Section Four of Your Comprehensive Written Retirement Income Plan

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Getting Your Plan Details in Writing

In previous articles in this series, we have shared the first three steps in creating a written comprehensive retirement income plan. If you haven’t yet read about those steps, we recommend you start here.

In this fourth and final installment, we are sharing the fourth step in this planning process, which is getting your plan details recorded in writing.

What Does a Comprehensive Written Retirement Income Plan Look Like?

When you arrive at this point in your retirement planning process, you have already received your retirement income projections, your income tax analysis, and your analysis of assets for your beneficiaries. Putting your plan details in writing ties everything about your plan together in a written document.

This is a complete record of the planning process and what is included in your plan, typically between 12 to 24 pages in length. The written details of your comprehensive plan may include:

  • Where you stood financially before your plan was implemented.
  • Your retirement income sources such as pensions, Social Security benefits, wages, rents, and portfolio.
  • Your worries, fears, concerns, and financial issues that need to be addressed.
  • Current assets.
  • Current risk level of how much you could lose in the next market crash, including recovery gain needed.
  • The desired risk level of your new plan.
  • Current direct and indirect (hidden) fees/costs.
  • The specific goals you have for your new plan, meaning what you want to happen.
  • The amount of income you and your spouse desire throughout retirement.
  • Amount of assets that will be used to provide guaranteed lifetime income, either single or joint life.
  • The amount of assets that will be kept liquid.
  • The amount of assets that will be used for growth.
  • What happens to the assets when you pass away.
  • The reasons you are investing in each individual asset and how and when you plan to use each asset.
  • How much income each asset will provide, how long the income will last, and how much can be taken out in a lump sum.
  • A description of any principal protection and income rider for each asset.
  • The advantages and disadvantages of each asset.
  • The direct and indirect (hidden) costs, fees, and surrender charges for each new asset.
  • One to two pages of advantages of your new plan.
  • One to two pages of disadvantages of your new plan.
  • Six to twelve pages of the detailed step-by-step process you will go through in your plan to have the highest probability of financial success during retirement.
  • A place for you to sign and a place for your advisor to sign.

SEE ALSO: Your Roadmap to Success: A Comprehensive Written Retirement Income Plan

The Importance of Reading Your Plan Out Loud

The document described above, whether 12 pages or 24 pages long, should be read out loud to you by your advisor, which can take an hour or longer. You should have the opportunity to ask questions and clarify anything that isn’t 100% understandable because you have to remember, this is your money, and you deserve to be treated this way. We believe you deserve to finally understand your money.

How would you feel if you were provided a comprehensive written retirement income plan, with the plan details read out loud to you, and making sure of your understanding? Wouldn’t that feel awesome? This type of data and process is needed in helping you create a stable and understandable plan to illustrate how you will receive income during your retirement that will never run out. Nothing could be more important to your financial security during retirement than to have a comprehensive written retirement income plan.

The Risks of Not Putting Your Plan in Writing

If you do not have every detail about your money captured in writing:

  • You do not have a complete plan.
  • You may have no way of knowing you won’t run out of money for as long as you live.
  • You may have no way of knowing how much of a loss you could suffer in the next stock market crash.
  • You may not remember what you are doing and why you are doing it.
  • You may not remember how to do it.
  • You may have no way to measure your success or lack of success.
  • You may have no way to grade your advisor.
  • If you are married, your spouse may not understand why you are doing certain things or why you are not doing certain things.
  • Your chances of attaining your goals are lower.
  • You may continue to worry about your money.
  • You may be jeopardizing your financial security in retirement.

SEE ALSO: Answer These Three Questions to Know What You Really Want Out of Retirement

Having a written plan is a “roadmap” of how you are going to succeed financially in retirement. This will help you to understand your goals, objectives, and direction and will allow you to stay on course.

If you had this written “roadmap,” would you understand your plan for retirement income a little more? Do you think your plan would have a better chance of having a successful retirement? Do you think it would be easier to understand when it was time to make changes? Do you think your spouse would understand it a little more? And do you believe if something happened to either of you, the other person would be in a more protected and secure financial position? We think a comprehensive written retirement income plan will do all these things.

