Retirement Income Plan
An income plan is a written plan that demonstrates your income streams, identifies income gaps and plans in which order to take the income stream. During retirement you need a guaranteed stream of income. Social Security and pensions are the starting point, but then it is up to you to establish the rest with your savings. To successfully plan, your guaranteed income must cover your basic living expenses and last at least into your mid- to late 90s. In addition, a retirement income plan should protect your spouse (if applicable) from loss when the other spouse passes away, as well as cover final expenses for your beneficiaries.