What is Retirement Income Planning || Minneapolis Financial Planner|| 5 ...

What is Retirement Income Planning:



What is Retirement Income Planning :What is Retirement Income Plan in 5 Easy Steps| Minneapolis Financial Planner 
What is Retirement Income Planning
Hi. Vince Oldre here again to talk to you about what is income planning. Income planning is different than what it was for you when you first started working. I'm talking about income planning when it comes to retirement.

What is Retirement Income Planning
We now have to figure out how to distribute all these assets that you've now accumulated. The basis of retirement is that you cannot have a retirement, or you cannot retire without income. That's why income planning is all that more important in retirement.
There's three things, or three levels that I believe that you need to have when it comes to your income planning. One is you need to have the income to maintain your lifestyle. 
I know most of you, if you are a baby boomer, or a pre-retiree, or someone that's already retired, you want to make sure that you can have that same amount of income that you've been able to have throughout your entire life. 

What is Retirement Income Planning
That way, you can maintain your lifestyle and do the things you want to do, still gift to your grandchildren, or you children and do those trips that you like to do, maybe travel the world, or golf. It's important to have that income when you retire to maintain your lifestyle. I hope, for everyone that's watching this video, is able to maintain their income, or maintain their lifestyle when they retire.
What you need to do to make sure you can have enough income is first understand how much you are spending. Believe it or not, a lot of you do not know how much you're actually spending every year.
First, calculate how much you're spending. Then you'll have a better idea of how much you need in retirement as far as how much income you need every single year.
Now that we have your income covered to maintain your lifestyle, the next thing that I have as far as a retirement bucket, or for an income bucket is your reserve. The reserve bucket needs to be there for any type of unexpected event such as maybe we have to replace a roof, maybe buy a new car. Maybe we have to help someone that if we have a medical, or a health event we might need to have cash available. As long as we have some reserve, that's great. 
What is Retirement Income Planning
The next bucket is our legacy. If we have our income covered, then we can take a little bit more risk with our reserve bucket. The rest of our assets that we plan on leaving to our children, or to our beneficiaries, or maybe to charity, we might be able to take a little bit more risk with. That's because it's our legacy bucket. We may or may not really need that for income when we are in retirement.
Now that we have our three buckets, our income for now, our reserve bucket, and then our legacy bucket, we have to think about how we're going to allocate those funds based on our risk.
If we want our income to be there for the rest of our lives, we might want to take very little risk with the income that we need to maintain our lifestyle. We can take a little bit more risk with the reserve bucket and maybe even a little bit more on our legacy bucket depending on what your risk tolerance is.
Before you make any of these changes to your own retirement plan, as always, I recommend that you meet with a financial advisor that can help you with this. If you have any questions when it come to retirement, please feel free to email us, or leave us a message here. 
If you want to attend one of our complimentary educational workshops, you're more than welcome to. Just go to our web site and look at our events page. You can sign up for one of our complimentary workshops. Until then, I'll look forward to talk to you next time.If you are looking for our disclosure, you can find it here - http://www.assuredretirementgroup.com...
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