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5 Steps to Building a Retirement Income Plan for Clients

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Related: 8 Things Your Clients Might Not Know About Social Security

An effective retirement income plan can involve coordinating multiple goals, assets, liabilities and income sources.

For instance, some clients will want to travel extensively while others might prefer to stay local and become more active in their communities. Some will have adequate financial resources to fund their desired lifestyle but others will face spending tradeoffs. Also, each client will have a different degree of risk tolerance and desire to leave a legacy. 

The Ultimate Retirement Income Planning Guide for Advisors from Commonwealth Financial Network outlines a comprehensive approach for advisors to distinguish themselves as retirement income planning experts. The process follows a five-step sequence to help develop a personalized plan for each client. We’ve summarized the steps in the gallery above.

Ed McCarthy is a freelance financial writer who holds the certified financial planner and retirement income certified professional designations.