When we sit down with our clients, one of the very first topics we cover is income planning. When you’re working, you already know exactly how much you can spend and save each month. Retirement opens up an entirely different challenge- figuring out exactly how much income you can safely withdraw from your investments without running out of money, keeping up with inflation, and protecting your hard-earned money.
The first step is to review how much is coming in each month from guaranteed sources, such as Social Security, salary, pensions, and annuities. We then go over non-discretionary monthly expenses, the “must-haves”, along with discretionary expenses- travel, gifting, hobbies, to figure out exactly what your “income gap” is.
We then design an investment roadmap that optimizes your investment income to fill your “income gap” tailored to your budget. This process ensures that your expenses are covered with as many guarantees as possible. A large part of every retirees’ monthly income is Social Security. At URS Advisory, we help our clients understand their own Social Security benefits and educate them on how they can maximize their benefits using software that makes it easy to see exactly when they should take their benefit, down to the month. Maximizing Social Security can potentially reap thousands of dollars over the course of your lifetime.
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Julia Lembcke, Erik Lembcke and URS Advisory are not affiliated with or endorsed by the Social Security Administration or any government agency. This content is for informational purposes only and should not be used to make any financial decisions.