Retirement income planning is important because it helps you ensure that you have enough money to support yourself in retirement. Without a plan, you risk running out of money too soon or not having enough to cover your expenses. By creating a retirement income plan, you can determine how much you need to save and invest to achieve your retirement goals and make adjustments as needed to stay on track.

It’s never too early to start retirement income planning. The earlier you start, the more time you have to save and invest for retirement. However, even if you’re getting a late start, it’s still important to create a plan and make adjustments to ensure that you’re able to retire comfortably.

When creating a retirement income plan, it’s important to consider factors such as your expected retirement age, life expectancy, retirement lifestyle, expected expenses, sources of retirement income (such as Social Security, pensions, and investments), and potential risks (such as inflation and unexpected expenses). Consulting with a financial advisor can help ensure that you’re taking all relevant factors into account.

To get started with retirement income planning, consider the factors listed above and determine how much you need to save and invest to achieve your retirement goals. You may want to consult with a financial advisor to help you create a plan and make adjustments as needed. It’s also important to regularly review your plan and make adjustments as needed based on changes in your life circumstances or the economy.