Retirement Income Plan: What Are You Saving For in Retirement?

financial advisor

By Joe Globensky, RFC®

retirement income plan

We spend a lot of time helping people set up a retirement income plan.  Part of that includes providing education along the way on the different aspects of retirement planning.

In the past, we have written blog posts on when you should start planning for retirement, how much money you will need in retirement, ways to gauge your saving for retirement, and creating a plan to manage your income in retirement.  But have you ever taken the time to figure out, “What Are You Saving for in Retirement?”

We’ve created a free resource that may help you answer that very question.  It’s a spending hierarchy worksheet designed to help you organize your thoughts as you develop a better retirement income plan.  And it’s pretty easy to use.

The idea is to document your needs in retirement, such as mortgage payments, utilities, and groceries.  Then determine your wants in retirement, which would be expenses that will make your retirement more comfortable.  And that’s followed by your wishes in retirement, which would be things like charitable giving, spending on the grandkids, or maybe a dream car or lavish trip.

retirement income plan hierarchy

During the process you’ll consider such vital questions as:

  • How will you spend your money?
  • How will you prioritize your expenses?
  • How will you fund them?

When thoughts are organized and written down, you can likely collaborate more productively with your financial professionals as you work to develop a successful retirement income plan.

In order to get started, go to the Free Resources page on our website.  To access the page, you will need the password published in our monthly eNews.  If you’re not subscribed, simply enter your e-mail in the gray box and hit the Subscribe button.  Then check your e-mail for the welcome letter with the password.  From there you will download the “What Are You Saving for in Retirement” document that will include instructions on how to best use it.

(Our monthly eNews includes recent blog posts and valuable tips and resources to help empower you to meet your financial goals.)

Once you’ve completed the worksheet, or if you need help along the way, give us a call at (217) 605-8130 or send an e-mail to ask@connectionsfinancialadvisors.com.  We will work with you to help design a better retirement income plan to help make your needs, wants, and wishes a retirement reality.

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