To follow up on the Four C’s article…
CLARITY is the understanding part of the process in which you will:
- Identify your retirement income sources
- Basically how much monthly income will be generated
- When will these funds be available
- Develop and Understand an income strategy
- How much will be guaranteed?
- Social Security
- Pension
- Annuity
- What level of variability can you tolerate?
- How much will be guaranteed?
- Consider longevity
- How many years will our retirement planning need to consider
- How do we plan for the surviving spouse
- Allow for inflation
- How will inflation impact our living costs
- What about the cost of medical care
- Develop Estate / Legacy Plans
- Do we want / need to provide for our heirs
- Do we have a charitable intent we wish to provide for
- Evaluate the timelines in the cash flow
- Will income come in to match the spending plan
- How do I adjust my spending plan to match available resources
Next installment – Comfort