What is Income Planning anyway?

You hear buzz words used over and over again and everyone assumes that everyone else knows what it means. In the world of financial strategies, income planning means understanding how much your paycheck will be when you actually retire. You work your whole life and you know how you are going to be compensated..well for the most part.

The same goes with retirement. Would you take a job without knowing what your compensation was going to be? Would you quit your current job without having another one lined up? Depends on the day I guess, but you get my point.

Don't get too close to retirement without knowing your exit strategy.
If you are going to retire on January 1st of 2010, then you should know what your January 15th income will be. If you don't then you don't have a plan!!

It's easy, you just have to make the effort. You'll spend hours and hours planning a vacation or a party, but people don't make their financial planning a priority until it's too late to have a real impact on their retirement.

More planning now means less stress later!