Putting It All Together: Your Action Plan and Review Cadence

We’ve covered a lot of ground, from mapping your expenses to understanding taxes and income sources. Creating a retirement income plan is not a one-time event; it’s a living document that you’ll want to revisit and adjust over time. But by following these steps, you can build a strong foundation for a secure future.

Your First 30 Days: The Kick-Start Plan

Don’t feel overwhelmed. Here’s how to get started:

1. Week 1: Gather. Collect all your financial statements in one place.

2. Week 2: Map Expenses. Track your spending for a few weeks or review past statements to create your monthly spending map. Get your income target.

3. Week 3: List Income. Write down all your income sources—guaranteed and from investments. Do the simple math to see if there is a gap.

4. Week 4: Automate. If you need to withdraw from your portfolio, call your investment company and set up an automatic monthly transfer to your checking account. Create your “paycheck.”

Your Annual Financial Check-Up

Life changes, and so will your plan. It’s a great idea to set aside time once a year to review everything. Sit down and look at your spending, your investment performance, and any changes in your life or goals. This is also a good time to review your tax withholding to make sure you are on track.

Building a reliable income stream in retirement is one of the most empowering things you can do. It transforms a pile of savings into a predictable resource you can count on, month after month. This frees you from financial worry and allows you to focus on what truly matters: your health, your family, and enjoying this new chapter of your life.

Disclaimer: This article is for educational and informational purposes only. It is not intended to be a substitute for professional financial, tax, or legal advice. Financial rules and regulations can change, and your individual circumstances are unique. We strongly encourage you to consult with a qualified professional before making any financial decisions.