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Retirement Income Plan Review

The following questions can help you identify issues and risks to consider as you develop your retirement income strategy. It can also serve as a discussion guide for meeting with a financial advisor.

Withdrawal strategy – Creating retirement income

  • At what age will you choose to begin receiving Social Security benefits?
  • Have you projected the effect of mandatory distributions on your retirement tax situation? 
  • Will taking withdrawals from IRAs or qualified plans prior to age 70½ reduce your income tax bills throughout retirement years? 
  • What is your portfolio withdrawal rate, and how does it account for market risk and inflation? 
  • How well do you understand the importance of ordering your withdrawals? Which accounts are you tapping first—taxable or tax-deferred accounts, or traditional or Roth IRAs? 
  • Do you understand the long-term impact of taking portfolio withdrawals in a declining market? 

Investment strategy 

  • Is your asset allocation properly aligned with your risk tolerance and time horizon? In addition to fixed-income investments, it may be important for you to maintain an appropriate level of equity investments.
  • Do you have multiple retirement accounts and a number of financial institutions? Does it make sense to consolidate some of your accounts to make it easier to manage? 
  • Which strategies are you using to generate the portfolio income you need? Interest payments from bonds and cash equivalents? Stock dividends? Annuities? 

Expenses and longevity 

  • Have you estimated your retirement expenses?
  • What amount have you set aside for non-discretionary expenses? For discretionary expenses? For medical and long-term care costs? 
  • Given your family's health history and your current age, how many years of retirement income do you expect to need? 
  • Do you have a 20- or even a 30-year retirement plan in place?

Inflation 

  • Have you planned for an appropriate annual inflation rate increase through your retirement years? 
  • What steps have you taken to position your retirement portfolio to help keep pace with inflation and preserve your purchasing power? 
  • Have you planned for an estimated $376,000 in projected lifetime healthcare expenses?

Taxes 

  • How are you planning for income taxes, and minimizing the amounts you will owe? 
  • Should you consider converting some or all of your Traditional IRAs and/or qualified plan assets to a Roth IRA or annuity?

Medical and long-term care expenses 

  • Which funds are earmarked to cover medical insurance coverage and potential long-term care expenses? 
  • Have you adequately accounted for increases in these premiums and expenses? 
  • Do you have a clear understanding of the impact long-term care costs may have on your budget, and what role long-term care insurance can play?

We are here to help you take the steps that are right for you. To get started, contact a Wells Fargo Retirement Professional today.

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