Retirement Income Strategies

For most people, it’s a big change to go from saving money for retirement, to taking an income from your investments to live on during retirement.  You’ve spent your working years accumulating and growing your assets.  Now it’s time to put an income plan in place for retirement so you can benefit from all your hard work.

In the past, many people followed the 4% rule, assuming that by only drawing 4% of their assets per year, those assets would most likely last until the end of their retirement years.  With rising costs in the last few years, this is not the case for many people.  Part of this new reality is looking for strategies that will provide our clients with an income in retirement that they can’t outlive.  We focus on our clients’ goals for retirement and design an income plan based on their specific needs.  A household receiving a pension and social security may have significantly different needs than a household with social security as their sole source of income.  We focus on addressing the gap between your income needs and your expenses while reducing the probability that you will outlive your assets.
Some of the issues we address include:

  • At what age will working become a choice for you instead of a necessity?
  • Analyzing your needs vs. your wants to ensure your spending plan will maximize your probability of financial success in retirement
  • Looking at your sources of assets to determine the most tax-efficient way to spend them down during retirement
  • Are there strategies that will allow you to create a self-directed pension?
  • When does it make sense to take Social Security to maximize your household benefit during retirement?
  • Making sure your investment allocation is appropriate for your needs
  • Required Minimum Distribution (RMD) planning for those ages 70.5 and over

Only 18% of Americans are very confident of having enough money to live on in retirement; if you're not one of those people, let us help you develop a plan to become one.1  

1 - pdfEmployee Benefits Research Organization, Issue Brief, 03/21/2017, No. 431