The 3 Types of Income EVERY Retiree Needs!

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In this episode of the Retire and Thrive podcast, Kamie and Dan discuss retirement income planning. They explain that consistent cash flow is more important than simply reaching a savings target. The conversation covers three key income types for retirees: guaranteed (Social Security, pensions, rental income), variable (dividends, capital gains, RMDs), and flexible (HELOCs, cash reserves). Dan offers practical advice on maximizing Social Security and choosing a financial advisor. The episode aims to help listeners build a sustainable, confident retirement plan by understanding and layering different income streams.

Timestamps:
Introduction to Retirement Income (00:00:00) Dan emphasizes cash flow and consistent income over total savings for retirement success.
Finding a Financial Advisor (00:00:27) Tips on how to find and choose a financial advisor for retirement planning.
Episode Introduction & Overview (00:00:32) Kamie introduces the episode’s focus: the three types of income retirees need.
Importance of Cash Flow (00:01:21) Discussion on why cash flow is crucial and a recap of previous budgeting topics.
Guaranteed Income Sources (00:01:53) Explaining secure income sources like Social Security, pensions, and rental income.
Social Security Basics (00:02:55) Overview of Social Security eligibility, claiming ages, and benefit increases for delaying.
Social Security Claiming Strategies (00:03:24) Details on the impact of delaying Social Security and break-even analysis.
Pension Income Explained (00:05:30) Description of pension plans, payout options, and their role as guaranteed income.
Real Estate as Income (00:06:30) How rental properties can provide stable, consistent retirement income.
Variable Income Sources (00:07:09) Introduction to variable income: dividends, capital gains, and their unpredictability.
Dividends and Capital Gains (00:07:31) Explanation of how dividends and capital gains from investments vary year to year.
Required Minimum Distributions (RMDs) (00:08:29) Details on RMDs from retirement accounts, when they start, and how they work.
RMD Calculation and Tax Implications (00:09:23) How RMDs are calculated, tax treatment, and future law changes.
Flexible Income Sources (00:10:52) Introduction to flexible income: home equity lines of credit and cash reserves.
Examples of Flexible Income (00:11:00) Stories illustrating how retirees use flexible income sources in practice.
Three Income Types Recap (00:11:46) Clarifying the order and importance of guaranteed, variable, and flexible income.
Challenges with Income Types (00:11:59) Discussion on which income type retirees find most stressful and why.
Planning with Guaranteed Income (00:12:35) How guaranteed income is used in retirement planning and its impact on peace of mind.
Case Study: Income vs. Savings (00:14:42) Example of a client with modest savings but strong guaranteed income sources.
Final Thoughts on Income Focus (00:16:57) Reiterating the importance of income over net worth for retirement security.
How to Find a Financial Planner (00:17:36) Advice on finding, vetting, and choosing a financial planner, including cost considerations.
Benefits of Professional Advice (00:19:07) Why having a financial advisor can help with retirement decisions and reduce stress.
Listener Q&A and Podcast Wrap-Up (00:20:42) Encouragement to share the podcast, listener engagement, and episode closing remarks.
Host Reflection and Learning (00:21:17) Kamie reflects on her learning experience and the value of financial literacy.

Disclaimer:
Fortress Financial Group, LLC, is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Fortress and its representatives are properly licensed or exempt for licensure.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All indices are unmanaged and may not be invested into directly. Investing involves risk, including loss of principal. Diversification does not guarantee a profit or protect against a loss in declining markets. Each client’s portfolio strategy is tailored based on their individual goals, risk tolerance, and time horizon, and may not be suitable for all investors. Kamie Roesler is not affiliated with, employed by, or compensated by Fortress Financial Group. Her participation in this video series is entirely voluntary, and she has not received any form of payment or other inducement for her involvement. The viewpoints and opinions expressed by Kamie Roesler are solely her own and do not necessarily reflect those of Fortress Financial Group.