Mark Turner discusses retirement income planning 

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-mark-turner-president-of-wealth-management-strategies-discussing-retirement-income-planning/

In this episode of Influential Entrepreneurs, had the pleasure of having Mark Turner, the President of Wealth Management Strategies, about the critical importance of income planning both before and after retirement. 

Mark shared valuable insights into the often-misunderstood concept of income planning, emphasizing that retirement doesn’t mean the end of income but rather a shift in how income is managed and sourced. He highlighted the importance of understanding each client’s unique situation, including their family history, life expectancy, and personal goals, before crafting a tailored income plan. 

Income planning is the process of strategizing how to generate a reliable income stream during retirement. While many individuals fixate on accumulating a specific amount of money before retirement, it is equally important to consider how that money will be utilized to create a sustainable income. As Mark Turner, President of Wealth Management Strategies, emphasizes, it is vital to identify predictable sources of income that will support retirees throughout their lives. 

One of the first steps in effective income planning is to assess personal circumstances. This includes understanding family dynamics, health considerations, and lifestyle aspirations. By gathering this information, financial planners can tailor strategies that align with each individual’s unique situation. For instance, those with a family history of longevity may require a different income strategy than those who anticipate a shorter retirement period. 

A well-structured income plan should not be static; it must be adaptable to life’s unpredictable nature. As Turner points out, “Plan and review often.” Life events such as changes in health, family situations, or economic conditions can significantly impact retirement plans. Therefore, regular reviews of the income strategy are essential to ensure it remains relevant and effective. This ongoing assessment allows retirees to make necessary adjustments, ensuring that their income strategy continues to meet their needs. 

Additionally, the concept of “measure twice, cut once” is particularly relevant in income planning. Taking the time to develop a comprehensive plan upfront can prevent costly mistakes down the road. This involves not only creating a plan but also understanding the various income sources available. For example, Social Security benefits, pensions, annuities, and investment withdrawals all play a role in providing income during retirement. Each source has its own implications for tax liabilities and longevity risk, which should be carefully considered. 

When planning for retirement income, individuals should aim to identify multiple predictable sources of income. Relying solely on savings can be risky, especially in the face of market volatility and inflation. A diversified income strategy may include:  

1. Social Security Benefits: Understanding when to start taking Social Security can have a significant impact on total benefits received. Delaying benefits can lead to larger monthly payments, which can be a critical part of the income strategy. 
2. Pensions: For those fortunate enough to have a pension, it is essential to understand the payout options and how they fit into the overall income plan. 
3. Investment Income: A well-structured investment portfolio can provide dividends and interest income. It is crucial to develop a withdrawal strategy that balances the need for income with the preservation of capital. 
4. Annuities: These financial products can offer guaranteed income for a specified period or for life, providing peace of mind for retirees concerned about outliving their savings. 
5. Part-Time Work: For some, continuing to work part-time during retirement can supplement income and provide a sense of purpose. 

Mark shared: “When Mark was just 25, his family wasn’t prepared for the passing of his father at age 52. Mark recalls, “I saw what can happen when there’s no planning in place and you receive inaccurate advice. That’s why I urge my clients to plan early, review often, and make changes when necessary.” 

Planning for income before retirement is not merely a financial exercise; it is a critical component of achieving peace of mind and maintaining quality of life in retirement. By understanding the importance of income planning, individuals can navigate the complexities of retirement with confidence. A flexible, well-reviewed plan that incorporates multiple sources of income will serve as a robust foundation for a secure and enjoyable retirement. As the financial landscape continues to evolve, proactive planning and regular reviews will ensure that retirees are well-equipped to adapt to life’s changes and enjoy the retirement they have worked so hard to achieve. 

About Mark Turner 

Mark has been helping individuals retire with confidence for over two decades. He is a passionate professional with a rich history of providing safe growth and advanced income strategies to help make sure his clients have an income they can’t outlive. Working with top estate planning attorneys, Mark assists his clients with life insurance and long-term care planning alternatives to ensure legacy preservation for loved ones. 

Mark has been in the insurance business since 2000 and has held a Series 65 securities license since 1999. In 2018, Mark founded Wealth Management Strategies Financial Services LLC, an investment advisory and retirement solutions firm. Mark is also an Accredited Investment Fiduciary (AIF), which he earned by demonstrating knowledge of ethical behaviors that follow a fiduciary duty to his clients. 

Mark attended California State University at Northridge with a major in business management and a minor in marketing.  

Learn more: https://www.wmsretirementsolutions.com/  

Investments offered through WMS Financial Services LLC, a California registered investment adviser. AKA “WMSFS”. CRD 291291 8820 E. Foxhollow Drive Anaheim, CA 92808. Insurance products and services are offered through Wealth Management Strategies, an affiliated company. Mark D. Turner, Insurance License #0759815 Wealth Management Strategies, 751 S. Weir Canyon Rd. Ste 157-610 Anaheim, CA  92808 (714) 912-4906.  IRS CIRCULAR 230 DISCLOSURE. To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication is not intended or written to be used and cannot be used for the purpose of (a) avoiding penalties under the Internal Revenue Code or (b) promoting, marketing or recommending to another party any transaction or matter addressed herein.