The Basics of Retirement Income

An income plan is a personalized strategy designed to help replace your paycheck in retirement using sources like Social Security, pensions, and investments, while also factoring in things like taxes, inflation, and your lifestyle needs over time.

In this episode, we break down the core components of a retirement income plan and why it’s often overlooked in conversations between advisors and the families they serve. You’ll learn how to think through where your income will come from, what might impact it over time, and how to prepare for the unexpected.

We also walk through a real-world example of a couple who faced an unexpected life change and how having an income plan helped them make a smoother transition into early retirement.

In this episode:
Why many families don’t hear about income planning—even when they should
How income planning goes beyond just choosing when to claim Social Security
Ways to build flexibility into your retirement plan to adapt as life changes

Chapters
00:00 Disconnect Between Advisor and Investor
01:17 Retirement Income is a New Concept
03:02 How Families React to Seeing Their Plan
06:40 Retirement Income
10:51 Roth IRA 5 Year Rule
16:30 Retirement Income Continued
17:57 Family Example
20:20 Retirement Income Risks
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Learn more about how you can prepare for retirement by downloading the complimentary Retire Your Way Toolkit - https://bit.ly/3BDJAJv

Register for our next Journey to Retirement Online Workshop to learn more about building a comprehensive retirement plan. - https://merkleretirementplanning.com/...

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Loren Merkle
CFP®, RICP®, Certified Financial Fiduciary®
https://merkleretirementplanning.com/...

Clint Huntrods
Certified Financial Fiduciary®, PhD
https://merkleretirementplanning.com/...

Molly Nelson
Host of Retiring Today with Loren Merkle
https://merkleretirementplanning.com/...
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This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

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