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5 Retirement Income Planning Questions You Should Ask Your Financial Advisor

Updated: Jul 14, 2023

Retirement income planning can seem intimidating, but it doesn’t have to be. Timing plays a big part in optimizing numerous retirement income decisions — from when to start taking Social Security to when you should sign up for Medicare. The timing of these decisions can cost or save you thousands! Getting it right could mean the difference between retiring happy or struggling to make ends meet. To help you, our team put together this list of five retirement income questions you should ask your financial advisor.

Top five retirement timing questions you should ask your financial advisor:

  1. When should I claim my Social Security benefits?

    1. The right Social Security claiming strategy could increase your retirement value by up to $100,000!

  2. When should I sign up for Medicare?

  3. When should I buy long-term care insurance?

  4. How can I make my savings last the rest of my life?

  5. Which account should I draw from and when?

    1. A tax-efficient income withdrawal strategy could keep thousands of dollars in your pockets instead of Uncle Sam’s!

Morris and Pursley Financial Plans can help you understand the impact of different planning options and identify your optimal strategy. We don’t want you to leave your hard-earned money on the table. Working with an expert to develop a custom retirement strategy that works in your best interest and helps you meet your retirement goals is best.

Our firm specializes in retirement income planning for Central Texans. Missy Pursley is a Retirement Income Certified Professional (RICP) and a Life Underwriter Training Council Fellow (LUTCF). Jack Morris, LUTCF, started the firm in 1954 to help Texans with annuities, life insurance, and long-term care insurance.

Understanding your current financial situation and retirement goals is essential to determining which income withdrawal strategy you need. Choosing the wrong retirement income strategy can lead to unexpected outcomes, like taxes that you may not be able to pay. No one wants to have to go back to work after retirement. Having the right plan in place can help you feel more confident during your retirement transition. We can help walk you through different retirement strategy options. Let’s work together to understand the right strategy for you.

The Morris and Pursley Financial Plans team is happy to help answer questions about your retirement funds. Set up a meeting with our team to talk about how we can make optimizing your retirement income strategy easier.

Disclosure: The information provided in this blog post is for educational purposes only and should not be considered as personalized financial advice. As an RICP (Retirement Income Certified Professional) financial advisor, I am sharing general knowledge and insights based on my professional expertise. The strategies and concepts discussed may not be suitable for everyone, and individual circumstances should be taken into consideration. It is recommended to consult with a qualified financial professional before making any financial decisions. I am not affiliated with any specific financial institution or company mentioned in this article. This blog post is not an endorsement or recommendation of any specific financial products or services. The content provided is accurate to the best of my knowledge at the time of writing, but it may not reflect the most current regulations or developments in the financial industry. Please consult with a professional advisor for up-to-date and personalized advice tailored to your individual financial goals and circumstances.

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