What Is Retirement Income Planning? Strategies & Goals

When we ask ourselves what is retirement income planning we are immediately presented with many traditional ways to go about this. On the other hand, there are also many alternative or non-traditional ways to address this most important issue.What Is Retirement Income Planning

Let’s explore both sides of the fence and discover what is there to assist us on our journey to a comfortable retirement or even unretirement if that is what we most desire. The important point is to make these choices and decisions consciously after adequate research and paying attention to our intuitive insights that will guide us well when we are alert to its messages.

What Is Retirement Income Planning — A Traditional Approach

When educating ourselves on any topic it is important to explore all approaches that can lead us to our desired destination. Gaining specialized knowledge allows us to make decisions with enough insight to be confident in our choices. That doesn’t mean we will not take a detour or two along the way, but it set us on track initially in the right direction.

Here is an excellent article by Julia Kagan in Investopedia titled Retirement Planning Guide — These Five Steps will help you toward a safe, secure, and fun retirement. It presents some key points to keep in mind and implement in your retirement planning no matter what your current age.

She outlines in this article that retirement planning is a multi-phased approach that requires us to be flexible and adaptable to change along the way. Also, she stresses the importance to be aware of how your retirement savings are affected by taxation and stresses the importance of addressing this issue as well.

A valuable tool she mentions is on the Smart Asset site and it provides access to several fiduciary advisors in your specific area. It’s important to have the right expert advice when needed.

Let’s Get Creative

Regardless of our present circumstances, it is important to keep in mind that enjoying our lives right at this moment is the main objective. Happiness is a NOW thing, and not to be put off for some future day when all the pieces come together and we can then give ourselves permission to be happy.

That day will never come because that day is today. Embracing our challenges is what gives our lives vigor and meaning. With just a slight shift of focus in our mindset, we create a whole new set of options for ourselves based on enjoying the journey and not waiting for the outcome.

                             “Here is the test to find whether your mission on Earth is finished: if you’re alive, it isn’t.”

 — Richard Bach —

We are waiting for something that will never arrive. All the action is now. Our opportunities for growth and advancement exist now regardless of our age or financial condition.

Let’s enjoy the journey we are on by getting clear on what makes us feel alive and pursue that now. Forget the future, and let go of any regrets from the past. That is all illusionary in the present moment where our power for change and growth exists.

In other words, let’s base our retirement income planning on setting up a situation where we use our talents and experience to enjoy our retirement years to the fullest. It’s just a matter of identifying a few key components, and then letting it rip.

What Is Retirement Income Planning — Start Now Whatever Your Age

It is never too early to begin educating ourselves in this area of life. Finances is only one component of an enjoyable retirement but it is a vital component nonetheless.  But in any case, it is important to begin wherever we are in terms of circumstances and age.

The only thing that can hold us back is our state of mind. We can use old limiting ideas and beliefs to convince us not to do this or that, as we have proven to ourselves all of our lives when we have talked ourselves out of taking some constructive steps in the direction of our goals or objectives.

Our minds are very powerful and they are beneficial when we are in control. When our minds grab the steering wheel we are in for a wild ride not really knowing where we are going to end up. So taking conscious control of our thinking leads to doing things in a way that leads us in the direction of our desires.What Is Retirement Income Planning

Of course, there will be roadblocks and detours to take along the way, but that is just the natural process of experiencing a journey whether it is traveling to a physical destination or creating our preferred lifestyle. Health, wealth, and happiness originate within ourselves, and then we get to observe what we created. Remembering we are the cause and not the effect is an important aspect of this journey.

Bringing It All Together

In this brief article, I have presented a few practical ways to get started planning your retirement on a financial basis. But more importantly, I have stressed the importance of how we view our lives and what is possible.

Whether we are just graduating high school or we are well into our retirement years, our objective remains the same and that is our happiness. For those close to retirement or already there check out my article on Stress-Free Retirement Living as well as additional articles in the Baby Boomers category on this website.

