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
Take the first step today. 2 minutes!
How do I figure out how much money I need every month in retirement?
Start with the What Is Your Number? calculator — it estimates
your required monthly income based on your current lifestyle,
housing, healthcare, and spending habits. As a general rule,
most financial planners recommend replacing 70–85% of your
pre-retirement income. But averages don't tell your story.
Your number depends on whether you own or rent, how active
your retirement will be, what healthcare coverage you have,
and how long you expect to live. The calculator factors all
of this in and gives you a personalized monthly target —
not a generic rule of thumb. Once you know your number,
you can compare it to your expected income sources and
immediately see whether you have a gap to fill.
What's better — taking a lump sum or having guaranteed monthly income?
For most retirees, guaranteed monthly income wins for covering
essential expenses. A lump sum requires you to manage
withdrawals over 20–30 years, guess at your investment
returns, and hope a market downturn doesn't hit at the
wrong time. Research from the TIAA Institute and Willis
Towers Watson consistently shows that retirees with
guaranteed income sources — like pensions or annuities —
report less financial stress and spend more confidently.
The smartest approach is a hybrid: cover your essential
monthly expenses (housing, food, healthcare, utilities)
with guaranteed income, then keep remaining assets invested
for growth and flexibility. That way market swings don't
threaten your baseline standard of living.
What happens to my spouse's income if I pass away first?
This is one of the most overlooked risks in retirement
planning. When one spouse dies, the surviving spouse
typically loses one of the two Social Security checks —
keeping only the higher of the two. If you have a pension,
survivor benefits may be reduced or absent depending on
the option you elected at retirement. The result is often
a significant income drop at exactly the wrong time.
The solution is to plan for this explicitly before you
retire. Annuities with joint-and-survivor payout options
continue payments for as long as either spouse is alive.
A licensed Retirement Income Specialist can help you
structure income so your spouse is protected regardless
of which of you passes first.
What's the best way to leave money to my children or grandchildren?
Leaving a lump sum directly is the simplest approach but
often not the most effective — inherited cash can be spent
quickly or create tax complications for heirs. More
tax-efficient options include life insurance with a
death benefit, which passes to heirs income-tax-free,
and Indexed Universal Life (IUL) policies that combine
a death benefit with cash value growth. Trusts, structured
with the help of an estate planning attorney, allow you
to control how and when assets are distributed. One
often-missed strategy is the step-up in basis — certain
assets left to heirs reset their cost basis at your
date of death, eliminating capital gains taxes on
decades of growth. Which approach is right depends on
your asset mix, tax situation, and family goals.
What is "Step-Up in Basis" and why does it matter?
Step-up in basis is a tax rule that resets the cost basis of inherited assets to their fair market value on the date of the original owner's death.
Here's why it matters:
if you bought stock for $50,000 and it's worth $200,000 when you die, your heirs inherit it at the $200,000 value.
If they sell it immediately, they owe zero capital gains tax on that $150,000 of growth — it disappears at death. This makes certain appreciated assets — stocks, real
estate, investment accounts — more valuable to leave to heirs than to spend yourself in retirement. The
practical implication: spend down other assets first in retirement and preserve appreciated assets for
inheritance. A licensed advisor can help you identify which assets in your portfolio benefit most from this strategy.
What's the #1 mistake retirees make with their money?
The single biggest mistake is retiring without a structured income plan — simply withdrawing from savings as needed without knowing how long the money will last. This leads to two problems: overspending early in retirement, or underspending out of fear and missing out on years of enjoyment. Close behind it are two other common errors: claiming Social Security too early (which can permanently reduce your benefit by up to 30%), and underestimating healthcare costs, which average over $300,000 per couple in retirement according to Fidelity's annual estimate. The fix for all three is the same — build a written retirement income plan before you retire, not after. Start by knowing your number, then work with a licensed specialist to structure income that covers your essentials for life.