Guide
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.
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