What’s your income need?

For those that have had a consultation with me, you can confirm I’ve most likely asked you this question.

I would say 1 in 5 can answer this question confidently

When working with clients, one of the first steps we ask clients to complete is to take the first step in creating their cash flow plan.

In retirement, we can safely say you experience different periods of income need

These periods can be broken down into 2 categories: Longevity expenses and Lifestyle expenses

You can think of longevity expenses as the cost to cover your basic lifestyle: housing, medical and other insurance, basic food costs.

Lifestyle expenses are the more flexible costs: vacations, toys, eating out.

The need for each of these categories will be fluid depending on what stage you’re in

There are generally 3 stages of retirement: Go go years, slow go years, no go years.

In today’s workshop, we’ll discuss how to determine your income need and some of the common pitfalls I see the “do it yourself” types make when it comes to retirement planning.