Income Planning
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Social Security typically replaces only about 40% of your income, so early and committed planning is essential to secure your financial future and prevent outliving your assets.
First steps to income planning
Buy a home
Purchase a home, if you're currently renting, or pay off your existing mortgage.
Pay off debt
Pay off student loan debt, or any ancillary debts entering retirement.
Build emergency fund
Establish an emergency fund covering 3-6 months' worth of living expenses.
Set a retirement goal
Determine a target date for your retirement goal.
Make your goals measurable
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Write down your financial goals and make sure they’re measurable (include the actual dollar amounts and time frames for reaching the goals).
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To create an accurate budget, first determine your monthly expenses by accounting for all spending categories. Include essentials such as groceries, student loans, credit card payments, cable/wifi/streaming services, rent, car loans, cell phone plans, and dining out, as well as occasional costs like medical visits, insurance, haircuts, gifts, and personal care. Reviewing past bank and credit card statements can provide a clearer picture of your spending patterns.
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To start, add your monthly expenses to the goals you've set. Subtract this total from your anticipated monthly income, and aim to end up with a positive balance.
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Understanding what your portfolio can realistically sustain during retirement is a common concern. Through cash flow modeling and other financial planning tools, we can help address these questions and develop a comprehensive plan. Once we have the overall strategy in place, you can refine the details to align with your specific goals.
Ready to get started?
Avoid letting uncertainty steer you in the wrong direction. Let us assist you in understanding both the potential strains on your portfolio and the realistic income requirements, ensuring you have a clear foundation for what your income needs to be.
