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What is Retirement Income Planning We now have to figure out how to distribute all these assets that you've now accumulated. The basis of retirement is that you cannot have a retirement, or you cannot retire without income. That's why income planning is all that more important in retirement. There's three things, or three levels that I believe that you need to have when it comes to your income planning. One is you need to have the income to maintain your lifestyle. I know most of you, if you are a baby boomer, or a pre-retiree, or someone that's already retired, you want to make sure that you can have that same amount of income that you've been able to have throughout your entire life. What is Retirement Income Planning That way, you can maintain your lifestyle and do the things you want to do, still gift to your grandchildren, or you children and do those trips that you like to do, maybe travel the world, or golf. It's important to have that income when you retire to maintain your lifestyle. I hope, for everyone that's watching this video, is able to maintain their income, or maintain their lifestyle when they retire. What you need to do to make sure you can have enough income is first understand how much you are spending. Believe it or not, a lot of you do not know how much you're actually spending every year.