So what makes up a compete retirement plan?
According to Charlie Jewett from Renovating Retirement, there are three key parts to compete a retirement plan- IN-Case, IN-Come and In-Crease accounts.
Whether you know it or not, you have these three types of money in your life.
The IN-Case account is usually whatever you have in your savings or bank account for emergencies.
The IN-Come is what you have when you’re working, and what your trying to replace when you’re retired.
The In-Crease is what you’re living off of in retirement and what you’re growing when you’re working.
The In-Come account is the piece that people miss when creating a retirement plan.
Some people have become so focused on listening to brokers telling them to grow their retirement accounts, that they’ve lost the reason behind it which is to live off of that money.
Jewett suggests that you calculate exactly how much it will take for you to retire with 100% of your working years income and make sure it will last the rest of your life.
Then, make absolute certain that your using investment products that will get you there safely and securely.
To start building your financial blueprint, visit https://renovatemyplan.com.
