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Prepare to Manage Your Money in Retirement
You likely have an idea of how you will spend your time when you retire, but you also need a plan to manage your money While 80% of Americans have a clear vision of their financial goals, only 43% have strategies to achieve them, according to the 2024 Wells Fargo Money Study*. To help make the most of retirement, it's important to have a thought-out retirement income plan.
Start with your needs
The first step in making a strong retirement income plan is understanding your needs. Consider your ongoing expenses, health care requirements, and any other personal goals you wish to achieve. It's important to have a clear picture of what you want your money to do for you. Take the time to outline your expected expenses and prioritize the most essential ones. This will make up the foundation of your income plan.
Create an income stream
Once you have a clear vision of your needs, identify sources of income that can cover your expenses throughout retirement. This includes thinking about Social Security benefits, pensions, and any other investments or savings you may have.
Make your savings last
Knowing you have an income stream in place, find strategies to help your savings last. This step will probably involve strategic planning and thoughtful spending. It's important to tailor this strategy to your unique circumstances and adjust it as needed. Regularly review your spending habits and adjust as needed.
Review your income plan
Review your income plan regularly. Life is full of changes, and your plan should be flexible enough to adapt to them. Whether it's a change in your health, unexpected expenses, or shifts in the market, staying proactive and revisiting your plan can help you stay on track. A financial advisor can provide guidance and help you make informed decisions so you can remain confident in your financial future.
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Creating a road map to retirement
Retirement income planning is about more than just numbers: it's about creating a path to make the most of your next stage of life. Starting with your needs, creating a sustainable income stream, making your savings last, and regularly reviewing your plan may help you create a more secure future for yourself and the people you love.
