So I want to talk about when will you need your retirement income? So this kind of has been brought up with... It seems like I've had a lot of initial meetings with folks that are coming in for the first time and they are getting right into retirement. And there is kind of a mindset, oh my, I'm going to need all my savings all at once. Well, that's unlikely. I mean sure, it could happen that way but think of it. You have probably saved for 20, 30, 40 years you've been putting money away, hoping to get to this day of retirement, right. Well now you've reached that point of retirement and we want to turn this savings into a paycheck. When are you going to need that? Well, day one of retirement, it's unlikely you're going to need all of your retirement savings. If you do, we've probably got big issues. This probably going to be a long-term thing. You may be in retirement 10, 20, 30 years or more, depending upon that. It's funny, one of our clients was in, joking the other day with me and he was kind of bragging that he had now been, he's been getting up there in age a little bit, and he was bragging how he has been collecting his pension longer than he worked for one of the automakers. And how neat is that, to have that longevity there. But also, at the same time, it's a little scary, right, that you might be retired almost as long as you've been working. So again, when do we need this retirement income. Probably over time. And so, your retirement plan needs have this mapped out. So how, A, how is it going to generate income for that long time? How are you not going to be subject to too much risk so we don't have great fluctuation in this plan? And also, what buckets or what from what account should we be drawing this out, when and where? Remember, depending upon how it's structured, maybe you've got different taxable types of accounts or it would make sense to do some tax planning. So various dollar amounts, depending upon the years, may make a lot of sense in that with different amounts. So again, my main takeaway with this is: When do I need this income? Probably over time, not all at once. So when we enter retirement, there is still likely time on your side, hopefully, that you are still a long-term investor for this. So we need your money to last us a long time. So there likely still needs to be some growth and other various stuff in there. So don't get trapped in the thought that I'm just getting ready to retire or I'm heading into retirement and I'm going to need all this money at once. Because guess what, if you use it all on day one, there's probably a lot of time left, that's going to be hard to do that. So, again, having a retirement that's holistic and very comprehensive to your situation is vitally important. We'd love to sit down with you and walk through that plan and build that income, investment, tax, estate, and insurance plan for you. So you can plan to retire well.
14 авг 2024
