Retirement Income Planning

Saving money with an eye on retirement is a straightforward idea, however, the diversification plan for that nest egg is quite a different animal. In an effort to have that money work for you, Sovereign Retirement Solutions provides income planning focused on the individual retiree.

With the rising cost of living, a monthly Social Security check and/or a small pension might not be enough to meet your financial needs. Consequently, having a nest egg that generates income is pivotal to meeting the needs of the retirement lifestyle you have envisioned for yourself. Sovereign Retirement Solutions considers the following ideas to figure out the best avenue to fill that void:

  1. What is your yearly, required income? (We will work on a budget to answer this question.)
  2. What is the base level of income that you require? What do you see as your discretionary, or non-guaranteed income to be?
  3. If you are married, how will a change in life status affect your income needs? Social Security benefits could change in the event of a spouse's death, so we need to consider this while planning your future budget.
  4. Do you want a cost of living allowance included in your future budget needs? With people living longer these days, it is important to consider inflation and the possibility that your financial needs could double during your golden years.
  5. How do you want to be taxed? Depending on what you desire, there are several tax plans that may equal thousands in savings each year. We employ different strategies to place tax-free funds at your disposal.

While all of these ideas go into the planning of your future retirement goals, it is important to note that in order to keep you on track, these plans need monitoring from year to year to make sure your long term needs can be reached.

If you are still under 65 years of age, we can complete a Social Security Analysis to figure out if you or your spouse should initiate early SSI disbursement, or delay disbursement while one of you still works. In doing so, we can optimize the way you receive these benefits over your lifetime. The Social Security Administration has provided many variations regarding your disbursement options, so this analysis is an important tool in your retirement income portfolio. The difference can literally be hundreds of thousands of dollars. While planning for your retirement often seems like an overwhelming task to undertake, Sovereign Retirement Solutions understands that labyrinth of financial products, tax laws, risks, and strategies pertaining to your retirement income. We offer a variety of financial planning products such as managed money, annuities, life insurance, long term care insurance, income for life, safe money alternatives as well as other low risk alternative investments. Together, we will consider all the options available to you and make the best recommendations to suit your individual retirement income needs.