Creating a Holistic Retirement Income Plan: Your Lifestyle Plan

Are you prepared for retirement? Do you know where your income will come from? The retirement landscape has changed considerably and people can no longer depend on a traditional pension income from a single employer. Fewer people have pension plans and many have had multiple jobs over the years. People are retiring later, and part time work is becoming more common during retirement. These changes, combined with advances in health care and an increase in life expectancy, leaves many people concerned they may outlive their retirement income and not be able to retire when they had hoped to. Now, more than ever, it is important to have a retirement income plan you can feel confident about.

There are three main considerations when creating a holistic retirement plan – lifestyle plan, after tax income sources and income tax and portfolio plan.

Lifestyle Plan

First, we will discuss the components of your lifestyle plan. Prior to meeting, we ask that you determine:

  • Your goals and main priorities for retirement.
  • What do you and your spouse plan to do?
  • How old will you be when you retire?
  • How your current lifestyle and spending pattern compare to how you plan to live and what you plan to spend during retirement.
  • If you plan to continue working part time?
  • If you will be required to support any dependents during your retirement?
  • Where and how do you plan to live?
  • If you plan to travel?
  • What hobbies will occupy your spare time?
  • If you expect to have additional expenses as you grow older?

You and your spouse play an integral role in the planning process, particularly in the early stages, however working with an experienced financial planner will introduce a holistic approach, drawing valuable resources from a pool of experienced professionals. At Brooks Financial, we understand and recognize that each part of the planning process is interrelated. No two situations are the same, which is why a holistic financial planner needs to understand the whole picture, including your goals and plans for retirement, as well as your income sources before they can help. We spend time, especially during the first interview with you, to listen to your full story. Based on your individual goals and circumstances, we will devise a customized investment strategy, recommend the appropriate insurance to protect and guarantee your income, identify unnecessary liabilities and assist in estate planning for the surviving spouse. We are confident our holistic approach to retirement income planning will help you navigate the uncertainties and establish a plan that will make you feel very secure and positive about your future.

Ready to get Started?

Contact Us for a free strategy session!