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Money in retirement planning is about more than having enough savings. As retirement approaches, many people shift from building wealth to facing a new set of questions: How can I turn my savings into reliable retirement income? And how can I feel confident that it will last?
This is where real financial planning makes a real difference. When should you claim Social Security to maximize your lifetime benefits? Is it better to take a pension as a lump sum or as a guaranteed income? And what does it actually take to generate something like $80,000 a year in retirement without running out of money too soon? These are all questions a financial planner can, and should, help you work through.
Social Security timing, pension options, withdrawal rates, and investment income all work together to create your retirement reality. When well coordinated, they can help reduce taxes, improve cash-flow reliability, and increase your confidence as you approach retirement. In this collection of advisor insights, you’ll learn how to make your plan (and assets) work harder in retirement.
Advisor Insights ↘
How much to have saved to earn $80k from interest?
By André Small, CFP®, MBA, A Small Investment, LLC
Planning for retirement can feel like staring at a giant puzzle where all the pieces seem to be scattered everywhere. If you’ve ever found yourself wondering, “How much do I need to have saved to comfortably live off just the interest for $80,000 annually?”
You’re not alone! Many people are grappling with this very question. Let’s break it down together In this week’s “money question” insight we will discuss how much you will need to earn in interest in retirement.
Understanding what you need to live your desired retirement lifestyle is important. However, what’s more important is having a good understanding of your expenses in retirement. Or what you plan to spend in retirement. For example, if your annual income is $200K during your working years; then, you most likely would not need the same $200K in retirement.
The short answer is your expense in retirement would adjust to your retirement lifestyle. Even if you are planning to travel, and spend more in the earlier years of your retirement you still may spend less than your current annual income.
When to Claim Social Security: How to Think About 62, FRA, and 70
By Phil Weiss, CFA, CPA, RLP®, Apprise Wealth Management
One of the most common Social Security questions is also one of the hardest to answer: when should you claim?
Many people reduce the decision to three ages: 62, full retirement age, or 70.
That is a reasonable place to start. But by itself, it is not enough.
A better question is this: Which claiming age best fits your life, your household, and the role Social Security plays in your overall plan?
That is because a good claiming decision is about more than finding the biggest monthly check. Your cash flow needs, work plans, taxes, survivor protection, and, in some families, benefits for dependent children all help shape the decision.
This is the second post in my four-part Social Security series. In Part 1, Social Security for Women: The Basics to Know Before You Claim, I covered the foundation: how you earn benefits, the key claiming ages, and why not to lump retirement, spousal, survivor, and child benefits together. This week, I want to focus on how to think through the actual decision about when to claim Social Security.
Start with the three anchor points
Most Social Security claiming conversations revolve around three anchor points.
Age 62 is the earliest age at which most people can begin retirement benefits.
Full retirement age, often called FRA, is the age at which you are eligible for your full retirement benefit based on your earnings record. For people born in 1960 or later, FRA is 67.
Age 70 is the point at which delayed retirement credits stop. If you wait beyond full retirement age, your monthly benefit can continue to increase until age 70, but not after.
Top 6 Ways to Maximize Social Security Benefits
By Craig Toberman, CFA, CPA, CFP®, Toberman Becker Wealth, LLC
Your Social Security strategy can either support or derail your ideal retirement lifestyle. In this article, I share 6 ways to maximize your benefits, including benefit timing and tax-smart income management, plus how to plan for potential Social Security changes.
1. Know Your Full Retirement Age and Estimated Benefit
Before you can make any decisions about Social Security, you need to know two numbers: your full retirement age and your estimated monthly benefit. These numbers are the foundation for every other strategy in this article.
Your full retirement age (FRA) is the age at which you’re entitled to 100% of the benefit you’ve earned. It depends on when you were born:
| Birth Year | Full Retirement Age | Reduction at 62 | Benefit at 70 (% of FRA) |
|---|---|---|---|
| 1943-1954 | 66 | 25% | 132% |
| 1955 | 66 and 2 months | 25.83% | 130.67% |
| 1956 | 66 and 4 months | 26.67% | 129.33% |
| 1957 | 66 and 6 months | 27.5% | 128% |
| 1958 | 66 and 8 months | 28.33% | 126.67% |
| 1959 | 66 and 10 months | 29.17% | 125.3% |
| 1960 or later | 67 | 30% | 124% |
Your FRA matters because it’s the line between a reduced benefit and an increased one.
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You can claim as early as age 62, but doing so permanently lowers your monthly check by as much as roughly 30% if you claim the moment you’re eligible.
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Wait until you are FRA, and you receive your full benefit.
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Delay beyond FRA and you earn delayed retirement credits worth about 8% per year, up to age 70, after which there’s no additional gain from waiting.
7 Steps to Evaluate Your Lump Sum Pension Options: Lump Sum vs. Annuity Payments
By André Small, CFP®, MBA, A Small Investment, LLC
Deciding whether to take your pension as a lump sum or as monthly payments can be one of the most important financial choices you’ll make before retirement. As someone with experience guiding high-net-worth and high-earning individuals, I understand how this decision can feel overwhelming.
But by taking a thoughtful approach, you can make an informed choice that aligns with your goals. In this insight, we’ll walk through key steps to help you evaluate your options, with insights from a Certified Financial Planner.
When you retire, your pension plan typically gives you two options:
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Lump Sum: You receive a one-time payment that you can manage yourself.
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Monthly Annuity Payments: You receive guaranteed payments every month for life.
Each option has benefits and trade-offs. The lump sum offers flexibility and control but comes with the responsibility of managing the funds yourself. On the other hand, annuity payments offer financial security, providing a steady income, but they limit flexibility and growth potential.
Consider a hypothetical client that faces a similar decision. She’s a savvy investor who loves the idea of managing her funds independently. But after calculating the risks and her long-term goals, she realizes monthly payments gives her the peace of mind she needs during retirement. If you’re leaning towards more flexibility and control, you can explore strategies to maximize after-tax returns.
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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