Statistics tell us the only 1 in 6 retirees have a retirement income plan. On average, many Americans approach retirement without a clear understanding of their financial readiness. This uncertainty often leads to a lack of confidence that their savings will last throughout retirement.
Our job as advisors is to help build a plan to provide both confidence and peace of mind as you enter this next chapter of your life.
Retirement Income Plan
The key to doing this is building an income plan that will take care of your needs today as well as your future needs ā potentially decades in the future.Ā At a bare minimum, we need to consider things like your lifestyle spending and the financial and family goals that you have for this stage of your life. Once you have a clear idea of what this looks like, we can then evaluate your existing assets to determine if you have what it takes to have a successful retirement. Then, we will begin building out your retirement income plan.
The beautiful thing about a retirement income plan with BentOak Capital is that it is designed to be dynamic, acknowledging that life is unpredictable, and your needs may evolve over time. No matter the change of plans, our strategies are built to adapt. This flexibility ensures that your retirement income plan remains aligned with your goals, providing peace of mind and the confidence that you can navigate through various phases of life with a strategy that supports your financial well-being.
Data gathering is a key step to helping us develop your income plan. During the data gathering process, youāll want to do your best to provide us with the most accurate information regarding your financial situation. The more data that we have the better plan we can put together. For example, we will typically ask for tax returns, investment statements, retirement accounts, estimated monthly expenses, life insurance policy information, social security statements, etc. These are important bits of information that will be needed to make progress on your income plan.
Once we have gathered the necessary information, we can begin building out your plan and start a projection of your cashflows during retirement. One really informative thing that we provide is a visual of what this plan could look like. See below:
This is an example of an income plan that is generated with Social Security income, pension income, and planned distributions from the portfolio. This visual also does a great job of matching up the income and expenses that are being projected.
We also have the ability to project out the income and expenses to determine if we can expect the income to pay for expenses now and in the future. Considering both the short-run as well as the long-run it is critical to determining whether or not you have the ability to retire with confidence.
This again emphasizes these important of the details within the data that you provide.
If you are interested in building out your retirement income plan, give us a call today and speak with one of our retirement income experts!
IMPORTANT DISCLOSURE INFORMATION: Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BentOak Capital [āBentOakā]), or any non-investment related services, will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. BentOak is neither a law firm, nor a certified public accounting firm, and no portion of its services should be construed as legal or accounting advice. Moreover, you should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for personalized investment advice from BentOak. Please remember that it remains your responsibility to advise BentOak, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure Brochure discussing our advisory services and fees is available upon request at www.bentoakcapital.com/disclosure. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement. Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.āÆ It should not be assumed that your account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your accounts; and, (3) a description of each comparative benchmark/index is available upon request. Please Note: Limitations: Neither rankings and/or recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any designation, certification, or license should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if BentOak is engaged, or continues to be engaged, to provide investment advisory services. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers (see link as to participation criteria/methodology, to the extent applicable). Unless expressly indicated to the contrary, BentOak did not pay a fee to be included on any such ranking. No ranking or recognition should be construed as a current or past endorsement of BentOak by any of its clients.āÆ ANY QUESTIONS: BentOakās Chief Compliance Officer remains available to address any questions regarding rankings and/or recognitions, including the criteria used for any reflected ranking.