Income For Life

One Of The Most IMPORTANT Retirement Income Planning For You And Your Loved One.
When You Don't Work, You Can't Earn. So It's Better To Plan Passive Income For Life To Secure Your Retirement. Use Our Expertise Of Creating Life Time Income.
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IMPORTANCE

Income For Life

One of the most IMPORTANT retirement income planning for you and your loved one. In general, people are not able to work during their retirement and have less income compare to expenses. Another important point to remember that cost of living is also going high year by year, so we do need to plan income for life regardless.

OPTIONS

IRA – Roth IRA – SEP IRA – 401(K)

For retirement income planning, you can utilize your current plan or make new plan. It may give you some tax benefits as well.

Understand INCOME FOR LIFE Needs

Whether you are depending on Social Security System or not for your retirement, you need to understand that the Social Security program is already operating at a cash flow deficit. By 2030, the Social Security Administration projects that it will only have enough revenues coming in at current tax rates to fund 76 percent of promised Social Security Income benefits.

Even though you have paid into Social Security your whole life, the fact is that you have no enforceable contract with the United States to keep paying you the benefits that are currently projected. Social Security was never meant to be the sole source of retirement savings, so needs to plan something for your retirement. To maintain your income during your retirement, you must make many decisions.

Following are some of the questions you should think before choosing a specific income plan.

How much income you really need during retirement?
How much income GAP you can afford? If there is a Gap between your Life Insurance need and your current Life Insurance, what’s your back up?

Understand INCOME FOR LIFE Options

The best option is, while you are still in your working years, is to eliminate consumer debt as much as possible, and contribute as much as you can to savings and investments – just as you would do if Social Security didn’t exist
Pay off credit cards and other forms of non-mortgage and non-investment debt
Put some cash in the bank. You don’t want to have to withdraw money from a retirement fund unnecessarily
Contribute to your 401(k) or SIMPLE IRA – at least up to the maximum contribution for which your employer will provide a match
Fully fund a Roth IRA, if you are eligible
If you are self employed, MUST create a SEP IRA, or form a solo 401(k)
Create a Supplemental Life Insurance Retirement Plan (SLIRP)