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Retirement income planning

Managing money in retirement

Retirement Sub 2: Projects

Income & Investing

Creating a straight forward retirement income plan

Predictable income

Your plan should look at how much you’ll have in Social Security, pensions, or annuities to cover your expenses.


It should include investments that have growth potential and can help you keep pace with inflation.

Your plan should be flexible so that you can start, stop, or adjust at any time without unnecessary fees.1

Expenses & Budgeting

Knowing how much you'll need to cover your lifestyle

It's important to plan for the essentials but also leave some room for discretionary or "fun" spending. Creating a realistic spending plan is an essential building block of retirement, and generally a reasonable estimate is between 55%–80% of your preretirement income, not including taxes.

Essential expenses
Essentials include your must-have priorities, like housing, health care, transportation, and food. These come first.

Discretionary expenses
Discretionary expenses include your nice-to-have spending, such as travel and entertainment, and the things you never had time for when you were working.

Plan ahead for health care costs

Your health can be hard to plan for, but we can help you understand potential health care costs and how they could impact your retirement plan. Assume that you'll spend 15% of your monthly expenses on health care, but that figure will vary from person to person.

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Taxes & Withdrawal

What to consider when drawing down your savings

Now is the time to put your money to work. We can help you determine how much you can safely withdraw, look for ways to be more tax-efficient, and easily make withdrawals from your accounts.

Using your savings

Having a plan can help you more comfortably and confidently tap into your hard-earned savings. A rule of thumb is that you can safely withdraw no more than 4% to 5% of your savings in your first year of retirement, and you should adjust this amount each year for inflation.

Applying tax-smart strategies

Choosing which type of account to withdraw from and when can be complicated when you are trying to manage your tax bill. Knowing the tax rules can help you avoid surprises:

Taking withdrawals

You can withdraw money when you need to or set up automatic transfers from your retirement savings to your spending account. The quickest way is to make the transfer electronically. We can help.

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