Part II: Income planning starts with income allocation
As a famous TV sports reporter would say, “Let’s go to the videotape!” When the talking is done, it’s always good to look again at the results to find out who won the race and why they won.
Unfortunately, most “experts” often view the wrong race. In the case of your retirement, many advisors will tell you that in this race against time you win when you hit a magic savings number. When we go to the videotape (or in our case an Excel spreadsheet), we realize that isn’t the correct focus. Instead, we should be asking, “Do I have enough income to retire?”