Get the Answers
You Need
Retirement planning is full of big decisions— when to claim Social Security, how to turn savings into income, and how to leave a legacy.
- You’re not alone—most people have the same questions.
- Below, we’ve answered the most common retirement
and estate planning questions.
- Want personalized answers? Schedule a free1-on-1 consultation.
How do I figure out how much money I need every month in retirement?
Start with the What’s Your Number? Calculator – it will estimate your required monthly income.
Consider Expenses: Housing health care, lifestyle and inflation
Don’t just focus on savings —think about guaranteed income sources.
What’s better—taking a lump sum or having guaranteed monthly income?
- A lump sum might seem appealing, but market fluctuations can put your retirement at risk.
- Studies show that retirees with guaranteed income streams worry less and spend more confidently.
- The best approach? Ensure essential expenses are covered by guaranteed sources, then invest the rest.
Did You Know?
According to Blanchett & Finke (2021), guaranteed income gives
retirees a “license to spend” without fear of running out of money.
What happens to my spouse’s income
if I pass away first?
Your surviving spouse may lose part of your Social Security benefits.
Pensions and annuities may have reduced survivor benefits or none at all.
The solution? Convert a portion of your savings into spousal-protected income.
What’s the best way to leave money to my children or grandchildren?
- Many retirees assume leaving a lump sum is best, but it can be quickly spent or mismanaged.
- Tax-efficient strategies can structure a legacy to provide long-term financial security for heirs.
Options:
Several strategies can be considered for legacy planning. For example, life insurance can provide a tax-free death benefit for heirs. Some options include:
- Life Insurance & Indexed Universal Life (IUL) – offer both a death benefit and potential cash value growth, though they have unique features and complexities.
- Trusts & Structured Payouts – established with legal counsel, can help manage how and when assets are distributed to heirs.
The suitability of these options depends on individual circumstances. Discussing life insurance would be with one of our licensed agents. For trusts or comprehensive estate and tax planning, you should consult with a qualified estate planning attorney and a tax advisor.
What is “Step-Up in Basis,” and why does it matter?
Which assets should you spend first? Which should be preserved?
Example: You bought stock for $50K, now worth $200K → Your heirs inherit at $200K basis instead of $50K, avoiding taxes on $150K gain.
Key takeaway: Not all assets should be used for retirement spending—some are better left to heirs.
Watch This Video: Understanding Step-Up in Basis
What’s the #1 mistake retirees make with their money?
Not having a guaranteed monthly income plan— many withdraw from investments without a structured plan.
Failing to optimize Social Security claiming decisions, losing up to 8% per year.
Not considering healthcare and long-term care risks, which can quickly deplete assets.
Most retirees who run out of money do so because they didn’t have a structured income plan.
What are my next steps to create a secure retirement plan?
STEP 1
Find your number –
Calculate how much
income you need monthly
STEP 2
Secure your income – Plan to cover your essentials with reliable income streams, typically backed by an insurance company.
STEP 3
Protect your legacy –
Set up tax-efficient
wealth transfer strategies