Income Planning: Retirement Income, Social Security, and Budgeting
Your paycheck doesn’t have to stop when you retire, but figuring out where that income will come from takes a plan. And whether you’re preparing for retirement or managing the money you have now, knowing how to manage what you have today can impact your trajectory.
Common questions
Should you build your retirement paycheck around investment withdrawals, Social Security, or an annuity? How can you make your savings last without sacrificing the things you enjoy today? And could a different approach to budgeting help you put more money toward what matters most? These are the kinds of questions a financial planner in the Network can help you work through with your goals and circumstances in mind.
Income planning isn’t just about making the numbers work. It’s about creating a strategy that gives you confidence in how you can (and should) use your money to fund the life you want. In this collection of advisor insights, you’ll explore ways to manage cash flow, weigh your retirement income options, and make your money work for the life you want to live.
Advisor Insights ↘
How Do You Turn Retirement Savings Into Monthly Income?
By Sally Boyle, CFP®, SJ Boyle Wealth Planning LLC
Planning your retirement paycheck is one of the most important steps to ensure a comfortable and financially secure retirement. With traditional pensions becoming rare and Social Security only covering a portion of your expenses, it’s essential to create a strategy that turns your savings into steady income. Here’s how to build your retirement paycheck with five key tips:
1. Choose the Right Time to Claim Social Security
When you start claiming Social Security can make a huge difference in how much you receive each month. Claiming early at age 62 reduces your benefit by about 30%, while waiting until age 70 increases it by roughly 30% compared to your full retirement age. Finding the best time to claim should fit into your overall retirement income plan to maximize your benefits over time.
