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Ben Fuchs of Fuchs Financial says everyone should take into account three “buckets” when financial planning–the income bucket, the safety bucket, and the growth bucket.
Income Bucket
“The most important thing when you’re retiring or preparing to retire is, ‘How do I generate the most income for myself, or enough income I need to be comfortable in retirement?’” says Fuchs.
He says the team at Fuchs Financial helps clients figure out how much they need to put in that income bucket now to be prepared for future retirement. The money placed into the income bucket now will essentially function like your “paycheck” in retirement.
“We talk about the three different buckets, because a lot of people have the majority of …