Managing your money to and through retirement.

Retirement income planning is all about helping to ensure that you will not outlive your savings and having the flexibility should your goals or needs change in retirement. Just as we create a retirement savings plan to help grow assets, as you approach retirement, we shift and begin to explore ways to help preserve your assets and create strategies that can work together for a more effective retirement income plan.


Developing a retirement income plan involves several key steps:

Identifying Income Sources

This includes Social Security benefits, pensions, retirement accounts, rental income, part-time work, and any other sources of income.

Tracking Expenses   

It's crucial to have a clear picture of your monthly and annual expenses. This includes both essential expenses (like housing, utilities, and healthcare) and discretionary expenses (like travel, hobbies, and dining out).

Analyzing Investments   

Reviewing your investment portfolio to ensure it aligns with your risk tolerance and income needs in retirement. This might involve shifting from a growth strategy to more income-focused strategy.

Creating a Withdrawal Strategy 

Developing a plan for how and when to withdraw funds from your retirement accounts including taking your required minimum distributions (RMDs) to help ensure your money lasts throughout retirement.

Tax Planning 

Understanding the tax implications of your withdrawals and finding ways to help minimize taxes, such as utilizing tax-advantaged accounts like Roth IRAs or considering the timing of Social Security benefits.

 
Healthcare and Long-Term Care Planning 

Estimating future healthcare costs and considering options like long-term care insurance to protect your savings from unexpected medical expenses.

 
Estate Planning

Ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of. This might involve creating or updating wills, trusts, and beneficiary designations.

Having a comprehensive retirement income plan helps to organize your financial life and it gives you confidence knowing that you have a structured approach to managing your finances in retirement. Whether it's planning for travel, hobbies, or simply spending time with family, a well-thought-out retirement income plan helps ensure that your money is there to support your dreams and needs.