Retirement Income Planning

If you are close to retirement or have already retired, creating a comprehensive retirement income projection is a critical task. Our advisors can help you assess your assets and retirement resources and figure out how to position them in order to create your desired cash flow once you stop working. As we help you prepare this plan, there are a number of considerations that you will need to think through. We can help you address these considerations by exploring the appropriate strategies applicable to your particular financial situation and circumstances. 

Our advisors will review your existing financial plan and will suggest changes if necessary. We will focus on the following components of your plan.

Order of Liquidation of Savings and Other Accounts

When you retire your income will come from a variety of different sources. They will include government retirement benefits, employer pension plans, registered retirement plans and other personal savings and investments that are held outside your registered plans. Understanding how they will interact with each other, and which ones you should be triggering first is an essential part of a retirement plan. 

Longevity and Inflation

With healthier lifestyles and improving medical care people are living longer than ever. There is a strong chance that for a healthy couple aged 65, at least one spouse will live until 90 years of age. Therefore, it is prudent to plan for a long retirement. Our advisors can help you understand how inflation will erode your wealth during this time as well as outline strategies that will mitigate its effects on your savings.

Withdrawal from Savings

One of your biggest challenges going forward will be to determine how much to withdraw from your savings and when to do so. You will need enough funds to live comfortably, but taking too much could reduce the ability of your assets to generate an efficient level of income in the future. Our advisors can help you find the most optimal withdrawal rate to avoid being at the mercy of the stock markets in the early years of your retirement.