Skip to main content
Created: May 11, 2024
Modified: May 15, 2024

How to Build a Retirement Income Plan

Most of us are diligently saving for retirement, but many may not have a comprehensive income plan in place. Nicholas J. Colantuono, CFP® joins Better Money Boston to discuss the importance of having a roadmap and a plan. It is perhaps the number one stress reliever when it comes to retirement planning.

When you’re working and earning money, saving is key because every two weeks, something magical happens: you get paid. However, when you retire, that paycheck stops. What doesn’t stop are the bills, the mortgage payments, and the gas bill.

Replacing that income stream is crucial, which is why having a comprehensive plan is necessary.

Income: The Backbone of Your Retirement Plan

It’s all about income—taking your various sources, whether it’s Social Security, dividends, or investments, and creating a coordinated strategy for when and where you’ll get your hands on money as you need it. This also leads to the bigger question around assets. What type of strategy do you have when it comes to your investment accounts, IRAs, and 401(k)s? How are those buckets being managed, and what’s your plan for tapping into them?

Healthcare: A Critical Consideration

Healthcare is another important consideration. Once you retire, you’re no longer covered by employer plans and must navigate Medicare. There are regular checkups and preventative visits, and potentially emergency surgeries. As you age, long-term care needs, memory care, and dementia planning become crucial. Having a plan in place for these “what ifs” is essential.

Taxes and Legacy Planning

Let’s talk about two big topics: taxes and leaving a legacy. Taxes are important because they represent a ticking time bomb within retirement accounts. Nobody knows better than Uncle Sam that you haven’t paid taxes on the money you’ll withdraw in retirement, so creating a tax-efficient strategy for accessing those accounts is critical. Additionally, when it comes to leaving money behind, your legacy plan matters. How much of that money will go to the IRS, and how much will go to the people you care about?

Blueprint for a Stress-Free Retirement

As you can see, having a comprehensive income plan is essential for a successful and stress-free retirement. From income and asset management to healthcare considerations and tax planning, each component plays a vital role in ensuring you have the financial stability you need. Begin planning today and consult with your financial advisor to secure your future and achieve your retirement goals.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.

Resources by Topic
Share

Related Resources

Most Asked Social Security Questions

It’s no question that Social Security plays a crucial role in retirement planning, helping to provide a stable income stream for millions of recipients. In this week’s Better Money Boston with WC…

Can I Get ‘Out’ of a Fixed-Rate Vehicle?

When you lock into a fixed-rate vehicle like a CD, fixed annuity, or fixed-indexed annuity, you’re committed to a specific interest rate for a set period. But what happens when after a few years, ra…

Podcast Episode 402: How Often Should You Meet with Your Financial Advisor?

A good relationship between a client and their financial advisor relies on clear communication and regular check-ins to ensure everything is on track. In this episode of the Money Wisdom podcast, Ja…

Think Like the Rich

As you enter retirement, your financial focus shifts from growing your wealth to preserving your assets and generating income. In this stage of life, adopting the mindset of the wealthy can go a lon…

Leaving a Lasting Legacy

Estate planning can be a difficult yet necessary conversation to have with your loved ones. Everything from the distribution of your assets to your wishes regarding end-of-life care is up for discus…

Are My Social Security Benefits Taxable?

If your total combined income exceeds certain thresholds, up to 85% of your Social Security benefits may be taxable. Understanding how Social Security is taxed can help you make informed decisions a…

Right Time for Social Security

Contrary to popular belief, waiting to claim Social Security until age 70 to get the maximum benefit is not the best decision for everyone. So, when is the right time? In this week’s Retire Wiser…

Social Security: Make Your Choice

There are many options when it comes to taking Social Security, but only one that’s right for you. It’s one of the few retirement decisions that is nearly irreversible. Once you choose when to claim…

What is the Social Security Fairness Act?

You may have heard about the Social Security Fairness Act, which was signed into law on January 5, 2025. But what is it and who does it help? In this week’s Money Wisdom Question Series, Ian Ferg…

Finding Your Way on Taxes

Taxes can be confusing on any given day, but in retirement, they require even more attention and understanding. In fact, taxes are at the core of nine out of every ten conversations we have with the…
    Back to top
    Our Locations
    Johnson Brunetti
    Welcome to Our New Website!
    Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
    Check out your new resource center, where everything can be organized by article type or topic
    Are you ready to speak with a financial advisor?
    Skip to content