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Erich Castillo, Founder of Cornerstone Wealth Management Interviewed on the Influential Entrepreneurs Podcast Building a Reliable Retirement Income Plan-Part 1

By: Authority Press Wire

Erich Castillo discusses Building a Reliable Retirement Income Plan-Part 1

Listen to the interview on the Business Innovators Radio Network: Interview with Erich Castillo, Founder of Cornerstone Wealth Management-Building a Reliable Retirement Income Plan-Part 1 

Erich Castillo, founder of Cornerstone Wealth Management, for the first part of a two-part series focused on building a reliable retirement income plan. Erich emphasizes the importance of establishing clear goals and identifying the target number necessary for meeting expenses and lifestyle needs in retirement. He highlights the necessity of having a financial professional guide clients through the process, ensuring they create a sustainable income stream that provides peace of mind, regardless of market fluctuations.

Creating a reliable retirement income plan is a crucial step for anyone approaching retirement. The foundation of this plan begins with a comprehensive understanding of the client’s goals and determining the necessary income target to meet their lifestyle needs. This process ensures stability and predictability, which are essential for a stress-free retirement.

The first step in developing a reliable retirement income plan is to engage in a thorough discussion with clients about their aspirations. This involves asking questions that help uncover what they envision for their retirement. Are they looking to travel, spend time with family, or perhaps pursue hobbies? Understanding these goals allows financial professionals to tailor the income plan to align with the client’s desired lifestyle.

Once the client’s goals are established, the next step is to determine the income target required to meet those objectives. This involves calculating the total expenses that the client anticipates during retirement, including housing, healthcare, utilities, and leisure activities. By honing in on this number, clients can gain clarity on how much income they will need to generate each month to maintain their desired lifestyle.

A reliable retirement income plan must prioritize stability and predictability. Clients should feel confident that their income will be consistent, regardless of market fluctuations. This is where the concept of guaranteed income comes into play. Financial professionals can incorporate various components into the plan, such as:

  • Social Security: A government-backed source of income that provides a predictable monthly payment.
  • Pensions: Company-backed retirement plans that offer a steady income stream.
  • Annuities: Financial products that can provide guaranteed lifetime income, backed by the claims-paying ability of an insurance company.

By integrating these reliable income sources, clients can rest assured that their essential expenses will be covered, allowing them to enjoy their retirement without the stress of financial uncertainty.

In summary, a reliable retirement income plan should start with a clear understanding of clients’ goals and a determination of the necessary income target to meet their lifestyle needs. By focusing on stability and predictability through guaranteed income sources, financial professionals can help clients navigate their retirement years with confidence and peace of mind. This structured approach not only addresses immediate financial needs but also sets the stage for long-term financial success, allowing retirees to enjoy their golden years without the burden of financial worry.

Erich Shared: “The focus of my practice is to employ reliable retirement income planning to help my clients have the retirement they’ve spent a lifetime earning”

Video Link: https://www.youtube.com/embed/g5n_OhVkqI0

About Erich Castillo

Erich Castillo is the founder of Cornerstone Wealth Management established in 2004. He began his professional career in 1997 at American Express Financial Advisors, achieving numerous accolades and awards. Erich is currently an Investment Advisory Representative. He also has his Life, Accident, Health, Insurance and Annuity designation so he can act as a comprehensive resource for his clients. To round out his financial education, he holds a Chartered Life Underwriting Designation and Chartered Financial Consultant Designation.

Originally from San Francisco, he has traveled and lived all around the world, eventually landing in Lexington, Kentucky. While earning a Bachelor’s degree in both Finance and Education at the University of Kentucky, Erich had the opportunity to work as an athletic trainer for several sports teams at the University of Kentucky, where he met Emily, his wife, and mother of his two sons, Brandon and Carson.  Though Erich has an accomplished career, his greatest treasure is his beautiful family.  Erich met his wife, Emily, at the University of Kentucky.

Learn more: http://www.retirewithcwm.com/

Investment Advisory Services offered through Southland Equity Partners, LLC an SEC Registered Investment Advisor.

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