Planning for retirement is more than just saving—it’s about building a strategy for how you’ll actually use that money once work ends. The earlier you begin retirement income planning, the more options you’ll have—and the more confident you’ll feel about your future.
Why Retirement Income Planning Matters
Most people focus on growing their retirement savings, but many underestimate the importance of how they’ll draw down those funds. Without a plan for income distribution, you could face unexpected taxes, outlive your assets, or miss opportunities to create a sustainable stream of income.
This is where a retirement income strategy becomes essential. At Legacy Edge Advisors, we help clients throughout Denver, Syosset, Roseland, Princeton, Bethesda, and NYC build thoughtful income plans tailored to their goals, lifestyle, and tax situation.
When Should You Start?
The best time to start retirement income planning is at least 5 to 10 years before your intended retirement date. That said, it’s never too late to start—whether you’re 50, 55, or even a few years away from retirement, the right strategy can still make a big difference.
In your 50s and early 60s, you have the opportunity to:
- Review your retirement savings progress
- Explore Roth conversions for future tax savings
- Maximize catch-up contributions to retirement accounts
- Optimize Social Security and pension claiming strategies
- Test different income scenarios under varying market conditions
What If You’re Already Close to Retiring?
Even if retirement is just around the corner, you can still benefit from structuring your withdrawals, planning for taxes, and identifying ways to stretch your income. Our advisors in New Jersey and Maryland frequently work with clients in their early 60s who need a fast but personalized plan that works with what they’ve already built.
Key Questions to Ask Yourself
- Do I know how much income I’ll need monthly in retirement?
- Have I considered taxes on my withdrawals?
- Will I have guaranteed income sources like a pension or Social Security?
- What happens if the market drops right after I retire?
Quick Checklist: Getting Ready for Retirement Income Planning
- Understand your fixed and discretionary spending needs
- Inventory your retirement accounts (401(k), IRA, Roth, etc.)
- Review your projected Social Security benefits
- Explore withdrawal strategies and tax-efficient options
- Schedule a review with a fiduciary advisor
Let’s Build a Plan That Works for You
Whether you're in Bethesda, Midtown Manhattan, or the Denver suburbs, our team at Legacy Edge Advisors is here to help you make smart, confident choices. Reach out to schedule a personalized retirement income strategy session and get clarity on your next steps.