Retirement Income Planning: Are You Asking the Right Questions?
By Thomas J. Taricani, CPA/ABV, CVA, CEPA
Most people spend years focused on building wealth. Far fewer spend time thinking about how they will turn that wealth into reliable income.
That's understandable. During your working years, the goal is often straightforward: save consistently, invest wisely, and prepare for the future.
As retirement approaches, however, the focus shifts. The question is no longer, "How much have I accumulated?" It becomes, "How do I make this last and how do I know what is sustainable?"
At Boyer & Ritter, we often find that the most important retirement planning conversations begin long before someone's retirement date. They start with a question, a concern, or a nagging uncertainty that deserves closer attention.
If any of the following questions sound familiar, it may be time to take a fresh look at your financial plan.
Will My Retirement Savings Last?
This is one of the most common concerns we hear from clients.
Retirement today looks very different than it did a generation ago. Traditional pensions have largely disappeared, people are living longer, and retirees are responsible for managing the source of much of their own income. At the same time, market volatility and rising healthcare costs can create uncertainty about the future.
As a result, retirement planning has become more focused on building a dependable income strategy. For many successful individuals and families, that means balancing current lifestyle needs with tax efficiency, wealth preservation, and long-term legacy goals. The goal is not simply to retire but to maintain the lifestyle you have worked hard to build with confidence that your resources can support it.
How Much Market Risk Should I Be Taking?
As retirement approaches, many investors begin to reevaluate their relationship with risk.
A portfolio focused primarily on growth may have served you well during your working years. But retirement often brings a different priority: sustainability. Clients frequently tell us they want greater predictability without completely sacrificing growth opportunities.
Those concerns may signal a need to evaluate whether your investments, income sources, and long-term goals remain aligned. Market declines early in retirement can have an outsized effect on withdrawal strategies, so it is important to plan how income will be generated during periods of volatility. Doing so can reduce the pressure to sell investments at the wrong time.
Why Are More Retirees Exploring Guaranteed Income Strategies?
One trend we're seeing is an interest in guaranteed retirement income.
For many retirees, Social Security is the only source of income guaranteed for life. That reality has prompted more individuals to ask whether additional income guarantees could strengthen their retirement planning strategy.
This is where annuities can enter the conversation.
While annuities are not appropriate for every investor, they can be a valuable planning tool in certain situations. Depending on a client’s goals, an annuity may help provide predictable income, address longevity concerns, or offer tax-deferred growth opportunities. In some plans, guaranteed income sources can be used to help cover essential retirement expenses, allowing other assets to remain invested for growth, flexibility, and legacy objectives.
Predictable income may also serve a behavioral purpose. When retirees know certain expenses are supported by dependable income sources, they may be better positioned to stay disciplined during periods of market volatility and avoid emotional investment decisions.
The important point is that annuities should be evaluated as one possible component of a larger strategy. Rather than asking, "Should I buy an annuity?" consider asking, "Would an annuity help support my overall financial goals?"
Have You Planned for Healthcare and Long-Term Care Costs?
Long-term care is one of the retirement risks people often postpone discussing, even though it can have a significant effect on a financial plan.
Many people don't begin thinking about these costs until they experience them through a family member or friend. By then, planning options may be more limited.
Proactive planning creates flexibility. Whether the solution involves dedicated savings, insurance, annuity-based strategies, or a combination of approaches, addressing these issues early can help preserve both assets and peace of mind.
Are All the Pieces of Your Financial Plan Working Together?
Retirement planning doesn't happen in a vacuum.
Decisions about income affect tax planning. Tax planning influences estate planning. Healthcare costs can impact wealth preservation goals. For business owners and affluent families, retirement planning may also intersect with succession planning, charitable giving strategies, and multigenerational wealth transfer objectives.
That's why the most effective retirement plans focus on the bigger picture rather than a single product or investment. The strongest strategies integrate multiple planning disciplines to support a client's long-term objectives.
Start the Conversation
Retirement income planning is about more than investment performance. It requires a coordinated approach to the financial decisions that can shape your security, flexibility, and quality of life in retirement.
If you're approaching retirement or wondering whether your current plan is positioned to support your long-term objectives, Boyer & Ritter's Private Client Services team can help you evaluate your options and develop a strategy tailored to your needs.
Thomas J. Taricani, CPA/ABV, CVA, CEPA, is a Principal at Boyer & Ritter with more than 35 years of experience advising closely held and family-owned businesses on succession planning, business valuations, and exit strategies. He works closely with business owners and their advisory teams to design and implement practical transition plans that support continuity, preserve family wealth, and align with long-term goals. He can be reached at ttaricani@cpabr.com.
