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Retirement Income Planning

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Assessing Current Financial Situation

Review of Income and Expenses

Analyze your current income sources, monthly expenses, and savings rate.

Inventory of Assets

Evaluate retirement accounts (401(k), IRA, etc.), investments, real estate, and other assets.

Debt Review

Identify any outstanding debts and develop a plan to pay them off before or during retirement.

Defining Retirement Goals

Lifestyle Expectations

Discuss how you want to live in retirement (travel, hobbies, downsizing, etc.).

Retirement Age

Determine your ideal retirement age and life expectancy to plan for the number of years your income needs to last.

Health Care Considerations

Plan for medical expenses, insurance (including Medicare), and potential long-term care needs.

"Retirement is not the end of the road. It is the beginning of the open highway." – Unknown

Estimating Future Expenses

Essential Expenses

Estimate fixed costs like housing, utilities, healthcare, and groceries.

Discretionary Expenses

Consider variable expenses like travel, entertainment, and hobbies.

Inflation Planning

Adjust future expenses to account for inflation.

Identifying Income Sources

Social Security

Pension or Annuities

Review when to claim benefits for maximum payout.

Pension or Annuities

Evaluate any employer-provided pensions or purchased annuities.

Investment Income

Pension or Annuities

Investment Income

Plan withdrawals from retirement accounts (401(k), IRA, Roth IRA) and taxable investment portfolios.

Part-Time Work

Pension or Annuities

Investment Income

Explore the possibility of earning supplemental income through part-time work or consulting.

Withdrawal Strategies

Safe Withdrawal Rate

Determine a sustainable withdrawal rate to avoid running out of money.

Order of Withdrawals

Plan which accounts to draw from first to maximize tax efficiency (taxable accounts, then tax-deferred, then Roth accounts).

RMDs (Required Minimum Distributions)

Plan for mandatory withdrawals from certain retirement accounts starting at age 73.

Tax Planning

Tax-Efficient Withdrawals

Strategize on how to withdraw funds in a way that minimizes tax liability.

Roth Conversions

Tax-Efficient Withdrawals

Consider converting traditional IRA or 401(k) funds into a Roth IRA for tax-free growth and withdrawals.

Tax Deductions/Credits

Tax-Efficient Withdrawals

Tax Deductions/Credits

Identify opportunities to reduce taxable income in retirement.

"Age is just a number, but retirement is one of the greatest gifts to mankind." —Unknown

Planning for Longevity and Risk

Longevity Risk

Investment Risk

Strategize on how to withdraw funds in a way that minimizes tax liability.

Investment Risk

Balance the need for growth and preservation of capital by adjusting the asset allocation (stocks, bonds, etc.).

Inflation Risk

Investment Risk

Inflation Risk

Factor in rising costs over time by maintaining investments that grow faster than inflation.

Contingency Planning

Emergency Fund

Health Care and Long-Term Care

Ensure you have enough liquid savings for unexpected expenses.

Health Care and Long-Term Care

Prepare for potential medical and long-term care costs, including insurance.

Estate Planning

Health Care and Long-Term Care

Estate Planning

Coordinate retirement planning with your estate plan to ensure a smooth transfer of assets to heirs.

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