You may have spent most of your life with a goal of accumulating assets like real estate or stocks to set you up for your future, but a Santa Clarita financial advisor is reminding residents that we spend income, not assets in retirement.

“Before retirement, your job is to accumulate assets,” said Arif Halaby, a Certified Estate Planner and president/CEO of Total Financial Solutions. “As you get closer to retirement, (your job) is to lock down and secure income. That is a different world.”

Halaby noted that owning an apartment building worth $10 million won’t help you when it’s time to pay the bills, but determining just how much profit you can expect from each tenant’s rent payment will.

Related: ‘Total Financial Solutions Safer Money Hour’ To Celebrate 13 Years On KHTS AM-1220

“You can’t take a piece of drywall off to the grocery store — it doesn’t matter how much the building is worth,” he said. “How much are you being paid next month in rent? How much is coming in … from your pension? What is your social security? That’s what you spend.”

By considering the variety of income options available for retirees with the help of a CEP like Halaby — such as annuities, a steady stream of payments from a company that holds your money, with interest — you can have a much better idea of what to expect during your retirement.

“I want to encourage you as change is happening and your life is financially moving in the right direction, you now have a choice, and that is for you to build and create opportunity,” Halaby said.  

While those opportunities aren’t necessarily guaranteed, they can help make your retirement what Halaby called “a little bit more of a sure thing.”

“(You can say), ‘You know what? I can plan out what I’m going to make,’” Halaby continued. “‘I can plan what I’m going to expect.’”

To learn more about retirement income options like annuities from Halaby, listen to the full podcast of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220.

Total Financial Solutions offers assistance with preparing for retirement and financial planning in Santa Clarita and the surrounding valleys. Santa Clarita financial advisor Arif M. Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners from Santa Clarita financial planning tips and guidance for dealing with today’s ever-changing financial needs.  

Total Financial Solutions, Inc.

24322 Main Street

Newhall, CA 91321

661-753-9683

800-990-7344