Plan Your Retirement Income with Confidence
Turn your savings into steady, reliable income you can count on for life.
Retirement Income at a Glance
Brief Intro
Your retirement years should be about enjoying life, not worrying about running out of money. A clear income strategy ensures your savings turn into predictable, lasting paychecks you can count on.
Quick Stats/Icons
- Provide ongoing support to ensure your plan continues to fit your budget as your needs change.
- 1 in 3 retirees rely too heavily on Social Security alone
- Market downturns can shrink retirement funds by 15–30%
Common Retirement Income Challenges
Outliving your savings
Rising healthcare costs
Market volatility & inflation
Relying too much on Social Security
Need Assistance? Speak with Mike Sullivan at (410) 438-7500
Sources of Retirement Income
Source
Pros
Cons
Social Security
401(k)/IRA
Pension Plans
Annuities
Investments
Our Retirement Income Planning Approach
Will Your Savings Last in Retirement?
Most retirees need 70–80% of their pre-retirement income to maintain their lifestyle. The exact number depends on your expenses, health, and lifestyle goals. A personalized income plan can help you determine your specific needs.
Typical retirement income comes from Social Security, pensions, 401(k)/IRA withdrawals, personal savings, annuities, and investments. A balanced mix of guaranteed and flexible income streams offers the most stability.
You can begin as early as age 62, but waiting until your full retirement age (66–67) or even age 70 increases your monthly benefit. The best time depends on your health, income needs, and overall retirement strategy.
One way is to diversify income sources and include options like annuities or pensions that provide lifetime guarantees. Working with a retirement planner helps ensure your money lasts as long as you do.
Inflation slowly erodes buying power. Strategies include investing part of your savings in growth assets, choosing annuities with inflation protection, and reviewing your plan regularly to make adjustments.
Annuities can provide guaranteed lifetime income, which helps reduce the risk of outliving your savings. However, they may have fees, restrictions, and trade-offs, so it’s important to compare products carefully.
Withdrawals from traditional 401(k)s and IRAs are taxable, while Roth accounts can provide tax-free income. Smart tax planning can help you keep more of your retirement paycheck.
Healthcare is often one of the biggest retirement expenses, with couples needing an estimated $300,000+ for medical costs over their lifetime. Factoring this into your plan helps avoid financial surprises.
Market downturns can impact investment withdrawals. To reduce risk, retirees often use strategies like the “bucket approach” (separating short-term cash from long-term growth) or rely on guaranteed income sources during downturns.
While some people manage on their own, most find value in working with a licensed retirement planner who can coordinate income, taxes, Social Security, and investments into one cohesive plan.
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