I see it every day, the tale of two retirements. It’s not about the haves and the have nots when it comes to planning for retirement income success. It is about those who properly plan and those who do not plan. That is the tale of two retirements.
Benjamin Franklin must have been referring to planning for retirement income when he said “if you fail to plan, you are planning to fail.” Looks like we can add “Retirement Income Planner” to the long list of Ben Franklin’s achievements.
It is a simple concept regardless of how much you have saved for retirement. Having a retirement income plan will increase your chances of retirement success. On the other hand, not having a plan will almost certainly lead to disaster. Just think about all the variables you’ll have to take into account. Variables such as longevity, health, and of course outliving your money.
Finding the retirement you love starts with a retirement income plan. Taking the first step may seem daunting but we can help. Patriot Advisory Group offers a worksheet to help you begin to construct your retirement income plan. It is a simple yet proven tool that will help you visualize the various levels of a retirement income plan. The worksheet will help you list and prioritize your retirement needs and give you a high-level view of a plan.
Check off the Basics: A Guide to Planning for Essential Expenses in Retirement. Once you complete the worksheet this guide jumps into the specifics of retirement income needs in a bit more detail. The purpose of taking this first step in planning for your retirement income is to get you thinking in the right direction.
Before you take on the worksheet, let me provide some guidance on what to expect as you begin planning for retirement income. These initial three steps are critical items that go into a retirement income plan. Most importantly, the three steps will help increase your chance of living comfortably and confidently in retirement.