Income plans are built and reviewed virtually or by phone — Tele-Wealth planning, with your numbers on screen as we build them.
Retirement Income Planning
Build a tax-efficient, resilient retirement paycheck.
Successfully managing your future means coordinating tax-efficient income generation with disciplined risk management. This 5-step framework is the same one we walk through with families during their Retirement Income Score review.
Takes about 3 minutes. No account numbers, no obligation.
60-second income gap check
How big is the gap between your bills and your guaranteed income?
Six questions. No contact details, no account numbers — your result appears right here on the page.
0 of 6 answered
1. When does your retirement paycheck need to start?
2. How much of your essential monthly bills are covered by guaranteed income today?
Social Security, pensions, and any annuity income you already own.
3. Do you have a cash buffer for a down market year?
4. Do you know the withdrawal rate your savings can support?
5. How is your money split across account types?
Pretax 401(k)/IRA, Roth, and taxable brokerage.
6. Has anyone mapped Roth conversions or RMDs for you?
Your information stays private
We never sell your information. It is used only to prepare your review and to match you with a licensed Expert.
No obligation, ever
The review and your Retirement Income Score are free. There is nothing to buy and no commitment to move any money.
You control the contact
We ask for account numbers only if you choose to move forward, and you can ask us to stop contacting you at any time.
By submitting a form you agree that My IRA Hero and the licensed Expert matched to you may contact you by phone, email, or text about your request. Message frequency varies; consent is not a condition of purchase. Reply STOP to opt out. See our Privacy Policy and SMS Terms. Educational information only — not tax, legal, or investment advice.
Is a retirement income plan right for me?
- How do I know if I need a written income plan?
- If you are within about ten years of drawing from your savings, or already drawing, you need one. The decisions that matter — which account to withdraw from first, when to claim Social Security, how much to keep in cash — all interact, and guessing at them is what shortens the money.
- Do I have to buy a product to get the plan?
- No. The framework on this page is built from your own numbers first. Whether any guaranteed-income vehicle belongs in it is a separate question answered after the plan is written, and only for the portion that must cover essential bills.
- What if most of my money is in a pretax 401(k) or IRA?
- Then tax sequencing is likely your biggest lever. Roth conversions in low-income years and smoothing future RMDs can change your lifetime tax bill materially — but only if they are scheduled before the RMD years begin.
- Can this be done without meeting in person?
- Yes. Every plan is built and reviewed by video or phone — Tele-Wealth planning — with your numbers on screen as we build them. Nothing is signed on the first call.
General education, not a recommendation. Suitability depends on your accounts, age, tax bracket, and income timeline.
Step 3 — pick your time
Book your free 15-minute Tele-Wealth income call
Choose a time below and a Retirement Expert matched to income planning will walk through the 5-step framework with your numbers on screen. No account numbers, no obligation, nothing signed on the first call.
We don't randomly assign you to whoever is available. We review your questionnaire answers and match you with an experienced Fiduciary Retirement Specialist who can best address your situation — then they stay with you from there.
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- 01
Calculate your target income baseline
- Total non-discretionary expenses like housing, food, and utilities.
- Subtract guaranteed income sources such as Social Security and pensions.
- The remaining balance is your annual withdrawal target from investments.
- 02
Establish a cash buffer strategy
- Set aside 1–2 years of living expenses in high-yield cash accounts.
- Use the reserve during market downturns to protect long-term assets.
- Avoid liquidating investments when prices are low.
- 03
Implement a dynamic withdrawal rate
- Adjust spending downward in periods of severe underperformance.
- Target a flexible 3%–4% initial withdrawal rate.
- Rebalance annually to maintain your target allocation.
- 04
Optimize asset location across accounts
- Place high-growth equities inside tax-free Roth IRAs.
- Hold fixed-income assets in tax-deferred traditional IRAs or 401(k)s.
- Keep tax-efficient index funds inside taxable brokerage accounts.
- 05
Schedule strategic Roth conversions
- Convert traditional IRA funds to Roth during low-income years.
- Pay taxes early to reduce future Required Minimum Distributions (RMDs).
- Lower lifetime tax burden and protect beneficiaries.
From Tom Hegna's Guaranteed Paychecks & Playchecks
The three-legged retirement stool is wobbling. Here's the missing leg.
Retirement used to stand on three legs: Social Security, a company pension, and personal savings. Today, two of those legs are shorter than ever — which is why more retirees are building a fourth leg: a private, guaranteed lifetime income they cannot outlive.
Social Security
Benefits face long-term funding pressure, cost-of-living adjustments haven't matched retirees' real inflation, and the trust fund outlook has weakened for decades.
Company Pension
Traditional pensions are largely gone for private-sector workers. Even many government plans have reduced the payouts workers expected.
Personal Savings
That leaves your 401(k), 403(b), 457(b) and savings — which most people park in CDs, money markets, stocks, or bonds. Each has a problem for income.
Why lifetime income annuities win out
Mortality credits: the payout no CD, bond, or stock can offer.
Banks pay every CD holder the same rate, regardless of age. Bonds pay everyone the same yield. Stocks have never paid a dividend based on how old you are. But a lifetime income annuity pays mortality credits — an actuarial reward that increases the longer you live, funded by pooling longevity risk across thousands of annuity holders. Economist Dr. Moshe Milevsky calls them "longevity credits," because you literally get paid for living longer.
