Retirement isn’t just about saving—it’s about knowing how to turn those savings into a steady income that supports your lifestyle for 20–30+ years. Without a clear retirement income plan, even large nest eggs can shrink too fast.

At Family Asset Planner in Canton, Ohio, we help retirees and pre-retirees create reliable, tax-efficient income strategies designed to make their money last and offer peace of mind.

Why a Retirement Income Plan Matters

When your paychecks stop, your income needs to come from somewhere. Common retirement income sources include:

• Social Security

• 401(k) and IRA withdrawals

• Pensions

• Investment income (stocks, bonds, dividends)

• Annuities

• Real estate or business income

But without a coordinated strategy, you risk:

• Running out of money too soon

• Paying too much in taxes

• Withdrawing at the wrong time (like during a market downturn)

• Losing eligibility for certain benefits

Steps to Build a Smart Retirement Income Plan

1. Determine Your Retirement Spending Needs

Start by estimating how much you’ll spend each month in retirement. Consider:

• Housing

• Health care

• Travel and hobbies

• Gifts and support to family

• Inflation (prices increase over time)

Knowing your monthly need helps define the required income target.

2. Understand Your Guaranteed Income

This includes income you can count on, like:

• Social Security (strategize when to start—delaying increases your benefit)

• Pensions

• Fixed annuities (if applicable)

Your plan should show how much of your need is covered by guaranteed income—and how much must come from other assets.

3. Create a Withdrawal Strategy

You’ll need to withdraw from retirement accounts in a way that minimizes taxes and preserves your portfolio. This might include:

• The 4% Rule (with adjustments)

• Bucket Strategy (cash, bonds, stocks)

• Roth IRA conversions (to lower future taxes)

• RMD management (required minimum distributions start at age 73)

A Certified Financial Planner (CFP®) can tailor a withdrawal plan to your lifestyle and tax situation.

4. Manage Market Risk

Your investment mix should evolve in retirement to reduce volatility while still allowing for growth. Diversification is key—along with a portion of assets in low-risk, income-generating investments.

5. Plan for Health Care and Long-Term Care

Medical costs are one of the biggest retirement expenses. Be prepared for:

• Medicare premiums and out-of-pocket costs

• Long-term care (home care, assisted living, nursing facilities)

• Supplemental insurance or hybrid life/LTC policies

Failing to plan for these can quickly erode your savings.

Why Work With Family Asset Planner?

At Family Asset Planner, we create retirement income plans that are personalized, flexible, and built to last. We take into account every part of your financial picture, including:

• Tax implications

• Social Security timing

• Investment sustainability

• Longevity risk

• Health care costs

• Estate planning goals

As fiduciary advisors, we act in your best interest—always.

Ready to Build a Retirement Income Plan That Lasts?
Phone: 888-222-1286
Website: familyassetplanner.com
Address: Canton, Ohio 44708