First and foremost is Information Gathering. You need to estimate your retirement living expenses, both Necessary (your essential daily living expenses) and Discretionary (expenses not essential but important to maintain your quality of life).
Next are estimates of your Future Sources of Income, both Reliable Income (expected amount of income you will receive for life or a defined period of time, i.e. Social Security), and Temporary Income (income that may end unexpectedly or at any time).
Your financial planner will work with you to determine your income needs, anticipate your expected income in retirement, calculate any potential retirement income shortfall, inventory your financial assets, and discuss possible strategies to overcome retirement income shortfalls.
The final step is Putting Your Strategy into Action.
For resources on Making It Happen contact us @ www.teddecorte.com.
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