Do you have Recurring Income in your Retirement?
Two roads diverged in a wood, and I—I took the one less traveled by, and that has made all the difference” Robert Frost
Our lives are shaped by the everyday choices we make. The quality of our retirement is shaped by our choices, even more than at any other time of our lives.
WHY? We reach an age in which we are unable to fix our financial mistakes. The stress and worry of these mistakes can lead to lost sleep, anxiety, depression, and even serious health issues. These mistakes might dictate what we could do, or not do, during our golden years. They can keep the golden years from being golden!
During your working years, you are accustomed to a paycheck, that paycheck stops when you retire. While you are employed, your money is replenished every pay period. For example, if you get paid every two weeks, you can spend your entire paycheck and it will replenish itself two weeks later. This is not always true in retirement unless you have an income plan that provides you with recurring income throughout your retirement.
When the money you need to live on, and accomplish all your retirement goals, arrives in your mailbox or bank account on a regular basis, it provides peace of mind. When your retirement income is set up properly, you can be confident your living expenses will be taken care of and you will have the money necessary to accomplish the things that you want to accomplish.
The fear of running out of money is common in retirement. Most people can no longer go back to work and “make it rain”, nor do they have the desire to do so. Knowing you will not run out of money, along with the knowledge stock market downturns will not impact your income, is a very comforting feeling. Many people who enjoy a successful retirement, address the issue of guaranteed income in retirement by using private pension plans.
There are a host of expenses you need to prepare for in retirement to ensure you have enough income. Those include taxes, healthcare (including long-term care), and market fluctuations. All of these can greatly affect your income in retirement. That is why you need to prepare.
Here to help
At Scout Financial Group can help you create security in retirement by creating a plan that includes a regular source of income. We can help you plan for, or even eliminate, many of the expenses you face in retirement. At Scout Financial Group, our goal is to provide our clients with a worry-free retirement. We have experienced advisors ready to build a customized retirement plan, including a recurring source of your income in retirement. Contact us today to schedule a discovery call and find out how we can help you.