What is Income Planning for Retirement | Guiding You Forward
In this episode of Mountain America Credit Union’s Guiding You Forward video podcast, we talk with Chad Waddoups, vice president of wealth management and business services.
Today, we continue talking about retirement—this time, it’s all about income planning.
In this episode, you’ll learn:
-
How saving changes after you turn 50.
-
How to develop an income stream.
-
How to make sure your income planning works.
If you’re nearing 50 and haven’t saved much for retirement—or any!—don’t panic just yet. Chad talks about how, in some ways, it’s MORE advantageous to save for retirement after your 50th birthday!
When it comes to planning how to portion your retirement savings throughout your later years, we talk to Chad about income planning.
What is income planning? As you near the age of retirement, it’s important to figure out how to make the switch from accumulating assets to developing an income stream. It’s similar to budgeting—essentially finding smart ways to have a monthly allowance to cover your discretionary and nondiscretionary expenses.
This income stream can come from a variety of sources. Perhaps your house is paid off and you can afford to purchase an investment property. Perhaps you can perfect an existing hobby like woodworking or jewelry making and market your products online. Or, maybe you can utilize a skill you’ve developed during your professional career to provide consulting services. Another option may be to invest in dividend-paying stocks, these are well-established companies that pay regular dividends to their shareholders.
Once you’ve landed on your income plan, give it a test drive before you retire to make sure it works. And, don’t forget, meet with an investment advisor annually to come up with the best plan for you.
Watch this video from Mountain America to learn more about how to plan for your retirement.
