Safely Increasing Your Retirement Income,
Requires Two Things
Many retirees are feeling less comfortable than they did a few years ago. Inflation has driven the price of everything higher. Real estate taxes are up. Insurances. A dinner out is no longer an under $50 proposition.
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So, what do you do when you are retired? Unless going back to work is an option, you need to get creative, and you need to spend a little time on your finances.
Even if you think you have done everything right, you are probably still missing out on the full retirement income that could be enjoyed.
Sometimes the shortfall is hundreds of dollars a month- often it is more. And of course, the time to have that additional income is now, when you can enjoy it!
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You may already have a financial plan. But it likely is not your friend.
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Most retirement income plans should come with a warning label- "May cause severe regret from underspending". There are a few reasons why.
That chronic underspending is confirmed by research and academic studies. Consistently "academic whitepapers" show the hesitancy retirees have in using their retirement principal to improve their lifestyle. And the inertia they have as they move through retirement.
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Simply put they are missing out. On more peace of mind and more experiences.
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​It is possible to both increase your income and feel secure at the same time.
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For over 40-years I have helped retirees improve their long-term financial security & increase their current income.
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Two things are needed to make a meaningful impact on your retirement income and for you to feel secure.
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#1. Safely increasing your retirement income first requires a "new set of eyes" on your situation. If you could see your opportunities for more income, you would have taken advantage of them by now. Same thing with any advisor you may be using.
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We use a time-proven process to fully capture your situation when we meet, analyzing and evaluating your current plan so you understand what you have to work with.
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And after we lay that foundation, we can play the "what if" game. It is looking at your nest egg from different perspectives that your opportunities become clear.
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#2. More income will also require more variety of "strategies and techniques" and better use of all the many accounts you already have. ​
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Just like there are new ways to treat illnesses, new ways to generate retirement income are regularly being introduced. Some of these new strategies and techniques could work for you- but only if you get the chance to hear about them. This is an exciting time to be retired!
Sometimes we find that you have good accounts already but are not using them correctly or most effectively. Having a fresh set of eyes taking a look can be invaluable.
Sometimes you might be trying to use an account that is meant to be a "hammer" as a "screwdriver", and vice versa. A little change and things are working as intended.
Sometimes there are great account features and benefits that are not being used or are forgotten. Time has a way of blurring the many details about the accounts you already own.
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Managing your nest egg wisely is essential to maintaining financial stability and enjoying life to the fullest. Balancing the need for income with the desire to minimize risk requires careful planning and strategic decision-making.
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We have the experience and the sophisticated tools to help you enjoy a better retirement. Can't promise that we can take you on as a client, but we'd be glad to take 15-minutes to answer your questions and ease some concern.
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