Show Notes
Life is about cash flow. While you're working, you know where your paycheck is coming from every month. But retirement creates an entirely different set of questions. How much are you actually spending? When should you claim Social Security? And how will taxes, healthcare costs, and other expenses affect the income you need?
In today's episode, Ed and LeAnne explain why building a reliable retirement paycheck starts with understanding your budget and the outcome you want. They discuss withdrawal order, Social Security claiming decisions, required minimum distributions, Roth conversions, IRMAA, and why everyone's math is different when determining the right income strategy.
You’ll learn why creating a retirement income plan shouldn’t be done with a “set it and forget it” mindset. They discuss year-end tax planning, coordinating with your CPA and financial advisor, verifying your Social Security benefits, and reviewing your income needs each year as spending, taxes, and life circumstances change.
In this podcast interview, you’ll learn:
- Why knowing what you actually spend is essential to building an accurate retirement income plan.
- How Social Security, taxes, pensions, and retirement accounts can affect one another.
- Why the right Social Security claiming strategy depends on your individual circumstances and overall financial picture.
- How withdrawal order and Roth conversions can change your retirement income and future tax liability.
- Why your retirement paycheck and income strategy should be reviewed and adjusted every year.
How Fit Is Your Retirement Plan?
We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
