Check Off List for Income Readiness PART 2

Part 2: Top Ten Check-Off List for Income Readiness in Retirement

6. Know Your Income Sources
   Identify all potential income streams—social security, pensions, dividends, interest, or passive income. Align these sources with your personal spending plan to ensure your income covers both essentials and discretionary expenses.
7. Maximize Social Security Benefits
   Timing and coordination are crucial for optimizing Social Security. Whether you're single, married, or in a domestic partnership, strategic planning can enhance the lifetime value of your benefits.
8. Incorporate Reliable Income Streams
   Build a dependable income foundation to cover essential expenses. Just like Social Security and pension income, consider strategically integrating additional protected income options, like annuities, to add stability and reduce reliance on market fluctuations.
9. Monitor Your Progress Regularly
   Consistent tracking ensures you're on course to meet your goals and helps you identify opportunities to adjust or even enjoy more discretionary spending.
10. Partner with a Professional Retirement Planner
    Transitioning from accumulation to distribution requires specialized expertise. A retirement income planner can help you navigate the complexities of income management, tax strategies, and risk mitigation, helping ensure your assets last as long as you need them.

Any opinions are those of Mark Vivian and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax or legal issues, these matters should be discussed with the appropriate professional. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.