"Eliminate the tax uncertainty by creating a tax-free bucket.By using targeted Roth conversions-using up lower tax brackets to recharacterize traditional IRAs-you ensure a significant portion of your savings is shielded from all future tax increases. Having a large tax-free account gives you maximum flexibility to control your taxable income every year, protecting you from future legislation and eliminating the anxiety of surprise tax bills."
"Social Security is your primary source of inflation-adjusted, government-backed income. While claiming at full retirement age is a safe minimum, aiming to delay Social Security until age 70 maximizes your lifetime benefit.If a gap exists between your guaranteed income and your essential expenses, you can buy a single premium immediate annuity. This annuity converts a lump sum of savings into an unbreakable income stream throughout your lifetime, closing the gap and securing your basic lifestyle."
Persistent fear of running out of money drives underspending and anxiety in retirement despite solid finances. Create a tax-free bucket through targeted Roth conversions to remove future tax-rate uncertainty and control taxable income annually. Anchor essential expenses with guaranteed income sources such as delayed Social Security and, if needed, a single premium immediate annuity to convert savings into an unbreakable lifetime income stream. Protect the nest egg from catastrophic long-term care costs by obtaining quality long-term care insurance. Combining tax-free savings, guaranteed income for essentials, and long-term care protection delivers flexibility, confidence, and lasting financial security in retirement.
Read at Fast Company
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