1
Retirement Income Planning
Calculate your total monthly income in retirement
Add up all sources: Social Security, pensions, IRA/401(k) withdrawals, rental income, annuities, and part-time work.
Build a retirement budget covering essential and lifestyle expenses
Include housing, food, transportation, healthcare, travel, hobbies, and giving. Be honest about the life you want to live.
Create a withdrawal strategy for your investment accounts
Decide which accounts to draw from first (taxable, tax-deferred, Roth) to minimize lifetime taxes and maximize portfolio longevity.
Plan for inflation — especially South Florida's cost of living
A 3% annual inflation rate means your expenses could nearly double over 25 years. Your income plan needs to keep pace.
2
Social Security Strategy
Review your Social Security earnings record at ssa.gov
Errors in your earnings history can reduce your benefit. Check for accuracy at least 3 years before you plan to claim.
Run a Social Security breakeven analysis for your situation
Claiming at 62 vs. 70 can mean a difference of hundreds of thousands of dollars over your lifetime depending on health and income needs.
Coordinate spousal benefits if married
The surviving spouse keeps the higher of the two benefits. Maximizing the higher earner's benefit — usually by delaying — can significantly increase lifetime household income.
3
Tax Planning
Evaluate a Roth conversion strategy during low-income years
Florida has no state income tax — making Roth conversions especially efficient here. Converting before Social Security begins can lock in lower federal rates for life.
Understand your Required Minimum Distributions (RMDs)
RMDs begin at age 73 for most accounts. Large pre-tax balances can create big unexpected tax bills. Proactive planning now reduces the burden later.
Review how Social Security will be taxed at the federal level
Up to 85% of Social Security benefits may be federally taxable depending on your combined income. Florida does not tax it at the state level.
Explore Qualified Charitable Distributions (QCDs) if charitably inclined
If you are over 70.5 and give to charity, QCDs let you donate directly from your IRA — reducing taxable income and satisfying your RMD at the same time.
4
Investment & Portfolio Protection
Shift your portfolio allocation as retirement approaches
The risk tolerance appropriate at 45 is very different from what makes sense at 65. A retirement-ready portfolio balances growth with income stability.
Build a cash buffer of 12–24 months of expenses
This is your protection against sequence-of-returns risk — the danger of selling investments at a loss to cover bills during a market downturn in early retirement.
Review annuity or insurance options for guaranteed income
Certain annuity products can provide a guaranteed income floor in retirement that removes the anxiety of market swings. Not right for everyone — but worth understanding.
Consolidate scattered retirement accounts into one managed plan
Old 401(k)s from previous employers and multiple IRAs are hard to manage and easy to lose track of. Consolidating simplifies withdrawals, rebalancing, and tax planning.
5
Healthcare & Medicare
Enroll in Medicare on time to avoid permanent penalties
You have a 7-month window around your 65th birthday to enroll. Missing it results in permanent premium surcharges for Part B and Part D.
Understand what Medicare does and does not cover
Medicare does not cover dental, vision, hearing, or long-term care. Most retirees need supplemental coverage (Medigap or Medicare Advantage) to fill these gaps.
Budget for out-of-pocket healthcare costs in retirement
The average retired couple may spend $300,000+ on healthcare over their retirement. This should be a specific line item in your retirement income plan.
Consider long-term care planning before you need it
Long-term care insurance or hybrid life/LTC policies become significantly more expensive — or unavailable — after health issues arise. Earlier is almost always better.
6
Estate Planning & Legacy
Create or update your Will
Without a Will, Florida's intestacy laws decide how your assets are distributed — which may not reflect your wishes. This is one of the most important documents you can have.
Establish a Revocable Living Trust if appropriate
A trust can help your estate avoid probate, maintain privacy, and pass assets to heirs more efficiently. Ask about our in-house legal referral network for reduced-cost trust drafting.
Review and update all beneficiary designations
Beneficiary designations on IRAs, 401(k)s, and life insurance override your Will. An outdated designation could leave assets to an ex-spouse or deceased relative.
Create a Durable Power of Attorney and Healthcare Directive
These documents designate who makes financial and medical decisions on your behalf if you become incapacitated. Without them, your family may face a costly court process.
Document and organize all financial accounts for your heirs
Create a secure master list of all accounts, insurance policies, login information, and the location of key documents. Make sure a trusted family member knows where it is.
Take advantage of Florida's estate tax-free environment
Florida has no state estate or inheritance tax. With proper planning, your heirs can receive more of what you built — especially when coordinated with federal exemptions.
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