Meet Bob and Susan, a hypothetical couple approaching retirement. We're going to use their situation to walk through seven of the biggest decisions retirees face — and show how those decisions connect inside one retirement plan.
This isn't about finding one perfect answer. It's about modeling the decisions together and seeing how changing one part of the plan can affect the others.
Can They Retire?
Before we optimize taxes, Social Security, or withdrawals, we start with the biggest question: can Bob and Susan retire when they want to?
Start with the retirement goal, then test whether the resources can support it.
How Much Can They Actually Spend?
Being able to retire is only part of the question. Next we model how much Bob and Susan can reasonably spend throughout retirement.
Retirement income planning starts with the life you actually want to fund.
When Should They Take Social Security?
Social Security is more than choosing an age. We look at how the claiming decision fits with their other income, assets, and retirement timeline.
The Social Security decision belongs inside the retirement plan, not outside it.
Which Account Should They Spend First?
Bob and Susan have different types of accounts. Where their retirement income comes from can affect taxes today and the opportunities available later.
The order of withdrawals can matter just as much as the amount withdrawn.
Should They Do a Roth Conversion?
Once we understand their income and withdrawal strategy, we can look for years when intentionally recognizing taxable income may improve the long-term plan.
A Roth conversion should be modeled as part of a multi-year tax strategy.
What Happens When RMDs Begin?
Eventually required minimum distributions can change the tax picture. We look ahead rather than waiting until those distributions arrive.
Decisions made earlier in retirement can affect the size and impact of future RMDs.
What Happens When One Spouse Dies?
A retirement plan built for two people should also be tested for the surviving spouse. Income, taxes, and the overall financial picture can change significantly.
A strong retirement plan should consider the survivor, not just the couple.
None of these decisions exists by itself.
Social Security affects withdrawals. Withdrawals affect taxes. Roth conversions can affect future RMDs. RMDs can affect future taxes. And the plan can change significantly when one spouse dies.
That's why we don't think retirement planning should be a collection of isolated recommendations. We want to see how the pieces work together over time.
Is Your Advisor Your CoPilot?
A good retirement plan still needs someone helping you monitor the instruments, think ahead, and make adjustments as conditions change. Roger explains why we think of the advisor relationship more like a copilot than a passenger.
What would your retirement plan look like?
Bob and Susan are hypothetical. Your retirement will have its own assets, income, taxes, goals, and decisions. If you'd like us to start looking at your situation, begin with the client application.
Bob and Susan are hypothetical and are presented for educational and illustrative purposes only. Their circumstances and the strategies discussed are not intended to represent any specific client or constitute individualized investment, tax, or legal advice. Actual results and appropriate strategies will vary based on individual circumstances.