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Managing retirement money is a very important task. Even if your retirement time is very far, proper planning should be done right from the starting. The withdrawal rates and asset allocation all of this needs proper planning. There are many other hosts of factors that influence your retirement income planning. A financial advisors help may be required to sort out everything. Moreover, in Oregon there are some of the best financial advisors working to provide you the best support. The longevity of your assets and how the money will impact your lifestyle needs to be decided. Planning income needs during retirement is not that difficult still people have some doubts in their mind every time they think of retirement income planning.

The most common question in people`s mind is when should retirement planning be started and how the approach should be made. The answer to this question completely depends on the time a person wants to retire. If you want to retire around 60 years, you should start your planning from mid to late 50s. Series of meetings and consultations from a financial advisor can provide you a deeper insight. Important issues need to be dealt like how the investment of your portfolio should be done, accordingly when you can afford to retire and how much will be affordable for you to withdraw annually. Living expenses should be your major concern, forget all other hanky panky expenses. As per your retirement age, you need to alter the plan and proceed.

People also think how much annual income will be needed. Most of the studies and cases suggest that a person will need 70 to 80 % of the last work year`s income to maintain a healthy lifestyle after retiring. Wealthy people may need 90% or so from their last year`s income. It is expected that future retirees will generate more income from their personal investments. Due to the decreasing availability of traditional pension and increasing stresses of social security, this is the main issue which will arise. In future, people will be served more from personal investment compared to today`s retirees.

People are also concerned about how much should they withdraw for annual living expenses. These things cannot be planned from much before as these are widely affected by the inflation rate, return on investment and your living style. Your life`s expectancy is one of the major contributing factors. The rest can be discussed from a financial planner to reach a conclusion.

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