Retirement Income Strategies

Going into retirement can be a scary thing to consider. Life as you’ve known it for the past 40+ years could be caught in the wind and your new normal, most likely, will be having monthly expenses that exceed your monthly Social Security check. If you’re one of the lucky few who still has a great pension benefit, then your monthly income may cover your expenses, but how will you fund those well-deserved vacations or a “snowbird” home in Florida? Here are some things you may be thinking about:

• When should you take Social Security?
• If you have a pension, should you take a single-life payout that pays more now, or take a spousal benefit so your spouse will continue to receive pension income when you’re gone?
• If delaying Social Security benefits until age 70, what money will you live off of until then?

By following and utilizing your financial plan, we are able help you choose your optimal Social Security and Pension strategies. Once you are close to or in retirement, we will sit down with you and your CPA to discuss how much income will be needed over the next year and where to pull an income stream in the most tax-efficient fashion.