How to Plan for Retirement and protect your income.

Income Planning for your Retirement

My name is Sheri Marini. I’m from Legacy Financial Strategies. I am a certified Estate Planner and a registered Investment Adviser Representative. Legacy Financial Strategies is a firm that works with people who are retired or about to be retired, so people primarily 60 and older but we do have some people who are still working. Our firm specializes in four areas. We show people how to avoid probate, how to reduce taxes, how to get a competitive rate of return on your money without risking your principle and how to avoid the Medicare spend down process that can happen because of a catastrophic illness.

A Discussion on Income Planning

What I’d like to talk about a little bit today is about income planning. I have a lot of people whom I work with who are on the verge of retiring and they’re wondering. Their biggest question is how much money they will need to retire. And some of these people have pensions, many have 403-Bs or 401-Ks or IRAs and they’re looking at all the pieces of what they’re going to have to work with in retirement and wondering if they’re going to have enough money to last them for a potential 30-year retirement. One of the things we specialize in doing is taking and looking at the whole picture and determining how much money is this person going to need to last throughout their entire retirement, and I find it doesn’t matter how much money a person has accumulated everyone has a universal concern of whether they’re going to have too much life left at the end of their money. Some of them knew planning techniques that we use. We can design a plan whether a person has a pension or not, to a supplement that they control. In other words, they determine when they’re going to activate this income and this income stream can last their entire retirement. And they have the flexibility and the control behind it so it’s literally something that is self directed by them. So we sit down and we tailor approach to each person’s situation.

Now this ability to control this income stream that we can design for you in your retirement is especially important if you do not have a pension but even for those who have pensions I find a lot of retirees or pre-retirees coming into my office and saying they’re concerned about whether their pension is actually going to be there in the format that it currently is today. We’ve seen a number of different pension funds get into trouble and they like the flexibility that they can have a secondary backup plan, that they have a plan that they can sit down and design for themselves and they have control over it. In fact one of the recommendations that the General Accounting Office came out with recently is suing a number of different vehicles to design a plan to supplement Social Security that is a guarantee that can last a person’s lifetime; so not necessarily relying just on Social Security or a pension. The article was just recently released.

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So for more information about income planning for retirement or any other topic please contact Legacy Financial Strategies.

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