The Income Bucket with Scott Toms

The second bucket in your financial plan is the income bucket. The “A” in W.E.A.L.T.H. stands for “all expenses covered by income.” On today’s episode, we sit down with our team member Scott Toms to discuss establishing your income plan and the options available to you. For decades, the financial industry has been unnecessarily complex. Carson Wealth and the Way 2 Wealth podcast is clarifying and simplifying the financial field, allowing clients to become educated and engaged in their financial plans.

What do we define as income? It’s what keeps us comfortable through our working years. Those bi-weekly or weekly checks are reliable but as we move into retirement the biggest adjustment we face is learning to live on a fixed income. In order to have enough money for retirement, regardless of how long we live, we need to carve out an income bucket that will fill our expenses in retirement. It’s important to sit down with your advisor and calculate your specific formula, as everyone’s income needs will be different.

Many of us may get our net worth and income confused. We’ve seen a lot of clients that have a great net worth but have anxiety about retirement because of their income plans. Net worth is not always liquid meaning that money is not guaranteed. Unlike your net worth, your income plan or income bucket is conservatively invested and provides your plan with stable sustainability into the future. Join us today as we discuss how to develop a good income plan and what kind of investments you should be looking into.



0:51 – Who is Scott Toms?

4:15 – Making money simple to Scott

5:43 – Savings, Income, and Growth

11:33 – Income bucket based on what you need

14:26 – Net worth vs income

16:31 – Success stories

17:53 – Clients that run out of money

19:43 – Options for savings buckets

20:51 – Options for income buckets

22:56 – Last thoughts from Scott



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Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors. 19833 Leitersburg Pike, Suite 1 Hagerstown, MD 21742. Guests are not affiliated with Cetera Advisors Networks LLC, or CWM, LLC. Opinions expressed by the presenter may not be representative of Cetera Advisors Networks LLC, or CWM, LLC.

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