The Power of Various Streams of Income - Retirement Talk with Eric Kearney, Cape Coral, FL

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Episode 55
Retirement Talk with Eric Kearney in Cape Coral, FL. Eric Kearney is an author, a radio host, a fiduciary and Southwest Florida's premier investment advisor.
Various amounts of income streams. Eric, I know you're very passionate about this subject. You concentrate on income planning before anything else when you're meeting with a client. Yeah. Why is this so very important and crucial?
Well, what's interesting about income is what does this actually do well, it connects us to our lifestyle, and so a lot of times during our accumulation years, we work at a job, and the thing is, is that we worry about the stability of that job. We realize that that job provides us with a paycheck. It also provides us to be able to pay our bills and live our lives.
So why is our retirement any different? What we're really looking to do is concentrate on your income and making sure that you have enough retirement income for the rest of your life. But we're also looking to serve your needs. So again, a lot of people will focus on the portfolio, but we're focusing on the income plan.
How sustainable is it? How about longevity? The market, it's going to go up, it's going to go down, it's going to go sideways. That's the three guarantees that the market gives you. Right? But what you really want to understand is, okay, through all that commotion, what about my paycheck? Am I still going to be able to get that?
So that's the one thing where we wanted people give people. Financial confidence to understand that they're going to be able to live their life the way that they actually want to. And Eric, is that still the number one fear that people have running out of money during retirement? Yeah, I think it's between that and now healthcare is coming up there as well because it's getting so expensive.
But still, number one, I don't want to run out of money. Right. Well, Joseph, I have a question for you now that we're responsible for creating our own paycheck, if you. How do you do that if you have multiple accounts? Well, it's a great question because a lot of people get confused once they get to the Decumulation stage of retirement, when they're going to pull this money out, how they're going to go about doing that.
And where this really starts with us is the income planning process where we're going to lay out all of your retirement income from Social Security pensions, possible annuity payments. And then we're going to subtract your retirement expenses from that amount. And this is going to leave us with either a deficit or a surplus.
And if you're in a deficit, we now know exactly how much you need from your accounts in order to keep your expenses afloat. And this is very important because now we can tailor fit your investments to pay out this amount to you every single month. And not only that, but we're factoring this into the overall financial plan, factoring in things like taxes and inflation, because we want our clients to.
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