PLANNING SERVICES
Retirement Income Planning
Thinking through how you may generate income in retirement from different sources, at different times, and in coordination with your other planning.
What This Planning Area Covers?
Retirement income planning focuses on how you'll pay yourself during retirement. Unlike the accumulation phase where the goal is generally to grow. Retirement income planning involves deciding when, how much, and from where to draw income over what could be a 20-, 30-, or 40-year period. That involves thinking through investment accounts, Social Security, potential pensions, part-time income, and how they interact with taxes, inflation and longevity.
Common Questions We Discuss
What sources of income will I have in retirement?
How might different withdrawal sequences affect my taxes?
How long do I need my portfolio to last?
How should I think about inflation in my income plan?
What happens to my income plan if I live longer than expected?
Important Considerations
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Sequence-of-returns risk can have a meaningful effect on long-term income sustainability
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Taxes on portfolio withdrawals vary significantly by account type
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Social Security claiming decisions interact with other income sources
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Required minimum distributions affect account planning after age 73
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Inflation over a long retirement can erode purchasing power significantly