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Income Allocation Basics

Everyone wants to enjoy life in retirement. An income allocation plan is the best way to make that happen. The reality is many people in North Carolina face the challenge of not having enough savings to live comfortably. This causes many different situations. Some can be extreme like the inability to retire or having to take on part-time work. Another situation many people find themselves in, is that they run out of savings during retirement and must figure out what to do. Often this leads them to them returning to the workforce. We want to make sure this doesn’t happen to you.

As you think about your retirement, a key piece to remember is that everyone’s income allocation plan is going to be different. Everyone’s situation is different.

4 Common Types of People and their Different Income Allocation Plans

The Full-Time Retiree

  • The American dream includes the ability to retire without having to work. This group of people are the people who need to develop a strong income allocation plan sooner than expected. The longer people wait, the more likely they are to run out of money when they need it most. Fiduaries Advisors break down what is a want vs. a need in retirement and understand how much you should be withdrawing from investment accounts.

The Investor Retiree

  • It is common to see retirees invested heavily in the real estate market. With their income properties still generating income for them into retirement, Fiduciary Advisors work with them to determine how long they plan to hold on to those assets. This type of retiree is understanding when it makes sense to continue the income streams and when it makes sense to sell properties. The decision to sell will affect your income allocation plan and it is important to understand how this will change your lifestyle.

The Retiree with the Working Spouse

  • In homes that have one working spouse and one retired spouse, we must take careful consideration to plan for retirement. Whatever the reason for the situation, sometimes it is due to differing ages, industries, family need, or we have often seen it is due to one spouses love to work, a plan is necessary to help the family continue to live comfortably. One wouldn’t want one spouse to be out working hard for the time they retire, while the other one is constantly spending the money on things like trips, golf, or lunches. Fiduciary Advisors help couples understand their limits and create a plan that makes them both happy.  

The Part-Time Retiree

  • The adjustment to part-time work can be tricky. Fiduciary Advisors help residents of North Carolina understand their new income streams and justify how much they need to draw on their retirement plans while working part-time.

There are many situations our neighbors can find themselves in during retirement. These are just a few of the common ones we come across. If you are in one of these situations or would like to consult a professional on developing an income allocation plan, we are here to help. Click Find Match, go throught the questions and get matched with the right local advisor for your specific situation.

Reaching Financial Freedom

Achieving financial freedom in retirement is not as easy as it once was. To do it, takes careful planning. We want to make sure you reach your goals and enjoy the retirement you want. (read more)

Why Income Allocation Works

As we go throughout our careers, the goal is to always have a steady paycheck, to have our income streams increase, and work towards a successful retirement. But what happens when we reach retirement and that steady income stream is no longer there? (read more)