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Your paycheck doesn’t have to stop when you retire, but figuring out where that income will come from takes a plan. And whether you’re preparing for retirement or managing the money you have now, knowing how to manage what you have today can impact your trajectory.
Common questions
Should you build your retirement paycheck around investment withdrawals, Social Security, or an annuity? How can you make your savings last without sacrificing the things you enjoy today? And could a different approach to budgeting help you put more money toward what matters most? These are the kinds of questions a financial planner in the Network can help you work through with your goals and circumstances in mind.
Income planning isn’t just about making the numbers work. It’s about creating a strategy that gives you confidence in how you can (and should) use your money to fund the life you want. In this collection of advisor insights, you’ll explore ways to manage cash flow, weigh your retirement income options, and make your money work for the life you want to live.
Advisor Insights ↘
How Do You Turn Retirement Savings Into Monthly Income?
By Sally Boyle, CFP®, SJ Boyle Wealth Planning LLC
Planning your retirement paycheck is one of the most important steps to ensure a comfortable and financially secure retirement. With traditional pensions becoming rare and Social Security only covering a portion of your expenses, it’s essential to create a strategy that turns your savings into steady income. Here’s how to build your retirement paycheck with five key tips:
1. Choose the Right Time to Claim Social Security
When you start claiming Social Security can make a huge difference in how much you receive each month. Claiming early at age 62 reduces your benefit by about 30%, while waiting until age 70 increases it by roughly 30% compared to your full retirement age. Finding the best time to claim should fit into your overall retirement income plan to maximize your benefits over time.
2. Develop a Smart Withdrawal Strategy
Once retired, deciding the order in which you withdraw from your accounts is critical. Should you tap taxable accounts first, then pre-tax accounts like 401(k)s and IRAs, or begin with Roth accounts? Your withdrawal sequence affects how long your money lasts and how much you pay in taxes. A well-planned strategy helps you keep more of your savings working for you.
Your Retirement Cash Flow: Is Social Security Going to Run Out?
By Regina Neenan, CFP®, FPFoCo
So, is Social Security going to run out? The short answer: Probably not.
Then again, you’re likely not here for the short answer. That’s because you might already be relying on Social Security as an inflow in your cash-flow plan. Or you’re at least planning to rely on it as part of your financial plan. And seeing doom-and-gloom news headlines about the “22% cliff” and the cuts that the Social Security trust fund is approaching doesn’t exactly instill trust. That may be especially true if you’ve been paying into the system for years, decades, or even throughout an entire career.
I’m here to dispel some of the myths and misunderstandings surrounding these catchy headlines. I’ll also provide some insights into the system and potential changes to the Social Security system that could lessen the impacts. In the end, I think you’ll find that the “cliff” the Social Security trust fund is facing isn’t quite as scary as you might’ve originally thought. Plus, there’s still time for change.
Should I Consider an Annuity to Guarantee Retirement Income?
By Raman SINGH, CFP®, Singh PWM
Annuities can provide lifetime income but come with costs and tradeoffs. Learn the pros, cons, and alternatives from a flat-fee fiduciary advisor.
Why So Many Retirees Ask About Annuities
One of the most common questions I hear from people approaching retirement is “Should I buy an annuity to guarantee income?” And honestly, it’s a good question. Annuities are advertised everywhere, usually with phrases like “pension-like income” or “peace of mind for life.” On the surface, it sounds like the perfect solution, right? A steady paycheck for as long as you live. But like most things in financial planning, the reality is more complicated.
Here’s the thing, annuities can actually do two things really well, though there’s always a cost. First, they can guarantee you lifetime income, which means you don’t have to worry about outliving your money no matter how long you live. Second, depending on the type of annuity, they can protect your principal, sometimes all of it, sometimes a portion of it, if the stock market takes a dive. So for someone who wants certainty, an annuity can feel like a safety net.
Manage Your Complicated Cash Flow: Fund the Fun Stuff While Still Knowing You’re Safe.
By Meg Bartelt, CFP®, Flow Financial Planning
Ahhhh, remember when your parents received a steady salary and paid, like, four bills a month? Times were simple. Times were good.
Your finances—on both the Income side and the Expenses side—are way more complicated. And that, my dear, is why managing your cash flow is so maddeningly difficult to do well.
But there is a way to set up your cash flow so that it’s logical, repeatable, and largely automated.
WHY IS IT SO HARD TO MANAGE CASH FLOW?
If you had just a salary, and it came twice a month, and all your bills came once a month, you might not need help managing your cash flow.
But instead of that setup, you have income that comes on several different schedules:
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A salary that comes twice a month
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RSUs that vest monthly or quarterly
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ESPP shares that come every six months
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A bonus that comes annually
Good Financial Reads is an XYPN publication that brings together insights from fee-only financial advisors across the country, helping make financial planning topics more approachable, understandable, and actionable.
Whether you're navigating a major life change, building wealth, planning for retirement, or simply looking to make more informed financial decisions, our contributors share practical guidance drawn from their real-world experience helping clients every day.
The best part? It's completely free. Our advisors believe financial education should be accessible to everyone, regardless of age, income, or assets.
And if you're looking for personalized guidance beyond what you read here, you can connect with a fee-only financial advisor through our Find an Advisor portal to find a professional who aligns with your goals, values, and financial needs.
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