#10A Retirement Tools- 10 Things You Need To Know To Plan Your Retirement Income

 In Ozarks Live, Financial Planning, Tips

#10A Retirement Tools- 10 Things You Need To Know To Plan Your Retirement Income

As we age closer to retirement the needs of our money transition from accumulation to distribution.  Depending on your planned retirement date design you retirement income strategy to shift from an accumulation mindset to distribution mode. As retirement nears limit your exposure to market risks in order to start the income distribution phase with the highest balance possible. Purchasing different types of products and utilizing a variety of financial vehicles can create be created that meets certain needs and goals for retirement.

When determining how to utilize a variety of products, here are a few considerations that should be taken into account:

  • Your age
  • Life expectancy estimate, based on health and family history
  • Actuarial life expectancy rate
  • The amount expected to spend in retirement for basic needs and discretionary purposes
  • Desired value of inheritance to be left behind
  • The risk and return characteristics of risky and conservative assets
  • Liquidity- how much is needed to have access to without restrictions


An annuity is a contract between you and an insurance company where you pay a premium in exchange for guaranteed income for a set period of time or for the remainder of your life. The guarantees of an annuity are backed by the financial strength and claims-paying ability of the issuing insurer. There are many choices within an annuity which allow a person to match very specific, individual needs with a suitable product. Within each contract there is flexibility in the range of payout terms and death benefits.

Life Insurance

There are many different types of life insurance to serve the needs of the policy holders.  One type    is universal life insurance which allows you to vary the amount and timing of when premiums are paid, subject to minimums.  It also permits the amount of the subsequent death benefit to be changed.  A variable universal life (VUL) insurance policy allows you to allocate the premium payments into underlying sub-accounts offering a variety of investment options.  VUL offers the potential to experience better than average cash growth, however, you will want to consider the associated risk and the possibility of a decrease to your cash-value due to poor performance of your investment options.  In retirement it is important to think about how flexible the options are, as you age, needs can change overnight.

Long-Term Care Insurance

LTCI is designed to help people pay for short or long- term care and housing costs at an assisted living facility, nursing home, or even in their own home. This option offers a lot of flexibility. A time to purchase a policy at a lower rate would be around age 55, but later purchases can also have benefits because an LTCI policy can make the difference between institutional care and something far more comfortable, flexible, and personal.

Tune into Bruce’s show on Tuesday for part 10b of the 10 things you need to know to plan your retirement income series.


Interested in Learning More About Financial Planning?

At The Resource Center, we’re dedicated to helping individuals and families with their financial needs. Our purpose is to provide the tools you need to help enhance your financial wellbeing and help secure your future. With our financial planning services, our team will help develop a plan that diversifies your assets, is consistent with your level of risk tolerance and allows you to maintain your current lifestyle.


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We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives.  This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice.  All investments are subject to risk including the potential loss of principal.  No investment strategy can guarantee a profit or protect against loss in periods of declining values.  

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.  

We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice.  Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation.  Our firm is not affiliated with the U. S. government or any governmental agency.  Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM).  AEWM and The Resource Center are not affiliated companies. W02181768

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