Get ready for part two of our Retirement Cash Flow series! This time, we're diving into the income side of the equation. In our first two episodes, we tackled the ins and outs of your expenses in retirement. Now, it's all about understanding the crucial role of income analysis. We'll uncover the secrets of guaranteed income versus the uncertain stuff and shed light on the consequences of retiring without a clear income plan. Don't worry if you're feeling lost - we've got your back with practical solutions and expert guidance. Tune in and take charge of your retirement cash flow! Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com Disclaimer: PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. Transcript of Today's Show: For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/ ----more---- Mark: Welcome into this week's edition of the podcast. It's Retirement Planning - Redefined with John and Nick from PFG Private Wealth, back with me again to talk about mastering retirement cash flow. So we're going to dive into the income side of the equation here a little bit on these things that we need to discuss, and go through this crucial role of income analysis. And we'll talk about, hopefully, some ways to highlight some points to think about when it comes to making sure you've got that cash flow taken care of. Because clearly, we've got to have income in retirement when we're no longer getting those paychecks. So that's on the docket this week on the show. Once again, guys, thanks for being here. John, what's going on buddy? John: Oh, not too much. Just starting to get this Florida heat hitting me and we're only about a month into it, but I think I'm already tired of it. Mark: Already tired of it? Yeah, you got a ways to go if that's the case. What about you, Nick? How are you doing, my friend? I know you're doing a little moving. Moving's always fun, right? You getting that all worked out? Nick: Yeah, yeah. Well, luckily the move wasn't too bad, but pretty much settled in and I got a little bit of break from the heat in July after going up north for a little bit, like I tend to do during the summer. Mark: Oh, yeah. Although it's been hot everywhere. It was probably hot up there too, wasn't it? Nick: It was, it was. But it was, for sure, cooler and the humidity less. Mark: Yeah. That's the kicker. Yeah. Nick: We definitely had some warm days for sure, but I do enjoy being able to go on the fresh water up there, because I don't do fresh water in Florida. And it's not like I go to the beach that much anyways, but the water at the beaches here right now is just insanely hot. It's not even worth going in. Mark: It's like you get in the bathtub. Nick: Yeah, yeah. It's ridiculous. Mark: You think, "The ocean! I'm going to cool off." No, you're not. But yeah, well, good. I'm glad you guys are doing all right. So let's get in and talk about this cash flow thing here a little bit. Why is understanding income, guys, in retirement critical for the stability of your financial strategy, and what could happen if you don't have that clear picture? Nick: Yeah, so I was actually having a conversation with a client earlier today and really kind of emphasizing ... We emphasize this with our clients quite a bit, that it's super important to have income. Obviously, income is king in retirement, but not completely in lieu of liquidity, of having other funds. So this one client had good direct income sources and then had a decision to make on a pension, on whether to lump sum, roll over or take it as an income. And because of the overall financial strategy, for her it made sense to take lump sum, roll it over into an IRA. And that would kind of give her the balance of having assets that she can dip into, versus just a stream of income that would limit her on other things. Creating that balance is different for every single person, but we really try to emphasize trying to make sure that you understand the different ...
