Managing Income Throughout Retirement

There’s an old saying in the financial planning world: “It is better to have too much money at the end of the month, than to have too much month at the end of your money.” Unfortunately, this situation is all too common and happens for a variety of reasons.

Let me start with a simple question: “Do you know exactly how money you need, or how much income is necessary to provide for your retirement?” If you can’t answer that question, then maybe it’s time you knew the answer.

In general, people underestimate how much is needed for retirement. People also underestimate the power of inflation eating away at their future purchasing power. And an even bigger challenge lies in the task of managing the month-to-month fluctuations in their expenses with a fixed income. Arktos Wealth Management offers retirement solutions that help balance income and expenses throughout the entire retirement phase.

In its simplest terms, retirement income planning is just that: planning on how much income you can withdraw from your savings in combination with a possible pension and/or social security income.

While the latter two guaranteed sources of income (if you are lucky enough to have a pension these days) are most likely fixed or indexed to track inflation, your savings aren’t necessarily guaranteed, and neither is the income. That’s where a plan using an ‘investment buckets’ strategy can come in handy and provide you with a probability of success based on historical market returns.

If you or someone you know is within 5-years of retiring and plans to live off a combination of savings, social security, and/or a pension, our office is open and available for a free basic evaluation. The time to start planning for retirement income can never happen too soon. Call our office to book your review (818) 249-4984.