The Most Important Thing About Retirement Success
The single most important way to achieve retirement success is to have an actual written plan. You can’t buy a home, get a mortgage, buy a car, open a bank account, get health insurance, or even get married without having all the details in writing. So why would you let your advisor invest 1 million dollars or more of your money without everything in writing?
It’s because your advisor said don’t worry, everything will be OK. Why would you take someone’s word for this? You can’t know for certain everything will be OK unless you have an actual comprehensive written plan. Your statements don’t count.
Step #1 – Your plan should include a retirement income projection showing how much income you’ll receive for every year of your retirement, where each income source will come from each year, and when each income source starts, stops, increases, decreases, and what income is guaranteed for life.
Step #2 – Your plan should include an income tax analysis showing your total income taxes, your effective income tax rate, monthly income tax withholding needed, your net after-tax monthly income, and your net excess monthly income after your budget is deducted.
Step #3 – Your plan should include a beneficiary asset transfer analysis showing what you can reasonably expect to leave to your beneficiaries after you use your assets for income for your entire life and after you earn a moderate rate of return.
Step #4 – Your plan should include all plan details in writing including risk level, fees, advantages, disadvantages, and the step-by-step process of what you will do to achieve your goals.
You may also be interested in this recent video from our Whiteboard Series.
If you want to create a Comprehensive Written Retirement Income Plan, call us today.
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