There are many personal, psychological and financial benefits of retirement income planning. They include:

• Viewing economic issues in context: Retirement income planning helps you determine how your financial objectives relate to one another. You may ask questions such as how will additional purchasing of insurance affect my contribution to saving? How will these issues affect my heirs? What are the tax consequences of my investment decision?
• Tax benefits: Planning efforts can ensure that beneficiaries of retirement and other account types pay as little tax as possible and reduce the amount of income taxes you will pay during retirement.
• Reduce costs: Retirement income planning can increase the likelihood that your goals are met with the least cost.
• Contextualize pre-retirement decisions: With appropriate planning, you will be able to make more efficient financial and career-related decisions before retirement. Retirement planning decisions will look different for everyone depending on how many years you are from retiring.
• Get on the same page: Retirement planning helps you and your spouse — plus other family members — get on the same page about lifestyle desires and spending expectations.
• Legacy opportunities: Planning for your retirement can benefit your favorite charitable causes or heirs.
• Peace of mind: Retirement income planning can help reduce your stress during retirement and in the years leading up to it.