How Do I Create A Retirement Income Plan That Lasts?

Retirement planning goes far beyond simply saving money—it requires a strategic approach to creating sustainable income that lasts throughout your golden years. In this enlightening episode, Senior Wealth Advisor Cody Stansell breaks down the essential components of building retirement income that withstands the test of time.
At the heart of effective retirement planning is understanding your own investment personality. Are you the conservative type who values predictable income and minimal market fluctuations? Or do you have a more aggressive mindset, comfortable with market volatility in exchange for potentially higher returns? Cody emphasizes that neither approach is inherently right or wrong—what matters is creating a strategy aligned with your personal comfort level and needs.
The conversation explores the classic "three-legged stool" approach to retirement income. First, Cody offers powerful insights on Social Security timing, revealing how delaying benefits can increase your monthly payments by approximately 8% for each year you wait. Second, he discusses the pros and cons of annuities and pensions as guaranteed income sources, highlighting when they might (or might not) be appropriate for your situation. Finally, he examines how to strategically withdraw from investment portfolios to complement your other income streams.
Perhaps most compelling is Cody's breakdown of "bucket planning"—a methodology that divides retirement savings into three distinct timeframes: a conservative bucket for immediate needs (24-36 months of expenses), an intermediate bucket for the medium term, and a growth-focused bucket for long-term needs. This approach allows retirees to sleep peacefully during market downturns while still positioning a portion of their assets for the growth needed to combat inflation over decades of retirement.
Want to create a retirement income plan tailored to your unique situation? Visit Steadfastwealthplanning.com for a complimentary consultation or call 469-606-2040. Smart planning, Christian values, a life well lived.

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