Retirement Income Planning 101

Retirement Income Planning 101

Worried about retirement income planning? Retirement is a big change for many people. Throughout most of your life, you’ve probably been building your wealth and acquiring assets. Once you retire, you’ll probably lose salary, which probably makes up a big portion of your income.

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You’ll also switch from building up assets to drawing down assets when retiring. This is a huge mind shift for many, and it can be stressful. As you live out your golden years, you’re going to want to enjoy a comfortable lifestyle.

Fortunately, with proper retirement income planning, you may be able to live life on your own terms while also maintaining healthy finances. That said, to truly enjoy life, you’ll want your investments to survive as long as you’re likely to live. A healthy investment portfolio can help you earn income even if you’re not cashing paychecks.

You may well live 30 or more years past retirement. For these years to be truly golden, you’ll need to have quite a lot saved. Besides day-to-day expenses, you also need to plan for emergencies. And remember, while Medicare may cover many expenses, a high savings and a healthy retirement investment portfolio will provide financial security.