{"id":26,"date":"2019-10-15T20:59:41","date_gmt":"2019-10-15T20:59:41","guid":{"rendered":"http:\/\/gpswp.com\/tmswealthmanagement\/?page_id=26"},"modified":"2023-10-02T15:07:20","modified_gmt":"2023-10-02T15:07:20","slug":"income-planning","status":"publish","type":"page","link":"https:\/\/gpswp.com\/tmswealthmanagement\/income-planning\/","title":{"rendered":"Income Planning"},"content":{"rendered":"\n

Enjoy smooth sailing in retirement with proper income planning.<\/h3>
\nIncome planning for retirement can be daunting because there\u2019s a lot to learn and for many people the information is new. Whether you\u2019re just beginning your retirement journey or it\u2019s already underway, you may be skeptical about whether you’ll have enough retirement income to maintain your preferred lifestyle.

\nThere are three major phases in managing retirement income:
\n\u2022\tThe accumulation phase
\n\u2022\tThe distribution phase
\n\u2022\tThe preservation or transfer phase

\nPreparing for retirement may require a shift in mindset and knowing the difference between retirement savings and retirement income. Prior to retirement, your financial life was dictated by your paycheck. Once you retire, however, you can no longer rely on a paycheck, which means you must find other sources of income. You’ve worked hard to save for retirement and now it\u2019s time to create additional income from what you’ve saved. Although it can be a challenge, it\u2019s also a great opportunity to grow your money beyond what you’ve saved \u2014 and that\u2019s usually made easier by enlisting the help of a financial services professional.

\nWe\u2019ll work with you to uncover various opportunities and concerns of each phase. Additionally, we\u2019ll walk you through:
\n\u2022\tDetermining how much retirement income you\u2019ll need
\n\u2022\tEstimating how long your current income plan may last
\n\u2022\tCalculating how much additional income you may need
\n\u2022\tEvaluating your additional income sources

\nBecause taxes play a major role in any retirement income planning process, we utilize tax advantaged vehicles to help accomplish your retirement income goals, such as traditional IRAs, Roth IRAs, 401(k)s, and IRA rollovers.\nWhile the numerous options for your retirement savings may seem overwhelming, we are here to help you make sense of it all.\n

\nWe do not provide legal or tax advice and you should consult an attorney or tax advisor for such advice.<\/i><\/small>\n\n","protected":false},"excerpt":{"rendered":"

Enjoy smooth sailing in retirement with proper income planning. Income planning for retirement can be daunting because there\u2019s a lot to learn and for many people the information is new. Whether you\u2019re just beginning your retirement journey or it\u2019s already underway, you may be skeptical about whether you’ll have enough retirement income to maintain your […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"acf":[],"yoast_head":"\nIncome Planning - Travis M. Sherman Wealth Management, LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Planning - Travis M. 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