Are You Ready to Develop Your Comprehensive Written Retirement Income Plan?

At Peak Financial Freedom Group, we design customized retirement income plans to help you achieve your version of financial freedom. If you’re ready for more retirement peace of mind, take the first step and contact us today.

Peak Financial Freedom Group
2520 Douglas Boulevard, Suite 110
Roseville, CA 95661
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All of the information presented here is provided and intended to be used for general educational and informational purposes only and is not intended as a solicitation for you to buy or sell any security or financial product. The content is developed from sources believed to be providing accurate information. None of the information presented is intended to give you specific tax, investment, real estate, legal, estate, or financial advice but rather to serve as an educational platform to deliver information. The ideas, thoughts, and strategies presented here are those of the Management Team and provide an insight to our views on Peak Financial Freedom Group, LLC. Some of this material was developed and produced by Peak Financial to provide information on a topic that may be of interest. Every detail in this website is subject to change without notice. Seminar, radio shows, TV productions, book releases, magazine and book promotions are sponsored, promoted and paid for by Peak Financial Freedom Group, LLC.

2nd Opinion Package available to Qualified Retirees and Soon-To-Be-Retirees may include free consultations, a free retirement income plan, risk analysis, and fee analysis. In addition, a comprehensive written retirement income plan may be provided to those who complete the entire process. Qualified Retirees and Soon-To-Be-Retirees must have a minimum of $500,000 of investible assets such as IRA’s, 401K’s from past employers, stocks, bonds, mutual funds, bank accounts, money markets, CD’s, etc., but DOES NOT include real estate, businesses, limited partnerships, 401K/retirement plans that can’t be moved to another plan, and other illiquid type assets.

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Nothing is directly or indirectly guaranteed by this information. The planning and ideas presented herein are not suitable for all individuals or situations. Hypothetical examples are used to explain concepts and are not indicative of potential results you could receive; past performance is not a guarantee of future results; and results are not indicative of any particular investment or income tax situation; your results will be different and could be lower or higher. Please consult legal or tax professionals for specific information regarding your individual situation. Peak Financial does not offer tax or legal advice. Consult your financial professional before making any investment decision.

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2019(1), 2020(2), 2021(3), 2022(4), 2023 (5) and 2024 (6) Five Star Professional Wealth Manager Award - Dan Ahmad and Jim Files have been nominated for and have won the 2019, 2020, 2021, 2022, 2023 and 2024 Five Star Wealth Manager Awards. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. Once awarded, wealth managers may purchase additional profile ad space or promotional products. Award does not evaluate quality of services provided to clients. The Five Star award is not indicative of the wealth manager’s future performance. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by Five Star Professional in the future. Award winners represent an exclusive group of wealth managers who have demonstrated excellence in their field by satisfying 10 objective selection criteria. For additional information on the Five Star award, including a complete list of the 10 objective selection criteria and their research/selection methodology, go to https://fivestarprofessional.com.

Investment advisory services are offered through Fiduciary Solutions, LLC, a California Registered Investment Advisor. Insurance products and services are offered through PFFG Insurance Agency LLC, a licensed insurance agency (CA Insurance License #0N14013). Peak Financial Freedom Group LLC is a financial planning and umbrella marketing organization, which enables the provision of multiple financial services under one brand. Peak Financial Freedom Group LLC, PFFG Insurance Agency LLC, and Fiduciary Solutions LLC are affiliated entities with common ownership and control. Jim Files is licensed as an investment adviser representative with Fiduciary Solutions LLC (CRD # 1620449) and is a licensed insurance producer with PFFG Insurance Agency LLC (CA Insurance License #0F06511). Dan Ahmad is licensed as an investment adviser representative with Fiduciary Solutions LLC (CRD # 1491561) and is a licensed insurance producer with PFFG Insurance Agency LLC (CA Insurance License #0732913).

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