Retirement Income Planning With a Trusted Planner

Turn Your Retirement Income Into a Paycheck That Lasts

When your career ends, your bills don’t. That’s why retirement income—not just savings—is the cornerstone of financial independence in your golden years.

Retirement income planning is the art and science of creating a reliable stream of income that lasts as long as you do. And for most people, this is best done with the guidance of a qualified retirement income planner.

In this guide, we’ll help you understand how to structure your finances so you never have to wonder where your next retirement paycheck is coming from.

What Is Retirement Income?

Retirement income refers to the money you receive regularly after you stop working. This may come from:

• Social Security
• Pensions
• Investment withdrawals
• Annuities
• Rental income
• Part-time consulting or freelance work

A trusted retirement income planner will help you sort through these retirement income strategies and design a coordinated plan—no matter what happens in the markets or economy.

Why Retirement Income Planning Is Essential

Without a personalized plan, your retirement income could be:

• Inadequate for your lifestyle
• Vulnerable to inflation
• Taxed inefficiently
• Depleted too soon

Here’s why working with a retirement income planner is essential:

• Longevity Risk

Americans are living longer than ever. You need a plan to ensure your income lasts for 25–30 years or more.

• Market Risk

Without a strategy, a market downturn early in retirement can devastate your savings.

• Healthcare Costs & Inflation

Medical expenses and rising living costs can silently erode your purchasing power. A proper plan accounts for both.

How to Build a Reliable Retirement Income Plan

1. Assess Your Expenses in Retirement

Consider housing, food, insurance premiums, taxes, and lifestyle spending. Many people need 70–85% of their pre-retirement income.

2. Calculate Your Guaranteed Income

Guaranteed sources of retirement income include:

• Social Security
• Pensions
• Annuities

Your retirement income planner can help you maximize your Social Security benefits and decide the ideal time to claim.

3. Determine the Income Gap

This is the difference between your guaranteed income and your total retirement expenses. For example:

• Needed: $80,000/year
• Guaranteed: $50,000/year
• Gap: $30,000/year to be covered by savings

4. Select a Sustainable Withdrawal Strategy

Common strategies include:

• 4% Rule: A starting point for withdrawals
• Bucket Strategy: Separate savings by time horizon
• Floor-and-Upside Strategy: Cover essentials with guaranteed income; invest the rest

Your retirement income planner will help select the right approach based on your age, goals, and risk tolerance.

The Tax Side of Retirement Income

Taxes don’t go away in retirement. In fact, mismanaging withdrawals could increase your tax burden. Each account type is taxed differently:

A skilled retirement income planner will help you manage distributions in a tax-efficient order to help preserve more of your money.

Why Consider Annuities for Retirement Income?

Annuities offer guaranteed income for life, shielding you from outliving your money. They’re especially useful for covering essential expenses.

Types of annuities include:

• Immediate Annuities: Income starts now
• Deferred Income Annuities: Payments start later
• Fixed Indexed Annuities: Linked to market index, with downside protection

Your retirement income planner can help determine whether an annuity fits into your overall plan.

The Role of a Retirement Income Planner

A retirement income planner is a financial professional who specializes in converting your savings into long-term income. Unlike general advisors, they:

• Focus on withdrawal strategies, longevity planning, and income security
• Help manage tax impacts, inflation, and healthcare costs
• Provide personalized plans tailored to your specific retirement vision

Working with an experienced planner ensures your income isn’t left to chance. At SafeMoney.com, we connect you with vetted professionals who meet high ethical and educational standards.

Who Needs a Retirement Income Planner?

While everyone can benefit from financial advice, those who most need a retirement income planner include:

• Individuals 5–10 years from retirement
• Retirees unsure of how to draw from accounts
• People without pensions looking for guaranteed income options
• Investors concerned about sequence-of-returns risk

Avoid These Common Mistakes

• Claiming Social Security too early
• Not adjusting for inflation
• Taking withdrawals without a strategy
• Ignoring tax consequences
• Not working with a retirement income planner

Final Thoughts: Income That Grows With You

The difference between a stressful and a confident retirement often comes down to one thing: a solid retirement income plan.

By working with a knowledgeable retirement income planner, you’ll get more than just peace of mind—you’ll get a plan that:

• Protects your lifestyle
• Withstands inflation and market swings
• Adjusts as your needs change

Key Takeaways:

• Retirement income is your paycheck in retirement—make it last
• Plan for inflation, taxes, healthcare, and longevity
• Consider annuities and diversified withdrawal strategies
• Avoid guesswork—consult a retirement income planner

Looking for a retirement income planner you can trust?
Visit SafeMoney.com to connect with an independent professional and start building your retirement paycheck today.

🧑‍💼Authored by Brent Meyer, founder and president of SafeMoney.com, with over 20 years of experience in retirement planning and annuities.