Retirement Planning Defined

Retirement planning is a focused planning process aimed at providing those who are retired (or about to retire) with sufficient income to last their retirement years. Unfortunately, too many clients have not saved enough during their working years to be able to fund the retirement they had hoped for. Even more worrisome is the lack of sufficient retirement information, strategies or advice. Our advisors are skilled in helping those looking for retirement planning services. We use a combination of planning techniques to help implement a successful and sound retirement plan.

Income Planning Defined

Income planning is almost the same thing as retirement planning. In general, income planning is the process of calculating total cash flows – both income and expense – and analyzing the results. For those who are still working, income planning is more focused on ensuring your financial budgets are allocated accordingly and you are saving enough for retirement. For those nearing retirement, income planning is the essential component, as referenced above. Should expenses exceed income available, additional strategies are required to ensure that there is enough income to support your lifestyle, including the repositioning of available assets to help contribute towards the required income amount.

Figure 1a – A hypothetical income and expense cash-flow analysis report

How a WFG Advisor Can Help

If you’re looking to prepare for your retirement or improve your current retirement lifestyle, talk to a WFG advisor today. Our representatives are well-versed in helping clients analyze their income and retirement needs, and can assist you in developing a strategy that can work for you. There are many strategies available to you, and we have the ability to access advanced financial planning software and reports, such as the graph example shown above in figure (1a). There is never a bad time to start. If you have questions, concerns or want a second opinion, we are here for your support.