2 Big Problems With Most Income Plans… and Steps To Fix Them

It took you 35 years of hard work to save up all this money for retirement. Soon you will need income from these accounts to supplement your Social Security or your pension.

If you are married and both age 65 there’s over a 50% chance one of you will live into your 90’s.

10,000 people a day are retiring and they all have the same concerns as you.

  • Will you run out of money?
  • Will you have enough income?
  • Where’s the income going to come from?
  • You don’t have a pension but you have a 401k
  • What are your monthly retirement expenses?

When you’re retired, it’s all about income.

Risk is for people who are trying to get to where you’re at right now.

All you need to do, is not mess things up and you’ll be fine for the rest of your life.

But here’s an interesting statistic:

On average we see a 42% decline in the wife’s income when the husband dies.

  • She loses one Social Security check (the lower one)
  • She may lose ALL or maybe HALF of his pension

Here’s 2 problems regarding income plans.

  1. What will happen to  your wife’s income if you (husband) die early? (Is her income protected?)
  2. If you won’t have enough pension like income to pay all your expenses, then you need to fix that deficit with as much certainty as possible

Retirement is about relaxing and enjoying the fruits of your labors. It’s hard to do that if you are always worried about your income plan.

The problem with most income plans is they are so complicated. You get 17 pages and a bunch of pie charts..

How would you like to see all of your income, for the rest of your life, spelled out on one simple piece of paper?

You’re going to love this. It will finally give you clarity.

  • It will show your income every year for the rest of your life, laid out on one simple to read page
  • You’ll see if you’ll have an income deficit when you retire, and how much that deficit will be… so you can fix it!
  • You’ll find out if your spouse will be in trouble if you die early

It will help you to plan and make sure potential trouble or problems don’t happen to you.

I enclosed a sample of what a “Retirement Income Assessment” looks like.  You can see how thorough and easy to read it is.

If a “Retirement Income Assessment” would be helpful to you,  you can get one now, customized to your situation.

Just send an email to Carl@ProtectMyIRA.com or call 847-376-8400 and I will forward you the data packet necessary to construct your “Retirement Income Assessment.”

There is no cost, and you don’t have to buy anything or decide anything. Just get the assessment done first, and then you can decide from there what you want to do.

Everybody wants to know if they have enough money and if they are on track. This will help. You’ll love it.

Here’s a sample case study.

45 Minutes Is All I Need To Show You Your Income For The Rest Of Your Life

Solving The Income Problem: “When You’re Retired It’s All  About The Income”

John and Sally are both 63 years old, and will both retire at age 65

They will need $80,000 a year in income when they retire

  • John’s Social Security will be $2,000 a month
  • Sally’s Social Security will be $1,400 a month
  • John will get a pension of $1,800 a month with a 50% survivor benefit

Problem #1—Will they have enough retirement income?

Problem #2– What happens if John dies at age 75? Is Sally protected?

Here’s the benefit of seeing all your income for the rest of your life. You will see if there are any holes or problems so you can fix them.

income 1

CLICK ON IMAGE TO ENLARGE

 

So they need to get up to $80,000 income and they need to protect Sally.

They have $700,000 in assets they have accumulated over the years. At this point, they don’t need to risk anything. All they need to do it NOT mess it up and they will be fine.

They also don’t need to put all their money into an income plan, they will have $300,000 left over for walking around money or to invest however they want.

John has a $300,000 IRA which he moves into something with a guaranteed income stream that starts when they both retire. The income is JOINT. We make sure it lasts for as long as  EITHER ONE is alive. (100% Survivorship)

Sally has a $100,000 401k that she moves into something that:

  • Gives her the option to get more income in the future if she needs it
  • Yet, if they both live a long time, and she never needs the income, then her balance will just pass to the kids

income 2CLICK ON IMAGE TO ENLARGE

 

If this type of analysis would be helpful for you to plan out your retirement income, Click here to get an email with the information we need to build your income assessment. This is a free service I provide because I know I will be able to help some people by offering it.

I will email you the information I need to put something like this together. You don’t need to buy anything or make any decisions now. Just get the income assessment done and then you can decide for yourself if there’s anything to do after that.

 

 

 

Speak Your Mind

*