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Identifying Your Retirement Income Sources
Please take a moment and imagine a world that does not revolve around e-mail, cell phones, faxes, irate customers, PDAs, ringing telephones, urgent deadlines, long hours, and traffic jams. There is a more relaxing and serene place out there for you. It is called retirement. Here are a few questions for you to ponder
- When do I want to retire?
- What will I do in retirement (travel to Europe , relax, take up a new hobby, play more golf, spend time with the grandkids, etc.)?
- How much do I need on a monthly/annual basis to support my lifestyle in retirement?
- How will I pay for all of my activities in retirement?
At InConcert Financial Group, we like to use the visual of a four-legged stool. Each leg represents a different source of income that can be "tapped" to pay for your trip to Australia or for that sailboat you always dreamed of. The four legs of the stool are:
- Taxable Investments
- Retirement Accounts
- Social Security
- Selling Your Business
Let's picture a three-legged stool instead of a four-legged stool. It should provide you with a stable foundation assuming that there are sufficient assets to support your financial requirements. If you overlooked just "one of the other legs of the stool" and had a two-legged stool, things would be very wobbly and put you in a precarious situation. General consensus says that you need approximately 75% of your existing income in retirement. This should be sufficient if you do not mind altering your existing lifestyle.
Fortunately, there are steps that you can take today that could help your dreams become a reality. Please feel free to contact either Tom Biesheuvel or Rich Scarpa at (510) 235-1044 to schedule a meeting, and we can discuss actions you have available to take now and in the future to ensure that your retirement dreams are fulfilled. |
