Income For Life : How To Get A Plan That Works…

Even If Bad, Unexpected Things Happen Down The Road

How can you get as close to 100% success rate as possible with your retirement income plan?

There are 76 million baby boomers retiring at the rate of 10,000 a day.

A married couple both age 65 has a 53% chance of one person living past the age of 90. Is it any wonder why the #1 concern of baby boomers is outliving their money?

How you go about setting up your retirement income plan, will have a lot to do with the amount of stress and sleepless nights you have in retirement, because there are tons of “What if’s” to consider.

  • What if your Social Security alone won’t be enough?
  • What if the husband dies early? Is the surviving wife’s income protected?
  • What if the husband is getting a pension with 50% survivorship, and he dies…how does that affect his wife?
  • What if the wife dies early… how does that affect the household Social Security?
  • What if the market crashes again? How will that affect your income going forward?

When you retire and stop getting a paycheck, it’s all about income.

Most financial plans are confusing. Lots of pie charts and 17 different pages to look at, and they often don’t even address the important income issues listed above.

The adviser just says “Based on blah blah historical average of this blah blah mutual fund, you will have a good chance of blah blah blah”. I know because that’s what I did and was surrounded by for the first 10 years of my career.

The problem with using mutual funds for income planning is …  sometimes they lose 40% and you might run out of money.

At this stage of your life, are you more inclined to take a maybe…. or a sure thing.

  • Pensions are guaranteed income
  • Social Security is guaranteed income
  • Annuities are guaranteed income
  • Mutual funds and Wall Street are NOT guaranteed income. Period. It’s as simple as that.

So if want to be as close to 100% certain as possible, that you will get the retirement income you need, for  20-30 years of retirement, then you must make some changes.

Let’s look at an example.

If you need more guaranteed “pension like income”, then you need to create it for yourself.

I want to show you an example of how we  go about doing an “Income Assessment” and also (at the bottom) there are details on how you can get your own “Income Assessment” to make sure you are on track. 

For information on how to get your own “Income Assessment” click the yellow box.

For our example

  • John and Sally are both 63 years old and still working.
    • They will both be retiring in 3 years.
    • They calculate they will need $80,000 a year in retirement income to maintain their lifestyle.

    The first step in our process to “Bulletproof” their retirement income plan, is to get the next 30 years of their life, laid out on one easy to read page. This way John and Sally can see exactly where they are at. This is where our exclusive Retire Now software comes into the planning process.

income c So now we can see what the potential problems or holes are and try and fix them. Problem #1: They won’t be getting enough income when they retire.

  • They said the need $80,000
  • But the will only be getting $62,400
  • There’s a deficit of $18,000 they need to fix

     Problem #2: Let’s kill John off. If John dies at age 75, Sally is up the creek without a paddle.

  • Sally’s income drops by $30,000… to $39,482 if John dies at age 75.
  • She loses half of John’s pension because there is a 50% survivorship
  • She loses the lower Social Security

    I wonder how Sally feels about that?

everything   Fortunately they have saved some money.

  • John has a $300,000 IRA
  • Sally has a $100,000 401k
  • They have $100,000 in the bank
  • The have $100,000 in a brokerage account

    For a total of $600,000. After doing this analysis and some research, we show them that they will be fine, as long as they don’t screw it up. All they need to do is safeguard a portion of their total nest egg.

Fixing Problem #1: This get’s them to OVER $80,000 in pension like income.

John carves out his $300,000 IRA into something with a guaranteed income stream that starts when they stop getting paychecks at age 66. We make sure the income is Joint so it lasts as long as John or Sally is alive.

just john marked

Fixing Problem 2: This gives Sally more income in the future if she needs it

Sally re-positions her 401k into something that gives her options

  • If she needs more income down the road, she can start it whenever she wants
  • If she does not need income, the balance will pass to the kids
  • Or…if she never needs income, she will have access to  her lump sum

    Let’s see what happens if John dies at 75 now sally income

Sally’s income only drops to $58,137 when John dies at 75. Much better than the $39, 482 from earlier. If she wants more income at that time, her “Personal Pension” she set up with her 401k will pay out $16,657 starting when she is 76. The income will last as long as she lives. If she dies and there is a balance in her account, that amount will go to her kids. She can also start and stop this income as she needs it. It’s revocable.

This was a pretty simple example. The software is powerful and will illustrate multiple income sources and income streams as well.

I want to show you how you can get an “Income Assessment” that will show you the rest of your life laid out on one simple to read page.

  • Even if you already have an adviser you love and have NO intention of ever doing business with me. It’s OK.
  • Even if you have had other financial plans done for you, it’s OK (they don’t troubleshoot income like this one does)
  • There’s no pressure to buy anything, I promise.
  • There’s no obligation.
  • If you never want me to contact you again after you get it…it’s OK.

In fact, if you feel the whole thing was a waste of your time. I will send yo a check for $25.00 for your trouble.

    So why am I doing this. Why am I offering to do this work with no promise of making an money off of you. 3 Reasons. It’s simple

  1. I know some people will take the information to their current adviser and ask him/her to do it for them. That’s OK.
  2. I know some people will get their Income Assessment and see that are perfectly fine the way they are. That’s OK.
  3. I know some people will need me help. Perfect.

That’s it. That’s my ulterior motive. I know a certain percentage of you need my help. So in the end I help people and gain clients.

If you would like to find out more. Or maybe you are just curious…. No obligaton No risk. No nothing. Just get the assessment done and be on your way. Click here to get the information. And remember, if you feel it was a waste of time. just let me know and I will write you a check for $25.00. No questions asked. Either way you come out ahead. So just click this yellow button, and you will get an email with all the information I need to get you going down the path of an “Income For Life”.