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Financial Plan vs Retirement Income Plan

Financial Plan vs Retirement Income Plan - How are they different? Financial Plan

A comprehensive evaluation of your current and future financial state, using currently known variables to try and predict future cash flows, asset values and withdrawal plans.  We will address net worth statements, tax liabilities, asset allocation, and future retirement and estate goals to help develop a plan.

Considerations will be made on:

  • Estimates of asset growth to determine if your financial goals can be met in the future.
  • Implementing future wealth transfer plans and future expense levels.
  • Ongoing evaluation and changes to ensure a smooth transition through your life's financial phases. This is done via decreasing spending or changing asset allocation.

We will examine what steps need to be taken to help to ensure these goals are met.  Extrapolated asset values may determine whether you have enough funds to meet future needs.

Am I in debt? - Should I save?

What if my level of debt does not allow for investing because I need income for my current living expenses?

Is investing - saving?

What if I lose money investing?

Do I have a qualified plan available?

Do I benefit most by saving pretax dollars with deferred growth and possible employer matching?

How much emergency savings should I always maintain in cash?

These are additional important considerations when creating a financial plan.

Lifecycles - What period of my life am I in? Is saving or investing best for me based on my current lifecycle?

Surviving Cycle – These are often the “Broke Days”.  You are living paycheck to paycheck and may not have extra for savings or spending.  Perhaps this is the time to start educating yourself for when you enter the next cycle.  You may want to start by considering your current investment profile.

Growing Cycle - You are finally paying your bills on time and staring to save or invest.  Perhaps this is the time to start your financial plan.

Spending Cycle - This is the time in your life when you have enough extra to spend, save, and start planning your income for retirement.  Your retirement income plan will try to help guide you in the direction of your dreams.

Please contact Doleman Wealth Management, LLC, to start your financial plan questionnaire today

Retirement Income Plan - Period of spending while in retirement

This is a continuation of your financial plan.  The time to start focusing on retirement income is about 5-10 years prior to your planned retirement.

If you are nearing retirement or have already entered retirement and have not started planning yet, it's not too late.  The following questions can be addressed in your retirement income plan:

At what age do I want to retire?

What will my taxes be at retirement?

How do my deferred taxes on my retirement plans work?

Which accounts do I spend from first?

Have I considered inflation each year?

What will the value of a dollar be worth in 10-30 years?

Will I outlive my retirement income?

As we live longer, many people are starting to outlive their retirement income.  Planning until age 95, allows your plan to forecast beyond life expectancy tables.

Click here for a sample retirement income plan.

Social Security Benefits

Your social security benefits will continue to increase with each year that you wait to start using them.  See the retirement age calculator to determine what your payments will be at different ages.

To determine your exact Social Security payout figures please visit:


Please contact Doleman Wealth Mangement, LLC, for more details.
*please see below for important disclosure