Income planning was not as prevalent at one time.  In fact, most people did not have to worry about developing an income plan at all.  Back then, you had your company pension to rely on, and if that wasn't enough, then Social Security covered the rest.  My, how times have changed!  These days, employers have switched over from defined benefit programs to defined contribution.  Social Security benefits alone do not provide enough money for most retirees.  So, you are now in charge of creating your own pension (or an income plan) so that you have enough money to live on!  We're not talking about investing your dollars in the market and hoping you achieve a big enough return to pull 5% off the top, either.  You need a concrete plan, otherwise, there's a huge likelihood that you will run out of money.

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