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retirement income planning

Retirement income planning has become a mainstay in the financial world, largely because it diversifies your income in much the same way you would diversify your portfolio. Instead of asking you to rely solely on what you’ve saved over the years, the strategy challenges people to generate new income in as many ways as possible.

So just how can you make money even after you’ve stopped working your standard nine to five? The right financial strategist can tell you how you can start piecing together your income planning, and they can tell you why this approach has been so effective at addressing everything from health scares to rampant inflation.

How Does Retirement Income Planning Work?

If you live in Lodi or Stockton, Calif., retirement income planning is an answer to some of the biggest questions that you might have about retirement. If you ask a friend or a family member “how much do I need to retire,” they might give you a stock answer. For instance, they might tell you that your goal should be around $1 million or that it should be around 10 times that of your current annual income. These are not inherently incorrect, but they ignore a lot of nuances that can end up eating away at people’s finances over time.

A financial strategist can tell you how to plan your retirement income so you’re taking advantage of different streams of revenue. For instance, you might receive several thousand in Social Security, a thousand in rent from a rental property, and several hundred dollars a month from a part-time job in a field you love. From stock dividends to pensions, there are often more avenues available than people realize. Retirement income is a way to bring all of that together, so you have a better idea of what you’ll have to spend by the time you reach retirement age. At Topping Wealth Solutions, you’ll work with Leroy Topping, a financial strategist that will listen to your concerns and plans, and ensure that your income matches your preferences.

life insurance

Life insurance is one of many types of insurance, and it’s not always well understood by the public. Unlike home or car insurance, this is not a policy that you’re required to purchase in Lodi or Stockton, Calif., which can lead to some general misconceptions. For instance, not everyone realizes that life insurance can be used in the event of an emergency, making it beneficial for both the policyholder and their family. The best way to understand more about life insurance is to talk to a financial professional who can help you put it all in perspective.

How to Pick the Best Life Insurance Policy

Life insurance policies are typically broken down into two general categories. With term life insurance, the policyholder will name beneficiaries and then choose an expiration date for the policy. For instance, maybe you want to take care of your children until they become legal adults and can take care of themselves. In this case, the life insurance policy would end on the date of your youngest child’s 18th birthday. If the policy is unused, the beneficiaries will receive none of the benefits. Term life insurance is affordable, making it a popular choice for many people, but it is not always the right solution.

With a permanent life insurance policy, the benefits won’t expire for the beneficiaries. For those who want to provide for their families indefinitely, it can be a great comfort to choose one of these plans. The other component of certain permanent policies, though, is that you may be able to use them as fallback savings. Should you deal with a major unexpected expense during retirement, you can use your life insurance as another asset to shield you from financial ruin. When you inevitably have questions about the twists and turns of different types of policies and carriers, Leroy Topping at Topping Wealth Solutions is here to help. The more advice you have, the easier it is to see how life insurance fits into context with the rest of your portfolio.

maximizing social security

Social Security has been a mixed blessing for the public for decades now. Introduced in the 1930s, it wasn’t unheard of for people to live entirely off their benefits checks at one point in history. Over time, though, the program has changed, reigning in the cash reserves even as the costs of everyday necessities have continued to rise.

Yet even with the drawbacks of Social Security, it can still be a vital tool in your arsenal of retirement solutions. The key is understanding how to work within the system, so you’re able to get the most back from it.

Maximizing Social Security

A financial strategist serving Lodi and Stockton, Calif., would never encourage their clients to rely solely on a benefit check from the government. This is not necessarily because the numbers are so paltry, though.

In fact, plenty of people can cover a large chunk of their everyday expenses with the money they receive every month. No matter how much you receive every month, though, a financial strategist will stress the importance of having as many sources of revenue as possible to pad your accounts with enough to withstand even the worst emergencies. If you’re wondering how to maximize Social Security, the answer lies in knowing more about the complex rules of the system. As you do your research, keep in mind that Social Security headlines are based on averages. While some taxpayers may not make very much, there are people on the other side of the equation, too.

To ensure you’re not leaving anything on the table, particularly when you’ve likely paid thousands of your hard-earned dollars into the system over the course of your lifetime, Leroy Topping at Topping Wealth Solutions can help. From the industry you worked in to the amount of money you contributed to Social Security, he can fill out the long and winding paperwork in a way that nets you the best returns. Before you skim over the details, remember that the keen eye of a financial professional can make a huge difference to your retirement bottom line.