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Retirement Income & Withdrawal Planning

Preserve your wealth longer with tax-efficient withdrawal strategies that optimize your retirement income.

Will Your Money Last as Long as You Do?

The most important question people have about retirement is simple: “Will I have enough?” Saving for retirement is only half the journey. Once you stop working, you need a strategy to turn your savings into a steady income that supports your lifestyle, without the constant fear of running out of money.

That’s where Retirement Income & Withdrawal Planning comes in. At Haven Financial Advisory, we help you make the shift from accumulating wealth to spending it wisely. The goal is to design a plan that balances your needs, minimizes taxes, and helps your savings last as long as you need them.

Why Retirement Income Planning Matterss Included:

During your working years, the focus is straightforward: save and invest consistently. In retirement, the challenge is different. Now you need to decide:

  • Which accounts should you draw from first?

  • How much can you safely withdraw each year?

  • When should you claim Social Security?

  • How will taxes affect your income?

  • What happens if healthcare or long-term care costs rise?

Making these decisions without a plan can lead to paying more in taxes, spending down assets too quickly, or leaving your money exposed to market swings at the wrong time. Careful planning helps you avoid these risks and gives you a clear roadmap.

Our Approach to Retirement Income Planning

Every client’s retirement looks different, which means your income plan should too. Here’s how we approach it:

  • Understand Your Lifestyle Needs
    We start by identifying your essential expenses (housing, healthcare, daily living) and discretionary expenses (travel, hobbies, gifting). This creates a foundation for how much monthly income you’ll need.

  • Coordinate Income Sources
    Retirement income often comes from multiple places: Social Security, pensions, retirement accounts, investments, real estate, or even part-time work. We analyze how these fit together to create reliable cash flow.

  • Design a Withdrawal Strategy
    We build a withdrawal plan that prioritizes tax efficiency and helps manage risks like inflation or market downturns. This may include deciding when to use IRA vs. Roth IRA funds, how to meet required minimum distributions (RMDs), and whether Roth conversions make sense.

  • Plan for Taxes
    Taxes don’t stop when you retire. In fact, poor withdrawal decisions can push you into higher brackets. We focus on minimizing lifetime taxes by sequencing withdrawals carefully.

  • Review and Adjust Over Time
    Retirement isn’t static. Markets shift, tax laws change, and personal circumstances evolve. We revisit your plan regularly to keep it aligned with your needs.

Strategies We Use

Here are some of the ways we help clients in Raleigh and beyond manage retirement income:

  • Social Security Optimization: Deciding when and how to claim benefits for maximum long-term impact.

  • Portfolio Withdrawals: Setting sustainable withdrawal rates and adjusting for market conditions.

  • Roth Conversions: Exploring whether partial conversions can lower long-term tax liability.

  • Annuity & Pension Analysis: Evaluating guaranteed income options for covering essential expenses.

  • Cash Reserve Planning: Keeping liquid funds available for unexpected costs without disrupting your portfolio.

  • Healthcare & Long-Term Care Planning: Preparing for rising medical costs that can derail retirement if left unaddressed.

Risks We Help You Manage

A strong retirement plan doesn’t just focus on income. it also prepares for challenges, such as:

  • Longevity Risk: Outliving your assets.

  • Sequence of Returns Risk: Experiencing poor market performance early in retirement.

  • Inflation: Protecting purchasing power as costs rise.

  • Unexpected Expenses: Healthcare, family support, or home repairs.

By accounting for these risks in advance, your income plan is better prepared to weather the unexpected.

Frequently Asked Questions

When should I start planning for retirement income?
Ideally, five to ten years before retirement. The earlier you start, the more options you’ll have for tax planning and portfolio adjustments.

How much can I safely withdraw each year?
The answer depends on your savings, investment mix, and goals. Rules of thumb (like 4%) can be helpful but may not fit your unique situation. We create a customized plan based on your resources and lifestyle.

Do I need an annuity for retirement income?
Not always. Annuities can provide guaranteed income, but they aren’t right for everyone. We evaluate whether they make sense within your overall strategy.

What about Required Minimum Distributions (RMDs)?
If you own tax-deferred accounts like a traditional IRA or 401(k), RMDs will apply. We help you plan ahead to meet requirements without paying unnecessary taxes.

Take the Next Step

Your retirement should be a time to enjoy the life you’ve worked hard for, not to stress over whether your money will last. With the right plan in place, you can approach retirement with clarity and confidence.

Schedule your Retirement Income Planning Session today. Let’s build a strategy that helps turn your savings into the reliable income you deserve.