Skip West has helped many people plan a successful retirement plan over the years, focusing on their income and providing a steady level. That’s the key step for retirement: making sure that you make enough money every month to stay ahead and enjoy your life. Thankfully, West has many tips and suggestions to simplify this process and ensure that you retire when you want.
Retirement Income Planning
Planning a retirement income is a complex process and is one that West has handled for many people over the years. The primary goal is to create passive income or money you make without working. That kind of income can seem hard to come by, but if you plan properly, you can create a smooth and efficient transition that keeps the money rolling in while you sit in retirement.
For example, you need to build a strong IRA or 401(k) and create a meaningful and successful withdrawal plan. A good rule of thumb is to remove at most four percent from your retirement source annually. If you have $1,000,000 in an IRA, you can take out about $40,000 yearly in income and be safe. That should be a decent amount for most people in their retirement years.
However, there are other suggestions for people trying to create a dynamic retirement income. You also need to plan on your retirement plan tax withdrawals, taking out money when your taxes allow. Only take it out early if you can avoid it! Doing so would only decrease your retirement income by hitting you with early withdrawal taxes that can be hard to pay.
Furthermore, investing in properties and annuities provides a great passive income that can last your whole life. Renting out properties will bring in steady income based on rental. For example, let’s say you owe a $1,000 per month mortgage on a home. Converting it into a two-family apartment complex and renting it out for $1,000 per month to each family provides a steady income source.
Skip says that you can buy multiple properties and lump them together into a steady income if you’re smart. Naturally, you need to spend some of that money on things like utilities and maintenance, but you can easily take the extra cash and invest it into annuities through an insurance company that lets you get a minimum amount of money after a large lump payment and get a steady income for life.
Furthermore, it is important to talk with an investment professional that understands your needs. These professionals can help distribute your money in such a way that you get a passive income. This step can include expanding your stock investments, finding bonds that can mature as you age, and much more. There’s a whole world of financial opportunity waiting for the smart investor, so get out there and make some money.
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