Proper planning will always make a difference!
There are 3 Phases of Retirement Income Management.
These separate and distinct stages of building, conserving and spending down your retirement money describe the retirement planning money cycle. Which Phase are you in?
This is the time of building assets by saving and investing your money, usually from earned income which you have specifically reserved for retirement.
Keep in mind that during your retirement years your ability to afford to maintain a comfortable lifestyle will depend on the money you saved and the investments you made during the Accumulation Phase.
This is the time, ideally 7 to 10 years prior to your retirement start date, when your retirement investments and lifestyle requirements need to be reviewed; you will determine your exact cost of living for both your basic monthly living expenses as well as the cost of your lifestyle expenses.
Next you will evaluate your risk return profile as it applies to your new status of being pre-retirement or entering retirement. A detailed analysis of how your money is invested using your retirement ready risk profile is done at this time.
All retirement planning is done to create powerful income distribution that will last for your entire lifetime. The Distribution Phase starts when your earned income stops and you begin receiving your Social Security benefit. At this time you begin receiving monthly income supplements from your investments and insurance products in order to meet your monthly cost of living requirements.