Retirement Income & Spending Plan

Retirement Income Planning and Spending

As a financial planner who specializes in retirement income planning, Goepper Burkhardt understands the importance of creating a strategy that aligns with your overall retirement goals, objectives and lifestyle.

As part of our comprehensive wealth management services, we will prepare a Retirement Income and Spending Plan which includes our recommendations for helping you manage your spending during retirement. Our Retirement Income and Spending Plan is a multi-step process in which each step is related to – and is dependent upon – the other steps in the process. When the steps are implemented thoughtfully, the resulting value is usually greater than the sum of the parts. Below are the steps involved:

Tax Efficient Income & Withdrawals
If you're anxious or fearful about outliving your savings, you're not alone. In fact, it's one of the most common fears among retirees. One of the ways we help alleviate this fear is by comparing your sources of retirement income with your projected retirement spending. By doing so, we can uncover any risks and address them head-on. We can also coordinate your withdrawal sequence to maximize the longevity of your investment portfolio and lifetime retirement income.
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Social Security Optimization
Most retirees pay very little attention to the timing and strategy of claiming their Social Security retirement benefits. That’s unfortunate because, by optimizing your social security withdrawals, you can significantly increase the amount of your lifetime retirement income. Here’s the good news: we’ll work with you to coordinate your claiming decision, taking into account other aspects of your retirement income and helping you avoid costly mistakes whenever and wherever possible.
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Required Minimum Distributions
Taking the Required Minimum Distribution from your qualified retirement plans once you turn 72 years old may seem straightforward enough, but you can actually face stiff penalties if you miscalculate your withdrawals. Not only can we help you avoid these costly penalties, we can also help you optimize your withdrawals by taking a look at all of your sources of retirement income and creating a distribution strategy that works best for your unique situation.
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Roth Conversions & Recharacterizations
As you may know, you can convert a traditional IRA into a Roth IRA to increase future income and achieve estate-planning benefits. By utilizing Roth conversions, you can add years of longevity to your retirement investment portfolio, while also benefitting your heirs and beneficiaries.
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Home Equity Conversion Mortgages
For many retirees, the equity in their home is one of their largest financial assets. However, most people don’t understand how they can leverage this equity to improve their retirement lifestyle. Beyond traditional tools like Home Equity Lines of Credit (HELOCs) and reverse mortgages, there are government-insured Home Equity Conversion Mortgages (HECMs) – a much more attractive option in our opinion. We can explain the ins and outs of HECMs and how they can benefit you if needed.
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Medicare Premium Minimization
How much you pay for Medicare premiums (particularly Medicare Part B) depends on how much income you earn from two years ago. As you might expect, the higher your income, the higher your premiums. We help you minimize these costs through careful planning and advantageous retirement income strategies.
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Tax Efficiency & Minimization
You may have heard the saying, “It’s not how much you earn, it’s how much you keep.” This old adage is especially true when it comes to retirement income. For that reason, we’re always looking for ways to opportunities for tax efficiency and minimization. In fact, it’s not a separate component of our Retirement Income and Spending Plans but rather something that permeates everything we do for our clients.
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Retirement Income & Spending Plan

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