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

 In Financial Planning, Ozarks Live, 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


Annuities are a type of financial vehicle that offers a variety of guaranteed payout options, backed by claims-paying abilities and financial strength of the issuing insurer, through a process known as “annuitization”. The choices can 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

A universal life insurance policy allows you to vary the amount and timing of when premiums are paid and may also permit the amount of the subsequent death benefit to be changed. A variable universal life insurance policy includes an investment feature, which allows the death benefit and cash value of the policy to fluctuate based on the investment performance of a separate account fund. With retirement it is important to think about how flexible the options are.  With 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.

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. We are able to provide you with information but not guidance or advice related to federal benefits. Our firm is not affiliated with the U.S. government or any governmental agency.  Investment advisory services offered through AE Wealth Management, LLC, an SEC Registered
Investment Adviser.

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