At Coordinated Wealth Management we know retirement is not only about having a large sum of money when you quit working. More importantly, it is ensuring that you will have enough income to last throughout the entirety of your and your spouse’s retirement.
The shift from accumulation of assets to creating an income stream can be the source of much anxiety and fear. Common fears include outliving your money, inflation, investment mistakes and market volatility. These fears around retirement income exist for most of us regardless of our resources. The retirement income needed is relative based on your lifestyle prior to retirement and the one you want to enjoy after retirement.
The challenges in securing a retirement income that is reliable, predictable and stable for the entirety of your and your spouse’s retirement horizon can seem daunting. We need to build a plan that provides for your needs during both good and bad economic conditions. The process to achieve a successful retirement plan starts with dividing income into two types: 1) essential income and 2) extra income. Essential income provides for the lifestyle desired to remain comfortable and meet your essential needs. Extra income is for fun and family that is not essential to remain comfortable. Let us help you create a plan designed to meet your retirement goals and allow you to sleep well knowing you have planned for your essential needs for the lifetime of you and your spouse.