Turning Savings Into A Reliable Income Stream
Saving for retirement is one thing — turning those savings into income you can count on is another. We help you build a retirement income strategy that collects distributions from your accounts structured in a way to support your income needs throughout retirement.
- A strategy for turning savings into ongoing income
- Planning built around your expected lifestyle and expenses
- Coordination across all of your income sources
Understanding Your Transition Options
When you leave an employer or retire, you generally have a few options for your former employer-sponsored retirement plan.
- Leave assets in the former employer's plan (if permitted)
- Move them to a new employer's plan (if available and permitted)
- Roll them into an IRA, or
- Take a distribution
Each option involves its own considerations around costs, level of services, investment options, penalty-free withdrawal provisions, RMD treatment, creditor protection, and employer stock, as applicable. The right choice depends on your specific situation.
What we can support you with:
- A review of your options before you move assets from an old 401(k) or other employer-sponsored retirement plan
- Consideration of fees and expenses, investment options, services, and potential tax considerations
- Guidance based on your specific situation, not a one-size-fits-all recommendation
A Plan for How and When You Draw Down
Deciding how and when to collect distributions from your retirement accounts affects your taxes, your income, and how long your savings last. We help you build a distribution strategy that takes your full financial picture into account, not just one account at a time.
- A withdrawal strategy built around your full financial picture
- Consideration of tax impact across account types
- Planning that adjusts as your needs change
Making an Informed Social Security Decision
When you claim Social Security can significantly affect the benefit you receive for the rest of your life. We help you think through your claiming options and how they fit into your broader retirement income plan.
- Guidance on Social Security claiming options
- Consideration of how timing affects your lifetime benefit
- Coordination with your overall retirement income strategy *Clarity Financial Planning and LPL Financial are not endorsed by or affiliated with the United States Social Security Administration or any government agency.
Navigating Medicare Enrollment Timing
Medicare enrollment comes with specific deadlines, and missing them can mean penalties or gaps in coverage. We help you understand the timing and how Medicare fits into your broader retirement plan.
- Guidance on Medicare enrollment timing
- Awareness of deadlines and potential penalties
- Coordination with your overall retirement plan *Clarity Financial Planning and LPL Financial are not endorsed by or affiliated with the U.S. Centers for Medicare and Medicaird Services or any government agency.
Staying Ahead of RMD Rules
Required minimum distributions come with strict rules and deadlines, and missing them can mean steep penalties. We help you plan ahead so your RMDs are handled correctly and factored into your broader income and tax strategy.
- Planning ahead of RMD deadlines and requirements
- Strategies to help manage the tax impact of RMDs
- Coordination with your overall retirement income plan
Understanding What Your Pension Means for You
Pension decisions — like lump sum versus monthly payments — are often permanent once made. We help you review your pension options so you understand what each choice means for your retirement income and your family.
- A review of your pension payout options
- Analysis of how each option affects your retirement income
- Guidance before you make an irreversible decision
An Honest Look at Where You Stand
It's one thing to have retirement accounts — it's another to know whether they actually support the retirement you want. We help you take an honest look at your retirement readiness, so you know where you stand and what, if anything, needs to change.
- An honest assessment of your current retirement plan
- Clarity on what's on track and what needs adjustment
- A plan you can revisit as retirement gets closer