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Why the Stakes are Higher with Retirement Income Planning than Retirement Savings

Why the Stakes are Higher with Retirement Income Planning than Retirement Savings

As National Retirement Planning Week charges ahead, the difficulties that individuals face at the various stages of retirement planning is a topic ripe for discussion. One aspect of retirement planning often underrepresented in financial planning discussions is the importance of switching from a retirement savings mindset to a retirement income planning mindset. Nearly 8,000 baby boomers retire each day, each of whom requires a unique retirement income plan geared toward replacing his or her paycheck with stable sources of income in order to meet individualized retirement expenses. Besides requiring regular income to meet basic expenses, retirees often face unexpected expenses. Further, some retirees may desire to spend more if they can afford it, and others may have specific financial goals, such as leaving money to family members or a favorite charity. Whether planning to meet one’s basic needs or planning for a specific goal, it is vital to understand the variables involved in creating a retirement income plan and the ways in which a retirement income plan differs from retirement savings.

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