Income Planning

During our income-producing years, we’re saving for retirement. Often we give little thought to how our savings will be distributed and coordinated with other sources of income during retirement. This is an essential piece of the retirement puzzle and one that your EWM financial advisor will want to address.

Having an income plan in place, before you begin your retirement, is crucial to maintaining the lifestyle for which you’ve planned.

A comprehensive financial plan will look at all potential sources of income and those factors that will impact income during your retirement. Here’s a quick overview of how your advisor will walk you through our income planning process.

Income Planning Process

Review of Income Sources:
The first step to planning is reviewing all your sources of income for retirement, including pensions, social security, investments, real estate revenue, business income, and more with your financial advisor. You’ll also share your vision for your retirement and what income you need to meet those goals.
Planning for the Future:
Your advisor is educated on the many financial pieces that will impact your income plan. Answers to questions like, “What’s the best age to start Social Security Benefits?” will depend. Most people can start benefits anytime after 62 years of age, but there may be strategic reasons to postpone receiving your Social Security benefits. Factors such as life expectancy, income sources, and your overall tax situation play an important role in optimizing the decision.

Income Planning Management:

Once your income plan is created, we’ll meet with you so you are informed and can feel confident that your retirement goals are clear. Your advisor serves as a fiduciary and will continue to monitor and review your plan with you during your working years and through your retirement.

Having a clear income plan in place well before you retire is essential to evaluate the health of your retirement expectations.

Your retirement goals and dreams are uniquely yours. You deserve to have a one-to-one relationship with a financial advisor who will work with you to create an income plan. It’s your only retirement: we want to help you advance your goals and have the chance to live your dreams.

When you’ve considered your options with your advisor and have found solutions that help keep you on track with your financial plan, you may feel a lightness in your step. Enjoy it. You’ve earned it.