Building a clear income plan can help retirees spend with confidence, avoid underspending and better protect their nest eggs from taxes, fees and market swings, according to Phil Huff, a partner with Golden Reserve, LLC, a Detroit-area financial retirement planning firm.
During an appearance on “Live in the D,” Huff said many Americans hesitate to retire because they fear losing a steady paycheck. “The idea of giving up that paycheck is one of the scariest parts of retirement,” he said.
Golden Reserve encourages clients to give each pool of savings a specific job - prioritizing a dedicated “income bucket” while investing legacy dollars differently. Huff noted that retirees often spend too little: by the firm’s count, the average person with $1 million uses only about 25% of that nest egg during retirement.
The firm’s income forecasts show how much could remain and to provide what Huff calls a permission slip to enjoy retirement without second-guessing purchases or trips.
Golden Reserve’s broader “Roadmap for Retirement” also examines IRA tax strategies, market risk, advisory and investment fees, and long-term care planning - all aimed at keeping more of a retiree’s money in their own pocket.
To watch the segment, click on the video above.
For more information, you can visit goldenreserve.com or call 313-888-8884.
The information provided is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial instruments involve risk. Actual customer results may vary. Subject to full terms and conditions available at goldenreserve.com.