Mortgage Payoff

• When you plan your retirement income efficiently, it will make your retirement years less stressful. If you have a mortgage, it's a good idea to pay additional money toward the principal balance on a monthly basis. Once your mortgage is paid off, you can use the money to save and invest. This represents more money going toward your retirement. The faster you get out of debt, the more money you contribute to your retirement.
  
  

Eliminate Credit Cards

• Get a plan of action that allows you to pay off your credit card debt. When your debt is all paid off, you have the benefit of saving more money in your 401k, and other investments such as CDs and IRAs. This will make sure that you have enough money during your retirement years. The earlier you start investing and saving the more interest you will earn over the long term. When you have the proper investments in place, you will be able to live off the interest and different streams of cash that you can tap into.
  
  

Travel/Vacation

• Sound income retirement planning provides other benefits. Many people want to travel during their retirement years. If you save on a regular basis, you will be able to afford to travel. Proper planning will make sure you have the money for vacations and any other entertainment you desire.
  
  

Emergency Fund

• Effective retirement income planning provides the mechanism for you to meet emergency expenditures such as home repairs and car repairs. You will need to have some funds that you can access when unexpected expenses are incurred. If you don't plan effectively, you may start using credit cards as a way of life. Accumulating credit card debt after retirement can lead to financial difficulties.
  
  

Estate/Heirs

• The value of your estate can depend on your retirement income planning. Many retirees want to leave their estates to their heirs. Without contributing to various investments and other saving mechanisms, you may not be able to leave anything to your children. It pays to adequately plan for the future. A number of retirees want to have money to help their children and grandchildren with tuition and other expenses.
  
  

Financial Adviser/Planner

• Get a financial planner or adviser and put together a retirement income plan. Find out how much money you will need when you retire. A financial planner will be able to run some projections and give you a rough idea of how much money you will need based on the type of life style you are living now and the type you want to have when you retire.