Inventory Income Sources
2-4 hoursList all retirement income sources: Social Security, pensions, 401(k)/IRA, annuities, rental income, and part-time work.
Field context
This workflow is part of 1 niche field
Retirement income planning guide for withdrawal rates, Social Security timing, pension decisions, annuity evaluation, and tax-efficient drawdown order.
List all retirement income sources: Social Security, pensions, 401(k)/IRA, annuities, rental income, and part-time work.
Project monthly and annual spending in retirement including healthcare, travel, housing, and inflation adjustments.
Plan the order and amount of withdrawals from each account type to minimize taxes and maximize portfolio longevity.
Plan Roth conversions in low-income years, manage capital gains harvesting, and coordinate RMDs with Social Security timing.
Set up systematic withdrawals, establish annual review process, and adjust for market conditions and life changes.
Inventory and project all retirement income sources. · Model withdrawal rates and portfolio longevity. · Annual plan review and withdrawal adjustment.
Estimate Social Security income at chosen claiming age.
Estimate monthly and annual retirement spending needs.
Adjust expense projections for 20-30 year inflation.
Stress-test withdrawal strategy against market scenarios.
Optimize withdrawal order for minimum lifetime taxes.
Plan capital gains harvesting in taxable accounts.
Recommended order for drawing retirement income to maximize longevity and minimize taxes.
| Priority | Source | Tax Treatment | Notes |
|---|---|---|---|
| 1 | Pension/Social Security | Partially taxable | Stable base income |
| 2 | Taxable brokerage | LTCG rates (0-20%) | Step-up basis at death |
| 3 | Traditional IRA/401(k) | Ordinary income | RMDs at 73 |
| 4 | Roth IRA | Tax-free | Preserve for last/heirs |
| 5 | HSA | Tax-free (medical) | Receipt hoarding strategy |
Drawing from IRA/401(k) while delaying Social Security to 70 reduces RMDs later and maximizes inflation-protected lifetime income.
Medicare does not cover everything — budget $500-$800/month for Medigap + Part D + out-of-pocket even with good health.
Convert IRA to Roth in years between retirement and Social Security/RMDs when income is low — pay taxes at 12% instead of 24%+ later.
Cutting discretionary spending 10-20% during market downturns dramatically extends portfolio life — build flexibility into your budget.