Reviewing Your Retirement Income Sources Before Year-End

As the year draws to a close, it’s an ideal time for retirees and those approaching retirement to review their income sources. Taking stock of your retirement income ensures your strategy remains aligned with your goals, protects your lifestyle, and accounts for potential changes in expenses, including over 65 healthcare costs.

At Sound Retirement Solutions, we help clients evaluate all income streams and integrate them into a comprehensive retirement plan that includes income planning, healthcare, life insurance, and estate considerations.

Why Year-End Reviews Matter

A year-end review helps identify potential issues and opportunities, such as:

• Adjusting withdrawals from retirement accounts to minimize taxes and maximize income

• Ensuring income keeps pace with inflation and lifestyle goals

• Accounting for unexpected expenses, including healthcare costs or market changes

• Evaluating beneficiary designations and estate planning updates

By reviewing your retirement income before year-end, you can make informed decisions to strengthen your financial security in the year ahead.

Steps to Review Your Retirement Income Sources

1. List All Income Streams
Include Social Security, pensions, annuities, savings withdrawals, investment income, and any other sources. Understanding each source’s contribution allows for better planning and coordination.

2. Evaluate Sustainability
Assess whether your current withdrawal strategy is sustainable for the long term. Factor in inflation, over 65 healthcare costs, and other essential expenses to avoid depleting savings too quickly.

3. Coordinate Tax Considerations
Some income sources may have tax implications. A retirement planner can help you strategize withdrawals to minimize taxes and preserve your retirement assets.

4. Adjust for Changes in Expenses
Life changes, healthcare needs, and market fluctuations can impact your budget. Adjust income sources to reflect new priorities, such as increased over 65 healthcare costs or lifestyle changes.

5. Review Beneficiaries and Estate Planning
Ensure all accounts with designated beneficiaries are current and consistent with your estate plan. Aligning income sources with estate goals can prevent unintended complications for your heirs.

The Role of a Retirement Planner

A retirement planner helps you coordinate all income sources, assess sustainability, and make adjustments to meet your long-term goals. They can provide guidance on withdrawals, investment allocation, healthcare planning, and estate considerations to ensure your retirement plan is robust and resilient.

Moving Forward With Confidence

Year-end reviews of your retirement income provide clarity and peace of mind. By taking stock of your income sources, adjusting strategies, and planning for expenses such as over 65 healthcare, you can enter the new year with confidence in your financial security.

If you are approaching retirement or already retired and want guidance on reviewing and optimizing your income sources, we invite you to schedule a conversation with a retirement planner at Sound Retirement Solutions. Together, we can create a strategy that protects your lifestyle, supports your healthcare needs, and ensures your retirement goals are achieved.