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Income Planning For Retirees

Planning Beyond Your Retirement Date

Many people view their retirement as a finish line or goal to be reached. In reality, however, retirement is just a milemarker, both in your life and in your financial journey. This makes it essential for your retirement plan to extend beyond your last day of work, and provide you with financial guidance regarding when and how to effectively utilize your savings and other sources of retirement income. 

That’s why Summit Capital Financial Group provides strategies that extend beyond a savings goal. Once you’ve completed that last day of work, we help you shift your financial focus from accumulating wealth to utilizing your savings effectively. This transition can be a difficult one to make, but our financial advisors are here to simplify the process and ensure your transition into retirement is a smooth one.

Ensure Your Savings Can Support Your Needs

Many retirees worry about their finances. Will you outlive your savings? Will you have steady, reliable income every month? Will an unexpected expense derail your financial plan? Will the rising cost of living impact your financial security? All of these questions and more are common ones to worry about as you approach and enter your retirement years.

However, an effective retirement income plan can put those fears to rest. Summit Capital Financial Group can help you find peace of mind in your retirement through our simple step-by-step retirement income strategies:

    1. Assessing your monthly expenses - In order to ensure your needs will be met every month, we'll go over your expected monthly expenses long before you retire and determine just how much money you'll need each month. Expenses will include housing costs, daily living expenses, healthcare expenses, taxes, and more.
    2. Identifying sources of income - Next, we'll identify all sources of income during your retirement, while also considering the tax implications of each account. This can include traditional IRAs, 401k plans, pensions Rother IRAs, cash values of life insurance, HSAs, and so on.
    3. Adjusting your portfolio - Your investments aren't just for your income-earning years. They can also provide essential financial support during your retirement years, but it's important to reposition your portfolio to make it less susceptible to market fluctuations. We'll make these adjustments for you to improve the efficiency of your portfolio at this period of your life.
    4. Establishing your income strategy - With all of the above information in place, we're prepared to set up your withdrawal plan and income strategy for your retirement. We'll help you determine which accounts to draw on and when, the right time to start taking Social Security payments, and other important decisions that impact your financial stability in retirement.

Proper planning for retirement income needs can help ensure that your savings will support you throughout the rest of your life, minimize your tax liability during retirement, and give you peace of mind in your own financial security.

Frequently Asked Questions about Retirement Income Planning

Saving for retirement is something most people are familiar with; planning for retirement income, however, is another matter. Here are some common questions we get on this topic. If you have other questions, please reach out to Summit Capital Financial Group.

When Should I Start Taking Social Security Payments?

Many people think the best strategy is to begin taking Social Security payments as soon as they become eligible. However, this is not always the case. Depending on your financial situation, it may be more beneficial to delay SS benefits for several years. This can increase your monthly payments and even reduce how much of your SSI is taxable income. The best way to determine the right time to take your SS payments is to contact our retirement planning experts.

How Can I Ensure My Monthly Expenses Will Be Covered?

Ensuring you have the money you need to cover your monthly expenses can be difficult during retirement. The best route is to identify reliable sources of income like Social Security, required IRA distributions, and others; these steady income sources should be used to cover all of your essential expenses, like food, healthcare, housing, and taxes. This leaves you with freedom to use your discretionary income sources (like your investment portfolio) for emergency expenses, as well as life-enhancing costs, like travel and entertainment.

How Can I Minimize Taxes on My Retirement Income?

Planning for retirement income can help you to reduce the taxes you pay throughout your retirement years. Different income sources have different laws regarding their taxability. With proper planning, you can balance your withdrawals from taxable and non-taxable accounts to minimize your taxes year after year. This is best done with the guidance of our retirement income planners.

How Secure Are You in Your Retirement Income?

If you’re not completely confident in your ability to meet your income needs during your retirement years, contact Summit Capital Financial Group today to schedule a consultation. We’ll meet with you to discuss your retirement goals, financial needs, and income sources. Then, we’ll help you find a retirement income strategy that can give you peace of mind in your financial security during retirement. Call now to schedule an appointment!



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For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you. |  801-775-8021