Do you know how much income you will need in retirement? Do you have a plan to generate that income? if not, you are not alone. And that’s where lifetime income planning comes in.
Lifetime income planning is the process of figuring out how much income you will need in retirement and then creating a plan to generate that income. It’s a vital part of financial planning for retirement, but it’s often overlooked.
There are several benefits of lifetime income planning. Goldstone Financial Group will now highlight some of them.
Goldstone Financial Group Explains Some Benefits of Lifetime Income Planning
Helps You Determine How Much Income You Will Need in Retirement
According to Goldstone Financial Group, this is the first and most important benefit of lifetime income planning. Without knowing how much income you will need in retirement, it’s impossible to create a plan to generate that income. Moreover, without a plan, you may find yourself falling short in retirement. Hence, lifetime income planning helps you determine how much income you need in retirement and then create a plan to generate that income.
Once you have an idea of how much income you will need in retirement, you can start creating a plan to generate that income. There are several ways to do this, but some of the most common include investing in stocks, bonds, and mutual funds; purchasing annuities; and/or working with a financial advisor.
Ensures You Don’t Outlive Your Money
One of the biggest fears people have about retirement is outliving their money. This is especially true for women, who tend to live longer than men. Lifetime income planning can help ensure that you don’t outlive your money by creating a plan that will generate income for as long as you need it.
Gives You Peace of Mind
As per Goldstone Financial Group, another benefit of lifetime income planning is that it can give you peace of mind. Retirement can be a stressful time, but if you have a plan in place to generate the income you need, you can relax and enjoy your golden years.
Creates a Road Map for Generating Retirement Income
Once you know how much income you will need in retirement, lifetime income planning can help you create a road map for generating that income. It can help you identify what sources of income you will need and how to best generate that income.
Helps You Manage Risk in Retirement
Retirement can be a time of great uncertainty. There are many risks that can impact your ability to generate adequate retirement income, such as longevity risk, inflation risk, and market risk. Lifetime income planning can help you manage these risks by creating a plan that will provide income no matter what happens.
There are many benefits of lifetime income planning, as mentioned by Goldstone Financial Group. If you are not doing it already, now is the time to start. It’s never too early or too late to begin planning for your retirement income. And the sooner you start, the better prepared you will be.