Turn Your Retirement Savings into a Thoughtful Income Strategy
After years of earning and saving, retirement introduces a different challenge: determining how your financial resources may support your lifestyle when regular employment income changes or ends.
EFC Wealth Management helps you review your potential income sources, anticipated expenses and withdrawal needs to develop a coordinated strategy based on your circumstances and retirement objectives.
Investing involves risk, including the possible loss of principal.
Where Will Your Retirement Paycheck Come From?
Retirement income may come from several sources, each with different features, risks and tax considerations.
- Social Security benefits
- Employer pensions
- Traditional and Roth retirement accounts
- Personal savings
- Investment income
- Systematic portfolio withdrawals
- Employment or business income
- Applicable annuity or insurance products
The goal is to understand how these resources may work together to support your expenses while considering inflation, market fluctuations and longevity.
No income strategy can eliminate every risk or guarantee that assets will last throughout retirement.
Important Income Decisions
Understand Your Retirement Expenses
Coordinate Your Income Sources
Different income sources may begin at different times. We help evaluate how Social Security, pensions, retirement accounts, investments and other resources may fit into your overall income strategy.
Plan Your Withdrawals
The timing and amount of retirement-account withdrawals may affect your portfolio and tax position. We help you consider withdrawal needs, liquidity and market conditions within your broader financial plan.
EFC does not provide tax advice. Tax-related decisions should be reviewed with an appropriately qualified tax professional.
Prepare for Market Volatility
Selling investments during a market decline may affect how long a portfolio can support withdrawals. We evaluate your investment allocation, available liquidity and capacity for loss when considering an income approach.
Diversification and asset allocation do not assure a profit or protect against loss.
Account for Inflation and Longevity
The cost of living may rise throughout retirement, and your assets may need to support you longer than anticipated. Income planning should consider changing expenses, purchasing power and a potentially extended retirement.
Social Security and Pension Considerations
Deciding when to begin Social Security or selecting a pension option can influence long-term retirement income.
We can help you evaluate these decisions in the context of:
- Your anticipated retirement date
- Other income sources
- Marital and survivor considerations
- Expected expenses
- Employment income
- Health and longevity considerations
- Broader financial objectives
EFC is not affiliated with or endorsed by the Social Security Administration or any government agency. The applicable government agency or pension administrator determines eligibility and benefit amounts.
Your Income Planning Roadmap
Calculate: Estimate essential expenses, discretionary spending and future financial needs.
Identify: List available and potential income sources and when each may begin.
Coordinate: Evaluate how income sources and withdrawals may work together.
Prepare: Consider market volatility, inflation, taxes, healthcare and longevity.
Review: Revisit the strategy as your expenses, markets and personal circumstances change.
Retirement-income projections are based on assumptions and do not guarantee future results.
Create a More Coordinated Retirement Paycheck
Your retirement income strategy should reflect how you live, what you value and the resources available to you. Start by understanding whether your current plan addresses the income decisions ahead.
Want to discuss your potential retirement income?