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Retirement Income Planning

How We Can Assist You With Retirement Income Planning?

Income Planning Worksheet and Process

Income Planning Worksheet and Process

Income planning for retirement can be a daunting task for many retirees because there is a lot to learn, and much of the information may be new. Whether you are just setting out on your retirement journey, or it is already well underway, you may be concerned with having enough retirement income to maintain a comfortable and enjoyable lifestyle.

There are three major phases in the management of retirement income:

  • The accumulation phase
  • The distribution phase
  • The preservation or transfer phase

Download our complimentary retirement income planning worksheet here

Lets Walk Through The Spreadsheet Together!

Preparing for Retirement Income Planning Success!

Planning for your retirement may require a shift in mindset, and a solid understanding of the difference between retirement savings and retirement income. Prior to retirement, your financial life was dictated by your paycheck. Once you retire, however, you can no longer rely on a paycheck, which means you will be left to find other sources of income. You’ve worked hard to save for retirement, and now the time has come to find methods of creating income from what you’ve saved. Although this can represent a challenge for many, it also represents a great opportunity to help grow your savings beyond what you’ve saved — and this is usually made easier by enlisting the help of a financial services professional that you trust.

Our approach focuses on a long-term strategic plan that is personalized for you, responsive to change and monitored often. Additionally, we will walk you through the process of:

  • Determining how much retirement income you will need
  • Planning for long term growth and mitigating the negative effects of inflation
  • Estimating how long your current income plan may last
  • Calculating how much additional income you may need
  • Evaluating your additional income sources

Because taxes play a major role in any financial planning process, we frequently consider tax advantages vehicles to accommodate your retirement income goals, such as traditional IRAs, Roth IRAs, 401(k)s, and IRA rollovers.

Keep in mind, while the numerous options for your retirement savings may seem overwhelming, all of us at Davis Wealth Management, LLC are here to help you make sense of it all.

Let's Get Started on Your Retirement Income Planning