Retirement Income: Turning Savings Into Paychecks | Your Financial Empower Hour Ep 46

In this episode, Jason Cryderman discusses one of the biggest shifts retirees face: moving from saving for retirement to creating dependable income in retirement. The conversation explains why the same growth-focused approach used during working years may not fit the income and preservation needs of retirement, especially when considering longer life expectancies, Social Security timing, pensions, 401(k)s, IRAs, annuities, taxes, inflation, health care costs, and required minimum distributions. Jason also outlines the importance of understanding monthly expenses, separating essential needs from lifestyle wants, identifying income gaps, and creating a written retirement income plan that can be reviewed and adjusted over time. This discussion is general education and encourages retirees and pre-retirees to consider working with a qualified financial professional when building a plan for long-term confidence and security.

Timestamps
00:00 - Spring weather, Mother’s Day reflections, and family updates
02:45 - Introducing retirement income and turning savings into paychecks
10:11 - Why retirement income planning is one of the biggest retirement challenges
13:36 - Moving from accumulation to preservation and income
14:16 - The personal, emotional, and financial transition into retirement
15:17 - Why retirees may need to change their investment approach
17:26 - Longer retirements and the need for a sustainable income plan
19:06 - Why diligent savers can still feel uncertain about retirement
20:04 - 401(k)s, pensions, and the decline of guaranteed employer income
21:55 - Income planning versus investment planning
24:04 - Common sources of retirement income
24:52 - Social Security timing and pension considerations
25:38 - Retirement accounts, taxable investments, rental income, and part-time work
26:19 - How annuities may fit into an income strategy
27:10 - Separating essential expenses from lifestyle goals
27:39 - Market risk, income reliability, and “mailbox money”
30:47 - Steps for building a retirement income plan
31:05 - Why planning three to five years before retirement can help
31:26 - Calculating retirement expenses and employer-paid benefits
32:39 - Essential needs versus discretionary wants
33:14 - Identifying income sources and possible income gaps
34:51 - Planning for inflation, taxes, and Roth income considerations
36:22 - Health care, required minimum distributions, and written retirement plans
37:13 - Planning for the best while preparing for difficult scenarios
38:29 - Coordinating taxes, investments, Social Security, withdrawals, risk, and estate planning
39:48 - Why retirement plans should be reviewed and adjusted regularly
41:08 - Turning wealth into dependable retirement income

Need help planning for retirement? Call us at 📞 989-835-7203 or visit our website at 🌐 https://www.greatlakesinvestmentadvisors.com to get started.

#FinancialAdvisor #FinancialAdvisorAtYourService #retirement #retirementplanning #SocialSecurity #michigan #midland #mi #SocialSecurityBenefits #wealthmanagement #vabenefits #veteranbenefits #medicare #ira #rothira #taxfree #taxplanning #estateplanning #holisticfinancialstrategy #TaxPlanning #TaxCutsAndJobsAct #Annuities #MutualFunds #FinancialEmpowerHour #JasonCryderman

Видео Retirement Income: Turning Savings Into Paychecks | Your Financial Empower Hour Ep 46 канала Jason Cryderman