Implement a Well Thought Income Plan

A new retiree may spend three to four decades in retirement, potentially as long as they worked. How will you sustain your desired quality of life as cost of living continues to rise over time? A well-designed, consistent income plan built to last the rest of your life is required. 

Little will derail a retirement income plan faster than taking unplanned distributions from your retirement and investment accounts. They will deplete your savings far quicker than you can imagine.

A proper Emergency Fund matters. Plan to set aside two years of your living expenses in a liquid, interest-bearing account. It creates a buffer which protects your retirement income plan from unexpected expenses and prolonged economic downturns. If two years of your expenses is too much, revisit your Visions, Goals and Dreams Planner and monthly spending plan. Ensure your priorities match where you spend your resources.