money you’ll need to fit your lifestyle. However, your risk tolerance, your age, your health and your lifestyle should all factor into the equation.

Allocation

Years ago, the standard practice was to convert all equities into bonds once you reached retirement. Today it isn’t that simple. Retirees are living longer, which means stretching out retirement savings and perhaps purchasing additional insurance. This requires establishing a game plan through proper planning to be able to meet current needs – all while weighing the risks.

Comfort Level

Planning for retirement truly does depend upon your personal goals and needs. It isn’t something that is planned for once and then it’s done. To help stay on track with your retirement plan, you’ll need to consult with your financial professional regularly. This will allow you to make adjustments to your portfolio as your retirement needs change.

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Income Distribution Planning