INCOME FOR LIFE
The Income for Life Workbook is where Maslow meets retirement. This tool is designed to help advisors and their clients identify income sources against income needs in order to determine the appropriate strategy for getting to the next level.

After completing this workbook, clients will have a clearer picture of how much they will need, and advisors will be able to assist them in setting goals around saving and budgeting to expedite achieving the income necessary for funding these important needs. As a vital part of the financial life planning process, the Income for Life Workbook will help advisors’ clients begin to view their income not just as a way to pay their bills but rather as a means of funding the life they want.

Structured around the concept of Maslow’s hierarchy of needs, advisors and their clients will explore the following “retirement hierarchy of needs”:

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Survival Income: What do your clients need to make ends meet?
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Safety Income: What do your clients need to meet life’s unexpected events?
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Freedom Income: What do your clients need to be able to do the things that bring enjoyment and fulfillment to their lives?
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Gift Income: What do your clients need to enable them to support causes they care deeply about?
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Dream Income: What do your clients need to fulfill their dreams (career change, traveling the world, etc.)?

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Copyright by Financial Planning Life Institute Copyright by Financial Planning Life Institute