{"id":817,"date":"2022-03-31T15:23:28","date_gmt":"2022-03-31T15:23:28","guid":{"rendered":"http:\/\/gpswp.com\/greatlifeplanning\/?page_id=817"},"modified":"2022-03-31T15:23:28","modified_gmt":"2022-03-31T15:23:28","slug":"income-planning","status":"publish","type":"page","link":"https:\/\/gpswp.com\/greatlifeplanning\/services\/income-planning\/","title":{"rendered":"Income Planning"},"content":{"rendered":"\n<p><strong>Enjoy smooth sailing in retirement with proper income planning.<\/strong><\/p>\n\n\n\n<p>Income planning for retirement can be daunting because there\u2019s a lot to learn and for many people the information is new. Whether you\u2019re just beginning your retirement journey or it\u2019s already underway, you may be skeptical about whether you&#8217;ll have enough retirement income to maintain your preferred lifestyle.<\/p>\n\n\n\n<p>There are three major phases in managing retirement income:<\/p>\n\n\n\n<ul><li>The accumulation phase<\/li><li>The distribution phase<\/li><li>The preservation or transfer phase<\/li><\/ul>\n\n\n\n<p>Preparing for retirement may require a shift in mindset and knowing the difference between retirement <em>savings<\/em> and retirement <em>income<\/em>. Prior to retirement, your financial life was dictated by your paycheck. Once you retire, however, you can no longer rely on a paycheck, which means you must find other sources of income. You&#8217;ve worked hard to save for retirement and now it\u2019s time to create additional income from what you&#8217;ve saved. Although it can be a challenge, it\u2019s also a great opportunity to grow your money beyond what you&#8217;ve saved \u2014 and that\u2019s usually made easier by enlisting the help of a financial services professional.<\/p>\n\n\n\n<p>We\u2019ll work with you to uncover various opportunities and concerns of each phase. Additionally, we\u2019ll walk you through:<\/p>\n\n\n\n<ul><li>Determining how much retirement income you\u2019ll need<\/li><li>Estimating how long your current income plan may last<\/li><li>Calculating how much additional income you may need<\/li><li>Evaluating your additional income sources<\/li><\/ul>\n\n\n\n<p>Because taxes play a major role in any retirement income planning process, we utilize tax advantaged vehicles to help accomplish your retirement income goals, such as traditional IRAs, Roth IRAs, 401(k)s, and IRA rollovers.<\/p>\n\n\n\n<p>While the numerous options for your retirement savings may seem overwhelming, all of us at Great Life Planning are here to help you make sense of it all.<\/p>\n\n\n\n<p><em>We do not provide legal or tax advice and you should consult an attorney or tax advisor for such advice.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Enjoy smooth sailing in retirement with proper income planning. Income planning for retirement can be daunting because there\u2019s a lot to learn and for many people the information is new. Whether you\u2019re just beginning your retirement journey or it\u2019s already underway, you may be skeptical about whether you&#8217;ll have enough [&#8230;]<br \/><a class=\"read-more small\" href=\"https:\/\/gpswp.com\/greatlifeplanning\/services\/income-planning\/\">Continue Reading <i class=\"fa fa-long-arrow-right\"><\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":764,"parent":671,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Income Planning - Great Life Planning<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gpswp.com\/greatlifeplanning\/services\/income-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Planning - Great Life Planning\" \/>\n<meta property=\"og:description\" content=\"Enjoy smooth sailing in retirement with proper income planning. Income planning for retirement can be daunting because there\u2019s a lot to learn and for many people the information is new. 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Income planning for retirement can be daunting because there\u2019s a lot to learn and for many people the information is new. 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