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Your Retirement Income Blueprint: A Six-Step Plan to Design and Build a Secure Retirement by Daryl Diamond

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Step 2. Establishing Your Lifestyle and Time Objectives: The Time Hub

In my previous publication, Buying Time, I used the term “Time Hub” to encompass the lifestyle planning issues and the use of one’s time in retirement. I will continue to do so in this book. I use the word “hub” as a description because these considerations are always changing. They are dynamic, contracting, expanding and evolving from what were the central considerations at the outset. And this continues to happen as you move through retirement.
Your Time Hub is composed of your key personal needs and your objectives, including what you wish to do with your time. And there are many things, including people, that will affect your decisions in this area. The priorities within this hub are driven by a combination of emotional, psychological and physical well-being. They cover a number of different areas of importance. And each one of them has financial implications, as well.
Often, the retirement income planning exercise focuses only on what the income needs are. For example, “How much income do you need to have each month?” True, it is necessary to know this, and the planning process requires that this be identified and provided to your advisor to help put your financial plan together. But what are the factors that have driven the need for this level of income at this point in time? It is more than just a numerical calculation. It is necessary to think through some other key questions that are part of the ...

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