Income Strategies: 6 Steps to Planning Your Retirement
For many retired Americans, finding assets to cover everyday expenses can be a challenging endeavor. Making sure you have a defined strategy ahead of time can assist in making your transition to retirement go smoothly and help you better enjoy your newfound leisure time.
Understanding your lifestyle plans, identifying your income streams, and documenting your spending needs are all a part of proper retirement planning. Consider these six steps in preparing for your own retirement:
- Design a personal retirement plan.
- Review your essential and discretionary expenses.
- Evaluate your sources of retirement income.
- Identify and examine any potential disparities between planned income and expenses in retirement.
- Position your assets to help generate income and identify other potential income sources.
- Complete a Personal Assessment to help organize your finances and prioritize your needs. Bring this completed worksheet with you to a complimentary appointment with one our LPL Financial Advisors to help you strategize your retirement!
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