Insights

Retirement

The largest topic we write about, because it is the one that changes the most when you reach it. Everything below is about the shift from accumulating to spending — the reversal most people are least prepared for.

Retirement planning covers how much you can sustainably spend, which accounts to draw from and in what order, when to claim Social Security, and how to structure the early years so a poor market does no lasting damage. Monument Group models these together rather than one at a time.

Start here

The first year of retirement: what to expect

The first year of retirement is usually a transition from saving to spending. Many people use it to set a spending plan, coordinate which accounts they draw from, line up tax and benefit decisions, and review estate documents. The right choices vary with personal tax, benefit, spending and market circumstances, and may change as the year unfolds.

A general first-year checklist

Spending plan
Estimate essential and flexible monthly costs, then compare them with the income you expect to have.
Account withdrawals
Decide which accounts to draw from first and how withdrawals from different account types fit together.
Tax and benefit timing
Review when Social Security, Medicare and any pension or employer benefits begin, and how each may affect your taxes.
Estate documents
Revisit wills, beneficiary designations and powers of attorney with your own attorney or with Woodman & Eaton, P.C.

This checklist is general education, not personalized advice. Your own choices depend on your tax situation, benefits, spending and market conditions, and results vary.

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