Len Strickler, CEO
Managing PartnerLen focuses on retirement income and principal-protection strategies.
Read full bio →Retirement income planning
A written plan for your retirement paycheck
We help you see where your monthly income will come from, how long your savings may need to last, and the steps designed to help protect what you've built.
Is this you?
If any of these sound familiar, this page is for you.
- You're within about 10 years of retiring and asking, "Will my money last?"
- Your paycheck is about to stop, but your bills won't.
- You have a 401(k), IRA or pension, but no plan for turning it into monthly income.
- You're not sure when to claim Social Security or which account to draw from first.
- You've just retired and want a clear plan instead of guessing month to month.
What we look at
What a income planning review covers
Your income sources
Social Security, pensions, savings and any insurance-based income, and when each one starts.
Social Security timing
How your claiming age, anywhere from 62 to 70, fits with the rest of your income.
Tax order of withdrawals
Which accounts you draw from first, and how that may affect your taxes and Medicare premiums.
Healthcare costs
Planning for premiums, out-of-pocket costs and IRMAA before they surprise you.
Your legacy
What you want to leave behind, and making sure your income plan supports it.
The income gap
Your paycheck stops. Your bills don't.
The income gap is the difference between what you spend each month and what your steady income sources, like Social Security and a pension, pay you. Your savings have to fill that gap, possibly for 25 or 30 years.
Hypothetical example: if a household spends $7,000 a month and Social Security plus a pension cover $4,500, savings need to cover the remaining $2,500, plus inflation, taxes and healthcare. This is an illustration only, not a projection for you.
Knowing the size of your gap is the first step to a plan designed to help your money last.
What's in the plan
What's in your written retirement income plan
Your plan is written down, in plain English, so you and your spouse can see it, question it and come back to it.
- Income sources: what comes in each month, and from where.
- Social Security timing: when each spouse may claim, and why.
- Tax order of withdrawals: a sequence designed to help manage taxes over time.
- Healthcare costs: Medicare, IRMAA and the years before 65.
- Legacy: beneficiaries and what you want to leave behind.
The tool
Try the Retirement Income Planner
Enter a few numbers and see a hypothetical illustration of your retirement income and any gap. Then talk through your numbers with us. Hypothetical illustration only; not advice.
- Move the sliders to match your situation.
- See your monthly gap or surplus and how much of your spending is covered.
- Then talk the numbers through with a licensed insurance agent.
Estimated monthly gap$0
Hypothetical illustration. Uses a 4% first-year withdrawal from savings and ignores taxes and inflation. Not advice.
Connect with a licensed insurance agentWho you’ll talk to
The licensed insurance agents for income planning
Art Athanas, CFO, COO
Managing PartnerArt works on increasing retirement income and making it more tax-efficient.
Read full bio →Henrique Thormann
Licensed Insurance AgentHenrique helps clients build a reliable retirement income stream.
Read full bio →John Petrucco
Licensed Insurance AgentJohn has 30 years in financial services and tailors each income plan to the retirement you want, keeping complex decisions simple.
Read full bio →
As heard on Let’s Talk Safe Money®
Hear Len and Art explain it on the show.
Len and Art host the show on 610 WIOD. Watch more episodes in LSF University.
Watch full episodesQuestions
Common questions about income planning
How much income will I need in retirement?
It depends on your lifestyle, not a rule of thumb. We start with what you actually spend today, then adjust for what changes in retirement, like commuting costs going down and healthcare costs going up. Inflation and taxes are part of the picture too.
What's included in a written retirement income plan?
Your income sources and when they start, Social Security timing, a tax-aware order for withdrawals, healthcare costs including Medicare and IRMAA, and your legacy wishes. It's written in plain English so you can review it with your family.
How do Social Security, pensions and savings fit together?
Social Security and pensions usually form your base income. Savings fill the gap between that base and what you spend. When you claim Social Security changes how much you draw from savings in the early years, and which accounts you draw from affects your taxes. The plan coordinates all of it.
What happens to my plan if the market drops right before I retire?
A drop in the years just before or after you retire can have a bigger effect than the same drop later, because you may be withdrawing at the same time. Planning ahead for that risk, for example by knowing which income sources you'll rely on first, is designed to help reduce the pressure to sell at the wrong time. No plan can remove market risk entirely.
How much does a retirement review with LSF cost?
We'll explain any cost clearly before you commit to anything.
Can we meet by video instead of in Fort Lauderdale?
Yes. You can meet us at our office in Trafalgar Plaza, 5310 NW 33rd Ave., Suite 114, Fort Lauderdale, or by video from anywhere in Broward, Palm Beach or Miami-Dade.
Related services
These usually go together.
Service 2Fixed Index AnnuitiesProtect savings from market lossesService 3Retirement Tax Planning (Zero Tax Roadmap)Keep more of what you saveService 4Roth ConversionsWhen converting can helpService 5Social Security StrategyClaim with a planService 6Medicare, IRMAA & Healthcare CostsIRMAA & healthcare costs
Serving Broward, Palm Beach, Miami-Dade & North Carolina
Call 954.999.0355Trafalgar Plaza, 5310 NW 33rd Ave., Suite 114, Fort Lauderdale, FL 33309 · In person, or by video from anywhere in the country
Connect with a licensed insurance agent
Try the Retirement Income Planner
15 minutes, no obligation. Pick a time and we’ll call you, or meet us at Trafalgar Plaza or by video.
- Topic set to Retirement income, change it if you like.
- Prefer to call? 954.999.0355
Important information. The Retirement Income Planner and any examples on this page are hypothetical illustrations for educational purposes only. They are not a projection of your results and not advice. Planning strategies are designed to help, and no plan can guarantee that income will last or that savings won't lose value. Insurance and annuity guarantees are subject to the claims-paying ability of the issuing insurance company. This is not tax or legal advice; consult your tax professional.