When you started your career, you most likely had a plan of where you wanted to go. Maybe your goal was to make a certain salary or hold a certain position. Perhaps, your plan was to find true life balance, and have a career you love while spending time with your family. Whatever your goal is or was, you always had a plan. In today’s world, you must also have an income allocation plan for retirement in addition to a retirement plan. Yes, there is a difference.
You have always had an income plan throughout your career and that was called a "Paycheck". Without it, you would not have been able to pay your bills and enjoy a certain lifestyle. In retirement this plan changes because you do not have the same cash flow you once had. The reality is, no matter where your savings and investments are stored, you are spending them down. You will need all your money to maintain your lifestyle in retirement.
While you are working you have a steady income stream, you have the confidence in that steady stream of cash, what do you do when it stops?
This is when income allocation comes into play. A fiduciary advisor will show you how to integrate income allocation plan into your retirement. They will show you exactly what you need to maintain your lifestyle. This will give you what you need to replace the gap your paycheck used to fill.
If you are preparing to embark on the retired life, we want to help you succeed. Click on Find Match and get paired with a local fiduciary advisor in North Carolina. Ask how they can help you design a personalized income allocation plan for you.
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