Retirement Income Planning

Congratulations! You have worked hard to get to this exciting new stage.  Now it’s time to transition from “saving for Retirement” to “spending in Retirement”.  Psychologically, this is a tough transition for many people as we have been programmed to save- save- save- most of our working lives.  We now need to change our thinking to create a sustainable retirement income plan that can successfully meet our personal lifetime income needs.  A Gabor advisor can work closely with you to help ensure your essential expenses are being met, make your savings last, keep your taxes low and plan for the future.

Up to this point most of us have relied on a consistent, systematic paycheck from our employer every 2 weeks or every month.  Our benefits were automatically deducted, and our budgets could easily be planned for.  This is still possible in retirement, but it requires some foundational work to create these self-paid paychecks for the rest of our life.  Where no two people and no two plans are alike, Gabor’s roadmap to retirement income is a proven way to plan for the many risks you may face in retirement.  It starts with these 3 steps:

• Step 1: Figure out your monthly living expenses 
  While many of your expenses will stay the same once you retire, you may have some new items now in your budget, like increased healthcare costs or long-term care insurance, more travel expenses, or costs for new hobbies.
  
  Don't forget that some of your expenses might actually be reduced or disappear all-together, like payroll taxes, clothes and gas for work and the money you normally budgeted for your retirement savings.  
  
  
• Step 2: Figure out your income 
  Now's the time to add up exactly what you will be receiving from Social Security, pensions, and any part-time work or rental income that you might be expecting. 
   
• Step 3: Withdraw a set amount of money each month from your retirement  savings to bridge the gap between your income & expenses 
  Unless you're particularly thrifty, you'll probably need to rely on your retirement savings and investments as a supplement to meet your spending needs and goals over the course of your retirement.  A Gabor advisor can help explore various strategies to ensure your money will be best positioned to meet your retirement income needs and guide you on the path to implementing the most sustainable solutions.

You're in the homestretch.  The 5 to 10 years before you retire is a critical time for planning to meet your long-term goals.  This time horizon is ideal to best construct a plan that will produce a smooth and efficient transition into retirement.  Your advisor can help provide clarity to some of the unknowns on the horizon.  

Let us help you with creating your roadmap to retirement income. 

VIDEOS 

• A Fruitful Retirement: Social Security Benefits  Taking your Social Security Benefit at the right time may help maximize your benefit. 
• RE: Retirement  How does your ideal retirement differ from reality, and what can we do to better align the two? 

ARTICLES 

• 9 Facts About Social Security  There are things about Social Security that might surprise you. 
• When Should You Take Social Security  Monthly Social Security payments differ substantially depending on when you start receiving benefits. 

CALCULATORS 

• My Retirement Savings  Estimate how long your retirement savings may last using various monthly cash flow rates. 
• Inflation & Retirement  Estimate how much income may be needed at retirement to maintain your standard of living. 

PRESENTATIONS 

• An Inside Look at Retirement Living  A number of questions and concerns need to be addressed to help you better prepare for retirement living.