Retirement income readiness guide
If you cannot answer most of these, the plan is an accumulation plan, not an income plan.
Spending
- Do you know your monthly essential spending separately from discretionary spending.
- Have you accounted for healthcare costs before and after Medicare eligibility.
- Have you considered how spending changes across early, middle and late retirement.
Income sources
- Do you know which portion of your income is contractual and which depends on markets.
- Have you decided when to claim Social Security and modeled the alternatives.
- Do you know what your income looks like in a poor first three years.
Tax
- Do you know the balance of your tax deferred, taxable and Roth assets.
- Do you have a deliberate withdrawal order rather than a default one.
- Have you projected your taxable income in the first year of required distributions.
- Do you know which bracket and Medicare premium thresholds you are near.
Risk and survivor planning
- Do you know how a long term care event would be funded.
- Have you tested the plan for the death of either spouse, including filing status changes.
- Are beneficiary designations current and consistent with your estate documents.
- Does your spouse know where everything is and who to call.
Important disclosure
This content is general education, not legal, tax or investment advice, and not a recommendation of any specific product. Suitability depends on individual facts, product terms, issuing company strength and current law. Consult your own licensed legal and tax professionals before acting.
Last reviewed 2026-08-09 by Tim Parnell.
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