How much will you need to retire, and where will it come from?
In this class, we will show you how make a detailed retirement income plan by creating a series of timelines that chart out your future income and expense. You will see how you can put together a crystal-clear picture of your future retirement income.
We will go over:
• How to make a retirement budget and the most commonly overlooked expenses
• What a future income timeline looks like
• How to calculate how much you will need to withdraw each year during retirement
• Mistakes people make with their assumptions about inflation and rates of return
• How to see if your retirement money will last
Chapters
0:00 – Intro
04:10 – Part I: Where Does the Fixed Income Come From?
12:14 – Part II: Where Does the Money go?
27:39 – Part III: Covering the Gap
38:12 – Part IV: Aligning Investments to the Plan
49:20 – Q&A

DISCLOSURES
This presentation contains general information that is not suitable for everyone and was prepared for informational purposes only. Nothing contained herein should be construed as a solicitation to buy or sell any security or as an offer to provide investment advice.

Sensible Money, LLC (“SM” or “the Firm”) is a registered investment adviser. Registration is a legal requirement – it does not imply approval or endorsement. For additional information about SM, including its services and fees, you can request a copy of SM’s disclosure brochure by emailing us at info@sensiblemoney.com or visit www.advisorinfo.sec.gov.

Any charts in the presentation are not meant to show the performance of SM strategies or to imply the performance of any model portfolios. Any charts or examples are meant to show the Firm’s belief in sticking to a plan over time, but there is no guarantee that you will have the same or positive results. Any results portrayed in these cases or examples are not representative of all of SM’s clients or the clients’ experiences. No portion of this presentation should be interpreted as a testimonial or endorsement of SM’s investment advisory services.

Past performance is not a guarantee of future results. When investing, depending on your timing, you could lose money. There is no guarantee that the prevailing market and economic conditions during the time frames in the graphs will continue, and performance may be negatively impacted by a shift in such conditions.

This presentation contains general information that is not suitable for everyone and was prepared for informational purposes only. Nothing contained herein should be construed as a solicitation to buy or sell any security or as an offer to provide investment advice.

Sensible Money, LLC (“SM” or “the Firm”) is a registered investment adviser. Registration is a legal requirement – it does not imply approval or endorsement. For additional information about SM, including its services and fees, you can request a copy of SM’s disclosure brochure by emailing us at info@sensiblemoney.com or visit www.advisorinfo.sec.gov.

Any charts in the presentation are not meant to show the performance of SM strategies or to imply the performance of any model portfolios. Any charts or examples are meant to show the Firm’s belief in sticking to a plan over time, but there is no guarantee that you will have the same or positive results. Any results portrayed in these cases or examples are not representative of all of SM’s clients or the clients’ experiences. No portion of this presentation should be interpreted as a testimonial or endorsement of SM’s investment advisory services.

Past performance is not a guarantee of future results. When investing, depending on your timing, you could lose money. There is no guarantee that the prevailing market and economic conditions during the time frames in the graphs will continue, and performance may be negatively impacted by a shift in such conditions….(read more)

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How to Make a Retirement Income Plan 2023

As you approach retirement, it is essential to have a solid plan in place to ensure you have a steady income to support your lifestyle. Creating a retirement income plan can be a complex process, but with careful consideration and strategic decisions, you can set yourself up for financial security in your golden years. Here are some steps to help you make a retirement income plan for 2023.

1. Assess Your Current Financial Situation
The first step in creating a retirement income plan is to assess your current financial situation. This includes taking stock of your assets, estimating your future expenses, and understanding your income sources such as social security, pensions, and investments. It is also important to consider any outstanding debts or financial obligations that may impact your retirement income.

2. Set Realistic Goals
Once you have a clear picture of your financial situation, the next step is to set realistic goals for your retirement income. This may include determining the lifestyle you want to have in retirement, the age at which you plan to retire, and any specific financial milestones you hope to achieve. Setting clear and achievable goals will help guide your retirement income plan and ensure you are working towards a meaningful and realistic outcome.

3. Create a Budget
Creating a budget is an essential part of any retirement income plan. This involves estimating your monthly expenses and determining how much income you will need to cover these costs. Your budget should also account for discretionary expenses such as travel, entertainment, and hobbies. By creating a budget, you can ensure that you have a clear understanding of your financial needs in retirement and can make informed decisions about your income sources and investment strategies.

4. Maximize Social Security Benefits
Social Security benefits are a valuable source of income for many retirees, and maximizing these benefits should be a key part of your retirement income plan. This may involve delaying your social security benefits to receive a higher monthly payout, coordinating benefits with a spouse, or leveraging spousal and survivor benefits. Understanding the strategies for maximizing your social security benefits can significantly impact your retirement income and financial security.

5. Diversify Your Income Sources
In addition to social security, retirees often rely on other income sources such as pensions, retirement accounts, and investments. Diversifying your income sources can help protect your retirement income from market fluctuations and unexpected expenses. This may involve creating a balanced investment portfolio, considering annuities, or exploring part-time work and other income-generating activities.

6. Seek Professional Advice
Creating a retirement income plan can be a complex and overwhelming process, and seeking professional advice can help ensure you are making informed decisions about your financial future. Consider consulting with a financial advisor or retirement planner who can provide expertise and guidance tailored to your specific needs and goals. A professional can help you navigate the complexities of retirement income planning and make sound financial decisions.

In conclusion, creating a retirement income plan is a critical step in preparing for your golden years. By carefully assessing your financial situation, setting realistic goals, creating a budget, maximizing social security benefits, diversifying your income sources, and seeking professional advice, you can create a retirement income plan that will provide financial security and peace of mind in 2023 and beyond.