Senior Wealth Advisor
Retirement Income Planning
A retirement income plan you can understand and use
During your working years, income usually arrives on a familiar schedule. Retirement changes that flow. Social Security, pensions, retirement accounts, taxable investments, and cash reserves may all play a part.
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I help you decide how those sources can work together. We’ll look at where income may come from, how taxes and market changes could affect it, and when the approach may need to change.
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The goal is a plan you can follow and a conversation you can return to as retirement unfolds.
A retirement income plan you can understand and use
Social Security benefits
Interest, dividends, or other portfolio income
Pension or military retirement income
Annuity income, rental income, or part-time work
Required or planned retirement-account distributions
Cash reserves for near-term needs
Withdrawals from taxable investment accounts
We’ll look at how dependable or flexible each source is, how it may be taxed, and when it may be available.
How your retirement income fits together
We’ll look at how dependable or flexible each source is, how it may be taxed, and when it may be available.
1
Giving each account
a role
Money needed soon has a different job from money intended for later years or for family. Some accounts offer tax deferral. Others may provide more flexibility. Investment risk should also reflect when the money may be needed.
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I organize the conversation around purpose. What does each account need to do, and when? The answer can guide reserve, investment, and withdrawal decisions.
2
Considering taxes along
the way
The account used for a withdrawal can affect taxable income, capital gains, required minimum distributions, Social Security taxation, and Medicare premiums.
Roth conversions or charitable strategies may also be worth discussing in certain years.
I include those considerations in the financial plan and coordinate with your tax professional for individualized tax advice.
3
Planning for changing markets
Market declines early in retirement can place extra pressure on a portfolio when withdrawals are beginning. We’ll discuss that possibility in advance and decide how reserves, near-term spending, and investments can work together.
The appropriate response may include rebalancing, adjusting discretionary spending or withdrawals, or using available reserves. The plan and your circumstances guide the choice.
4
Keeping the plan flexible
Retirement spending rarely stays the same from year to year. Travel, home projects, family support, health care, and long-term care can create uneven needs. Markets, benefits, and tax rules may change too.
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Regular check-ins give us a chance to review what has changed and decide whether income sources, withdrawals, or investments should be adjusted.