welcome to getting started with income

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laab a video series that jump starts

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great retirement income planning and

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management the first question that

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generalized planning or accumulation

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planning software typically asks is how

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much would you like to spend in contrast

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when you're building an income lab plan

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the first question the software Answers

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by default is how much can I spend that

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means that with income lab you don't

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need to start start with a budget or a

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feel for client spending goals that

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difference can be surprising it might

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help to notice that the question how

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much can I spend in retirement is a bit

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like asking how much do you earn in your

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working years it's 1/ half of the

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retiran income story and it can be

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answered before exploring how much a

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household actually spends or would like

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to

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spend don't worry if you do know how

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much clients spend or would like to

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create a plan that zeros in on a

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particular net spending level you can do

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that and it's covered in a different

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video the first step in building any

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household's plan is always to put

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together a resources plan that includes

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everything that household will use to

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fund retirement income investment

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accounts Social Security pensions and so

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on the best practice here is to enter

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any non-portfolio income sources as

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realistically as possible often that

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means treating them as monthly not

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annual of course if an income stream

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really is received annually or quarterly

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go ahead and enter it that

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way you can create a resources plan

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through quick create which allows you to

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enter plan items quickly all on one

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screen and get to a plan

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fast from there you can always go back

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and fine-tune anything you'd like such

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as inflation treatments or timing of

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cash

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flows you can also take the standard

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route enter some basic client

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information and click save and create

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plan this will take you to screens that

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allow more customization right off the

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bat in the next video we'll cover how to

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turn a resources only plan into a core

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retirement income

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plan