Income Planning

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The foundation of Retirement Planning starts with your Social Security benefit. There are 567 ways to claim your benefit. Knowing which is best you and your family is significant. You have one chance to get it right. After 12 months, there are no "do-overs."

Although Social Security is the foundation of retirement income, it will not likely cover all of your expenses. Which of your assets, e.g. personal investment accounts, IRA's, 401K's, 403B's, etc. should use and in which sequence to obtain the most tax effective income?

The dependability of your income is determined by the you of asset type you choose. Some stocks pay dividends, but what happens if your dividends get cut?

The interest that bonds pay may or may not be taxable. Just because a bond is "tax-free" does not mean it is the best choice for you. 

When planning your income, you should consider not just how much income you need now, but how much will you need in the future. This means looking at inflation, taxes, and longevity.