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Your Streams of Income

As you plan for your retirement, you must also adequately plan for your changes in income. While you are a working professional, you are able to rely on your steady paychecks or other streams of income. But when you are retired, you likely work less (or not at all) and must supplement your income in other ways. There are generally four kinds of income that retirees must consider: paychecks, play checks, emergency checks, and gift checks.


Paychecks are a working professional’s way of paying for their needs. You likely relied on your regular paychecks to pay things like your mortgage, any car payments, groceries, and other necessary expenses. In retirement, you will still have needs, but might lack a steady paycheck. Working with a professional such as myself is crucial in determining how you will supplement these paychecks during retirement.

Emergency Checks

Of course, we all face emergencies in one way or another. When you were working, they may have been a hospital visit for you or your children, an unexpected car or homeowner’s expense, or a multitude of other things. In retirement, these emergencies may be different, but you will still need a way to pay for them. When I work with my clients, I establish how much money they will need for their emergency fund and where it is going to come from.

Play Checks

Play Checks, as I like to call them, help individuals pay for their wants. Whether that is going on a vacation, buying a new home or car, or another fun expense, playchecks help cover these wants. In retirement, you will still have wants and it’s beneficial to find a way to cover these. Where will your play check income come from?

Gift Checks

We all love the excitement of a promotion, a birthday, or an anniversary! And likely, these events came with a little extra cash. Gift checks help individuals pay for their wishes and serve as a sort of disposable income. In retirement, you may or may not receive gift checks. We will determine where this income falls in your long-term strategy.