Financial freedom during retirement is what our clients are looking for. During this transition of life, the last thing you want is to worry about how you will pay your bills and enjoy your retirement. At Campbell Wealth Management, Inc., we know that income planning is a valuable process that offers retirement solutions that people may not have previously considered.
What Is Income Planning?
In a nutshell, income planning is a process that identifies any income gaps, how to solve those gaps, and allows clients to develop a realistic expectation of what their retirement will look like from a financial perspective.
Benefits Of Income Planning Services
There are numerous benefits that clients can expect from income planning services. Some of those benefits include:
- Identifies retirement risks and what they mean for you
- Creates tailored solutions for any income gaps
- Provides realistic expectations of income and expenses
- Helps clients avoid running out of money
Individuals who work with a professional on the income planning process will have the peace of mind that they are financially prepared for retirement, and best situated not prematurely to run out of money.
Knowing The Risks Of Retirement
There is a certain amount of financial risk that can occur during retirement that people may not know about. Knowing the risks of retirement includes understanding the risk factors as you start to withdraw from your retirement fund. An income plan can help you reduce or even avoid certain risks.
Review Of Expense Categories
Your expense category is especially important because this is the cost of your basic survival. These are the bills that you know you will have to pay each and every month, and does not include lifestyle-preference costs. Because of this, your expense category must consist of income from your most stable income.
Identifying Sources Of Income
Social Security Benefits have long been the backbone for stable income during retirement. However, as the financial climate continues to change, it’s important to understand that Social Security may not be enough. Now, more than ever, it is essential to understand your options as you apply for Social Security Benefits so that you are sure to get the most money that is available to you. Additional sources of income may include a pension or other savings.
Uncovering Potential Income Gaps
It may feel overwhelming to learn that your stable income sources are not enough to cover your necessary expenses. However, uncovering potential income gaps is one of the most critical steps in the income planning process. Learning about your income gaps early on will allow you to work with your planning to discover ways you can close that gap.
Reach Out To An Experienced Wealth Management Firm
At Campbell Wealth Management, Inc., we understand that income planning can feel complicated and overwhelming. We are here to help streamline this process and offer reassurance as we work with you to tailor an income plan that suits your lifestyle. Contact us today so we can start working on your future by giving us a call at (703) 782-5058 or by requesting a consultation online.