Income Planning

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When You’re Building for the Future, Sometimes Saving Isn’t Enough.

A very important step in retirement is planning out your income. How will you take the money that you have saved so that it best serves your lifestyle needs and continues to be there regardless of how long you live? Let’s take a look at some great ideas.

A Focus on Annuities

For a fortified retirement, annuities puts you a step ahead of the curve.

An essential component of every retirement income planning journey is how to move money out of the 401k into other investment vehicles. You may be able to defer taxes on the money in your 401k with smart retirement tax planning.

Sit down with a financial professional. Map out how much money you will need per year. If you have a surplus in your 401k, even a small one, then you have options for your income planning.

Retirement Tax Strategies

What does a tax strategy have to do with income, you may ask? That’s an excellent question. You wouldn’t believe how much more money you can save by reducing your tax burden. The money that would go to Uncle Sam stays in your coffers. Most importantly, it continues to make you money.

A good retirement tax strategy means paying as little as possible as late as possible. Basically, if you do not take money out of specific investment vehicles and convert it into usable cash, you have a chance to defer. This is a vital part of income planning. Do not take more than you need at any given time.

The annuity is a great retirement tax strategy aside from being a viable overall strategy. It can be combined with many tax deferral vehicles to provide a safehaven for your money while it is growing into the principal that your retirement income will come from.

The Length of Income

Everyone’s fear is outliving their money. Fear not. Proper income planning can help you here, and you do not have to sacrifice the life that you want.

You do need to make some important decisions right now, however. The importance of planning ahead cannot be overstated. Now is the time to look into your family history to determine possible medical issues in your future. You should also take stock of your insurance – make sure that you have adequate protection for yourself moving forward.

Part of income planning is planning how to make your expenses maximize the money that you have coming in. An experienced financial planner can help you find these opportunities.

The annuity is a great way to ensure your length of income as well as your total volume.

Annuities serve you by giving you a yearly budget that you can adjust based on your needs. The annuity format ensures that you automatically receive a certain amount of money and leave the rest to continue to grow.

You can also invest in different kinds of annuities to maximize your level of income depending on your needs and the principal that you have to invest. If you do not need all of your money as an annuity principal at first, you can put a portion of it in a deferred annuity and give that money even more time to grow.

A good financial planning seminar will also teach you how to leverage your deposits to get the best interest rate. In general, large deposits lock in larger interest rates. Even if you have money to invest now, it may be best to wait until you hit the minimum threshold to meet a higher interest bracket. The difference in the money that you receive can be quite significant, so do not make any big moves until you consult with a financial professional.

If you are unsure of how to move forward with your income planning, our retirement income planning seminar can help you. Focus your efforts and learn about new options with real financial professionals who have helped others. To get involved with one of our upcoming retirement planning seminars, call or email us today.

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The following material is not intended to be relied upon as professional tax, legal, or accounting advice or instruction. It should be used for educational and information purposes only. Neither the information, nor the presenters are endorsed by or associated with any government agency, including the U.S. SSA (United States Social Security Administration). Always receive counsel directly from a professional attorney, accountant, or other legal advisor who specializes in these areas if you have questions or concerns about your particular situation. It is possible that some or all of the information provided here will not be applicable to your unique circumstances. Annuities are a type of insurance product. They are not deposits or obligations of any banking institution, including traditional banks, credit unions, savings and loans, or these institutions' affiliates. They are not underwritten or guaranteed by these institutions, nor are they FDIC insured. Annuities come directly from the issuing company and are backed by that company’s ability to pay claims. Surrender charges or fees may accompany annuities; these will vary by product.