Financial Strategist ‘Lorraine Conaway’ on Retirement Income Planning

'A secured future is what everyone dreams, but financial planning is what a few do! To lead to greener pastures, and attain your life goals as you retire, it's mandatory to tackle your finances and tame your money to work for you!'

In a nutshell, it's requisite to take some time out for your retirement income planning when you're working to reap the rewards post-retirement.

Lorraine Conaway, an experienced wealth strategist in Tustin, CA, thinks retirement income planning is critical; thus, she dedicated more than two decades of her life helping people generate their retirement income; she’s still helping them attain a stable monetary equilibrium that also creates regular cash flow.

According to Lorraine, spreading awareness about retirement income strategies and financial planning is quintessential as a significant portion of Americans have savings toting up to $0 for their retirement age. Also, only a few people know how to handle their finances or grow their money as they grow old.

Thus, this blog takes you on a tour of the retirement income planning tips which the most proficient and professional financial strategists suggest. Let's get started.

#1 Three Steps to Retirement Planning

First off, it's critical to know the retirement planning steps as it depends on the three main questions. Ask yourself these three questions and then start planning for your retirement income:

a) Where are you today?

b) Where do you want to be when you retire?

c) How do you get there?

Most people might answer the first two questions, but they fail to solve the third. Here's where an experienced wealth strategist fit best into the picture.

With ample knowledge about funds, investments, and returns, the financial strategists are the best people to turn to with all your money related problems, doubts, and dreams. Discuss your short-term, long-term, or post-retirement goals with experienced financial personnel; they will surely suggest you the best way out.

#2 Take A Leap Towards Learning

Tweaking a famous adage, a little, "you're never too old to learn" - about finances.

No matter where you invest your money, or whom you rely on with your funds, savings, and investments, it's recommendable for you to know about the process and have the necessary knowledge about it. If you don’t have enough know-how about the finance world, anybody can fool you with your money and/or your possessions. It’s crucial to perform proper R&D and seek a reliable hand to pull you out from the fiscal blues!

Lorraine Conaway has been educating people about financial planning; also, is helping them generate income in their golden years. She is still helping people with their money-related issues, providing them with much-needed clarity and confidence. It's critical to find a reliable shoulder to lay your dreams or goals.

#3 Choose The Most Suited Investment Plan For You

Discuss with your financial strategist about the different retirement plans or investments that are suitable for you. There are myriads of retirement income plans such as IRA (Individual Retirement Account), 401(k), 403(b), Roth IRA, Real Estate investments, mutual funds, and many more.

As per your goals, income, possession, and vision, your financial advisor will help you pick the best retirement investment plan for you. Once you've chosen the retirement income plan, proceed with the next step.

#4 Take an Inventory of Resources You Have

After picking up a plan for your retirement income, you must gather saving and investment account statements, or other real estate papers (information) that you want to liquidate to fund retirement. Also, keep in mind all your future investment plans.

Be sure to include future contributions you expect to make to other retirement plans, company matches, or any other sources of future investments. It will give you a clear idea about where you're heading and how fast you can go.

#5 Stay Consistent & Be Patient!

It is probably the hardest yet most important step of retirement income planning: Stick to the plans, no matter what!

Consistency is the key for almost everything in the world, so it is for retirement returns. Conaway also suggests the same. You don't need to be an aggressive investor; it's okay to be a turtle, but just Don't Quit. As retirement income planning is a long-term game, you have to go through a little patience and pain to get to the gains.

The Verdict

To ensure that you will have enough income in retirement, you must involve in careful planning that starts today.

Lorraine Conaway, who specializes in retirement planning areas, Tax-exempt, and charitable strategies much enjoys her gratification of helping people achieve their dreams, and suggests, one must plan for their retirement income to lead a comfortable, financially stable life after turning 60!