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Retirement Income Plans

Retirement Income Plans: How to Use Them to Make Your Money Last

To avoid running out of money during retirement, we recommend creating a retirement income plan tailored to meet your needs. Our retirement income planners specialize in maximizing your retirement income by using the withdrawal strategy that makes sense for you and by being strategic about your taxes. With our help, you can maximize your Social Security benefits and enjoy a comfortable retirement.

Choosing a Withdrawal Strategy

Choosing a Withdrawal Strategy

It’s important to choose a withdrawal strategy for accessing the funds from your retirement accounts instead of withdrawing money whenever you’re low on funds. Using a strategy ensures you don’t run out of money too soon. A popular option is the bucket strategy, but you can also use systematic withdrawals. Another way to ensure a reliable stream of income is to purchase an annuity. 

The bucket strategy divides your retirement funds into different buckets. The buckets are allocated to different time periods. For example, your first bucket may provide a retirement income for the first 3 years of your retirement. The next bucket will cover years 4 through 6. The bucket strategy allows you to have a reliable income source while your other investments continue to mature.

Instead of a bucket strategy, you can use systematic withdrawals. You can withdraw a fixed amount or a fixed percentage of your wealth each year to finance your expenses in retirement. Systematic withdrawals can prevent overspending. Alternatively, you can purchase annuities to fulfill the same purpose. An annuity provides a fixed income, much like a paycheck.

Maximize Your Income

Maximize Your Income

Maybe you don’t have enough money saved to retire as early as you’d like or you just want to maximize your retirement income. You can delay your Social Security benefits until you’re 70 to get the highest amount possible. You can also supplement your retirement benefits with earnings from a part-time job or a small business. Using a withdrawal strategy helps you maximize your income, because we can be strategic about which investments to liquidate first. For example, some of your assets may need more time to mature.

Tax Planning Strategy

Tax Planning Strategy

It’s important to consider your tax planning strategy during retirement. Our retirement income planners can help you create a distribution strategy that minimizes your taxable income. For example, we may recommend supplementing your Social Security benefits with Roth distributions to avoid slipping into a higher tax bracket.

FAQs about Retirement Income Plans

How Can I Make My Money Last through Retirement?

The key to making your money last through your retirement years is to create a distribution plan and stick to it. Our retirement income planners can help you estimate how long your income will last and adjust your plans accordingly. You may decide to work part-time or apply for Social Security benefits sooner, depending on your circumstances. 

How Can I Maximize My Retirement Income?

You can maximize your Social Security benefits by waiting until you’re closer to the age of 70. You can also increase your net income by being strategic about your tax obligations. For example, income from Roth accounts is not taxable. Talk to our retirement income planners about how we can help you maximize your retirement income. 

What Can a Retirement Income Planner Do for Me?

Our retirement income planners can help you create a distribution plan that makes your money last and allows your assets to mature. With the right withdrawal strategy and the help of annuities, we can help you prepare for your comfortable retirement. The sooner you meet with us, the sooner you’ll have a full understanding of your financial situation, so you can make the best decision for your retirement. 

Call Our Retirement Income Planners to Create Your Financial Strategy

How soon can you retire? How much income will you receive from your retirement accounts? When should you apply for Social Security benefits? Our retirement income planners can answer these and many other questions for you. We help you understand your retirement funds. Together, we’ll create an income distribution plan that meets your financial needs and stretches your retirement savings as far into the future as possible. Call us today to make an appointment with one of our retirement income planners.

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