Forecast your monthly income in retirement
During your working years, you generally have clarity on your monthly income because it is automated and predictable. The process of planning for retirement income is different because it is not what you are used to. And that can cause feelings of uncertainty. That’s why working with a wealth management professional is a great way to build confidence that your plans for today will help you meet your goals for tomorrow.
Below, you’ll discover the key sources of potential income in retirement and a case study demonstrating how advice helped a couple planning for retirement optimize their future income.
Potential sources of income in retirement
In retirement, you should plan to draw an income from multiple sources. The two most common types of income you can expect come from either ‘guaranteed’ or ‘asset-based’ sources:
In order to ensure a comfortable and predictable income in retirement, you will also need to withdraw money from your retirement income sources strategically. Your IG Wealth Management Consultant will work with you to identify which assets to use first in order to minimize taxes and make your money go further.
Here’s an example of how one couple maximized their forecasted income in retirement by working with an IG Consultant to optimize their retirement plan.