Advisors for retired clients

The goal flips from accumulation to income: sustainable withdrawals, tax-efficient sequencing across accounts, Social Security and pension decisions already locked in, Medicare costs, and protecting against a bad sequence of early returns. Risk management matters more, not less.

Common building blocks: a spending floor covered by Social Security, pensions, and possibly annuities; a cash reserve for near-term spending; and a diversified portfolio for everything else. The order you draw accounts - taxable, traditional, Roth - is a tax decision worth real money over a retirement.

RMDs force taxable withdrawals from traditional retirement accounts starting at the age set by current law (recently 73, rising for younger cohorts). Planning levers - Roth conversions earlier, qualified charitable distributions, bracket management - work best in the years before RMDs begin.

Delaying raises the monthly benefit substantially up to age 70, but the right age depends on health, other income, spousal benefits, and whether you're still working. Model the breakevens with your actual numbers; rules of thumb ignore half the equation.

Stress-test the plan: lower returns, higher inflation, higher healthcare and long-term care costs, living to 95. A plan that survives those scenarios with margin - and has spending flexibility built in - is what 'enough' actually looks like.