Retirement Income Planning
How to Plan for Retirement Income
The continued uncertainty of the economy and stock market has millions of Americans worried that their retirement could be rocky and unstable. When the stock market is roaring, it’s easy enough to believe that potential gains will continue to fund a stable retirement.
Then the market and economy teeter back and forth, and you’re concerned about being caught on the downside right when you need the money. If you’re not sure how you’re going to create a paycheck-like cash flow for your retirement, you’re in the right place.
You might be asking yourself:
- Will I have enough money to retire?
- Will I be able to maintain my standard of living when I retire?
- How can I prepare for economic fluctuations or stock market crashes?
- How will I provide for my spouse and family when I’m gone?
Not confident about whether you’ll be able to turn assets into income in your later years?
Right now you may feel that you don’t have all the answers for creating a workable retirement strategy, and that’s OK. The crucial issue is to identify your challenges and find a way to work around them.
We can help you discover ways to balance chaotic market conditions with a more reliable stream of income through the turbulent times ahead.
Many income planning retirement strategies utilized by your parents have grown outdated and may no longer apply to when you’re looking to retire.
Because you’ve worked hard to create a comfortable lifestyle for your family and loved ones, NorthStar Financial & Retirement Planning will help you ensure that you have a sound financial plan and a sustainable income that keeps pace with inflation and gives you peace of mind for life.
We'll help you protect against longevity and tax rate risk.
Transitioning your portfolio from the “building phase” to the “retirement phase” is critical to creating your stable income stream.
Fortunately, there are many strategies that don’t fluctuate just because the stock market does.
Maximize Social Security Planning & Other Strategies
We work with you to create income streams in retirement to help supplement Social Security income, reduce taxes on Social Security, and discover other sources of income you may not have realized are possible.
Personal Pensions
Asset allocation may not be enough. The stock market has shortcomings when it comes to mitigating longevity risk. We’ll work to help you guarantee you’ll never outlive your money by creating a personal pension plan.
Retirement Account Distribution Planning
Required Minimum Distributions are one of the trickiest things to get right when it comes to your money in retirement. We can help you accumulate dollars in the right types of tax-advantaged and tax-deferred accounts.
Do you understand where and how you should use advanced income strategies in your investment portfolio?
Key questions you should ask:
- Am I protected from sequence-of-returns risk if the stock market continues to be volatile?
- Am I positioned to take advantage of higher interest rates if and when they occur during my retirement?
- Have I reviewed my portfolio to understand how my income is/will be generated?
- Do I have a portion of my assets positioned to provide a guaranteed stream of income?
- Have I planned for the contingency of my spouse outliving me?
- Are there other advanced strategies for a steady income stream that I should consider?
- Have I discussed adding advanced income strategies in my portfolio with a financial professional?
We can help you discover your next steps to take you from concern about cash flow to clarity. Give us a call for your complimentary Income Planning meeting (864) 297-0762.