That's why a properly structured annuity can guarantee roughly 7% a year at 65, 9% at 75, and nearly 13% at 85 — for the rest of your life.
Sample guaranteed annual payout rates
Sample traditional rates for illustration (source: New York Life Insurance Company). Rates change with interest rates and product pricing; actual rates vary by carrier, age, and options selected.
- See whether a guaranteed-income leg fits your plan
- Free 15-minute call with a Retirement Expert — virtual or by phone
Key Trade-Offs
Every retirement choice has a cost. Know both sides.
| Strategy | Primary Benefit | Core Downside | Best Suited For |
|---|---|---|---|
| Delaying Social Security | Maximizes monthly guaranteed payout. | Requires drawing from personal savings early. | Healthier individuals with other liquid assets. |
| Purchasing an annuity | Creates a predictable lifetime income stream. | Reduces overall liquidity and growth potential. | Risk-averse retirees wanting fixed income. |
| Medicare Advantage | Lower monthly premiums with extra perks. | Restricts care to local provider networks. | Budget-conscious individuals with local doctors. |
| Original Medicare + Medigap | Complete freedom to choose any doctor. | Higher fixed monthly premium costs. | Individuals managing multiple chronic conditions. |
The Advisors We Recommend All Work With Top-Rated Insurance Companies
Carrier logo scrolling playing.
- Allianz Life
- Corebridge Financial
- EquiTrust Life
- Global Atlantic
- North American
- Pacific Life
- MassMutual
- American Equity
- Mutual of Omaha
- Symetra
- Jackson National
- Protective
- Transamerica
- Securian Financial
- Ameritas
- Equitable
Disclosure: Carrier names and logos are shown for identification and reference purposes only. Their appearance here does not constitute an endorsement, recommendation, sponsorship, or approval of My IRA Hero, its advisors, or any strategy discussed on this site, and it does not imply any affiliation, partnership, or agency relationship with these companies.
Results are not guaranteed. Nothing on this page is a solicitation for any specific product, a projection of future performance, or a promise of any particular outcome. Product availability, features, riders, and rates vary by carrier, state, age, health, and suitability, and are subject to change and underwriting approval. Any guarantees are backed solely by the claims-paying ability of the issuing insurance company. My IRA Hero does not provide legal, tax, or accounting advice; consult your own qualified professionals.
Not sure which type of annuity fits your situation?
We break down the three types of annuities side by side — how each one grows, what it protects, and what it actually costs — plus 10 obvious reasons an annuity may (or may not) belong in your plan.
Why a fixed index annuity can be a powerful addition to a retirement plan
Retirement is about more than maximizing returns. This plain-English guide explains how one portion of a portfolio can be assigned a different job — protection from index losses, index-linked growth potential, and lifetime income you can't outlive — plus the risks, the mortality-pooling math, and when an FIA is the wrong fit.
Read the guideCommon questions
Common questions about retirement income planning.
How much monthly income will my savings actually produce?+
A common planning starting point is 4% of the balance in the first year, adjusted for inflation after that — roughly $3,300 a month on $1,000,000. That number moves with your withdrawal order, your tax bracket, and how much of your income is guaranteed rather than market-dependent, which is why the plan matters more than the rate of return.
What is the safest withdrawal order in retirement?+
Most households do better spending taxable accounts first, then tax-deferred, then Roth — but the right order depends on your bracket, whether Medicare premiums are in play, and if there is a Roth conversion window before required distributions begin. The order is a tax decision, not a preference.
What is sequence-of-returns risk?+
It is the damage done when a market drop lands in your first few years of withdrawals. Selling shares while prices are down permanently shrinks the base that has to fund the next thirty years, so two retirees with identical average returns can end up with very different outcomes based purely on the order those returns arrived.
Should I use annuities, bonds, or dividends for income?+
They do different jobs. Bonds and dividends produce income that still fluctuates with markets and rates; a lifetime income annuity produces a paycheck that continues regardless of markets or how long you live. Most plans use a mix, with the guaranteed layer sized to cover essential expenses.
When should I start retirement income planning?+
The highest-value window is roughly five years before and five years after your retirement date. That is when rollover decisions, Roth conversions, Social Security timing, and income sizing all overlap, and it is the period where mistakes are hardest to undo.
Keep reading
Related guides on this topic
See how annuities create retirement income
How lifetime income is built, what it guarantees, and where it fits in a plan.
Read the guidePlan your Social Security claiming decision
Filing ages, spousal and survivor rules, and the income gap left behind.
Read the guideStart with retirement tax planning
Bracket management, Roth conversion windows, and overlooked deductions.
Read the guideWhen you're ready to see the numbers for your own household, start with the free Retirement Income Score — then talk it through with a licensed Expert.
Get my Retirement Income Score Book a free 15-minute callOur fiduciary commitment
We only refer you to Retirement Experts who are obligated to act as a fiduciary at all times — legally bound to put your interests ahead of their own on every single recommendation they make to you.
Every Expert we refer must also be willing to give you a written Fiduciary Pledge — a signed legal statement confirming that duty to you in writing. If an Expert will not put it in writing, we will not refer you to them. Just ask for it on your call.
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