There is plenty of information there to ignite a few ideas to get you going in the right direction. If you are still confused message me through our Contact Page and let me know what’s going on. I do retirement coaching but the first session is free, and we most likely can get things worked out in that thirty (30) to sixty (60) minute meeting.

In any event, the important thing is to consciously choose to take action in the direction you really want to go. That involves knowing where that is, planning a few things out, and then taking that Next Step that will build the momentum you need to get there.

And always remember; if it’s not fun don’t do it.

Enjoy the journey and have some fun,

Joseph William

P.S. For those interested in pursuing their interests by creating an online business here is MY #1 Recommendation for learning and applying the fundamentals that will serve you a lifetime. 

What is retirement income planning CLICK the Image Above

 

16 thoughts on “What Is Retirement Income Planning? Strategies & Goals”

  1. Glad to find this article. Saving up money for retirement is very important, but one thing everyone tends to fall for is that happiness will occur when retired. It is not true and happiness happens now. It is something I sometimes must remind myself. As I tend to save rather have fun now, then I regret not having fun now.

    Reply
    • Thanks for your thoughts Bernard. It’s all good when we keep our awareness on what we want and not get distracted from our purpose and core values. All the Best.

      Reply
  2. Hello Joseph! I am just a young adult and I can say that this post is really helpful. I realized that I need to think of my retirement plan as early as possible. I don’t have that much of an idea on how to plan my retirement yet but you provided me an insight that I could use my talent and experience so that I can enjoy my retirement. I do love your recommendation and I agree that this would really be a good investment that could provide me income even when I am retired. Thank you!

    Reply
    • You are most welcome Jeelah. It is never too early to define what it is that you most desire and create a plan based on your happiness and joy in the present moment. When you enjoy what you do in the present moment retirement is no longer an issue as you discover more and more ways to serve others while creating and living your ideal lifestyle. All the Best.

      Reply
  3. Great post, Joseph. I’m still working at the moment and have no plans of when I’m going to retire. Probably when I start earning money from other avenues. I have a little money saved in my super, but it’s not enough to retire on. I do agree a sound investment is essential. Thank you.

    Reply
    • I appreciate your thoughts, Yvonne, thank you. It is never too early to do a bit of research and most importantly what it is that we most desire as our ideal lifestyle now and in the future. Unretirement can be a fun experience when we are doing what we enjoy and making a positive difference in the lives of others. All the Berst.

      Reply
  4. Hi Jo you continue to share the content of value to us, there are many things here I really didn’t think about until I read this article, educating ourselves could never be too much, we never stop learning in life anyhow, this certainly can get us going in the right direction as you have stated, this article very important to note. I will share this for sure.

    Reply
    • Thank you, Earl. I appreciate your comments and thoughts. It is important for us to do our research and then trust our intuition as to what best applies to our individual situation. All the Best.

      Reply
  5. You have made a lot of recommendation, which, when followed, leads to stress-free life in retirement. Just like you pointed out, it’s not all about financial planning but planning the whole life before retiring. I like the fact that you made emphasis on personal planning; I have never thought of that. The first thing that comes to mind about retirement is finance. Cheers.

    Reply
  6. Planning for your retirement is indeed very important, but then you also need to be living for the now. You are so right in saying that happiness does not follow retirement, you have to be happy now as well. Lots of things to think about here. Thanks

    Reply
    • I appreciate your comments and thoughts Line. Much appreciated. Retirement is really an illusion as it is all about being fully engaged in life right this moment regardless of age. Freedom and happiness is now; not to be waited for. All the Best.

      Reply
  7. If we all live long enough we will reach those Golden Years which I think we should enjoy to the fullest but a key in being happy and stress-free during those Golden Years is preparing for it and what better way than to put a plan in place and work the plan. So many people take this lightly and at the end of the day, they are stressed out or having to find any work they can find just to survive. Let’s not take retirement lightly but prepare for those Golden years that can also be happy years.

    Reply
  8. Hi Joseph, Just finished reading I think your message is pretty clear here. Do not wait around take action immediately and believe in the possible. Thanks for sharing. Kind regards; Alex

    Reply

Leave a Comment