Quick Preview:
Our Cornerstone Retirement Blueprint Process is focused around 5 key pillars of retirement planning designed to help our clients achieve the retirement they have always dreamed of. On this episode, we’re going to elaborate on the income planning process, which is a top priority for your retirement plan.
On This Episode:
After spending decades of your life saving and investing for retirement, how prepared are you to distribute that money once you’ve stopped working?
You might be surprised to hear that most of the people that first walk through our doors to discuss a retirement plan have never thought about the income planning portion of this process. And if you’re in a similar position, you’re facing a critical mistake that could cause you to run out of money in retirement.
No one wants to worry about that possibility, and that’s why it’s not only a top priority for Cornerstone but also one of our five key pillars of retirement planning. So this episode of the Cornerstone Retirement Blueprint Podcast will go in-depth on the income planning process.
Jammie Avila is joined by Kyle Kirwan to explain why it’s so crucial to every plan, the different sources of income you’ll commonly find, and why choosing the wrong date for claiming Social Security could cost you nearly a quarter of a million dollars.
After we take you through the process, we’ll share an example of someone we worked with to build an income plan and how it changed their retirement.
All advisors will give you guidance on accumulating assets but how many will help you distribute those effectively and efficiently? That’s where Cornerstone can become a valuable partner in your retirement.
It’s really been said that if you don’t have an income plan, you don’t have a retirement plan.
Timestamps:
0:55 – If you don’t have an income plan, you don’t have a retirement plan.
1:29 – Clients don’t rely solely on Social Security.
3:08 – What does a client do if they don’t have a pension to pair with Social Security?
4:18 – How we help you determine the best way to claim your Social Security benefits.
7:00 – What are the different options when it comes to pensions?
8:49 – Another thing we factor into income planning is inflation.
11:27 – What percentage of clients have an income plan when they first meet with us?
13:34 – Carrying less debt and keeping expenses down provides more flexibility.
15:48 – An example of a client we were able to help with income planning.
18:08 – So many people focus on accumulation throughout life rather than worrying about distribution.
