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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 3. Determining Your Financial Goals and Priorities: The Money Hub

The Money Hub pertains to those assets, benefits and entitlements that will be used to create income and to the priorities you attach to their use. It also includes very important decisions about the level of retirement income you want or need to create. The Money Hub can be objectively and technically planned once the advisor knows your lifestyle and income needs. So while this part of your blueprint does focus on income, the Money Hub also addresses the use of your assets generating that cash flow.

Changes to Cash Flow at Retirement

Okay, this is it! This is your last day at work. Just before you leave, you are handed your final paycheque. What are some of the differences in expenditures you will experience when you are transitioning from employment to retirement? If you are already retired, you are very familiar with some of these issues. Some of the changes that occur are subtle and gradual, some are obvious and immediate. Either way, there is an impact—financially, psychologically or both. These are issues with which you should be familiar. Some of the more noticeable changes are listed below.
• Costs related to work disappear. Transportation costs, clothing specific to work, and the cost of meals or lunches are no longer a factor.
• Group insurance benefits (disability and life insurance) are commonly terminated or at least reduced when someone leaves an employer. A key planning point to examine ...

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