Retirement income review · Waukesha, WI
You've Saved for Retirement. Do You Have a Plan to Turn It Into Income?
For people nearing or in retirement — and anyone who wants a second opinion on an existing annuity. Sarah DePover, MBA, helps you see how Social Security, savings, and other income sources could work together, with a fair look at the trade-offs.
Sarah Elizabeth DePover, MBA
Financial Advisor, Northwestern Mutual · 608-695-2891
Turning savings into a retirement paycheck
Dependable income
Matching essential monthly expenses with income sources you can count on, and flexible spending with more adaptable sources.
Social Security coordination
How claiming age, spousal benefits, and other income may interact over time.
Investment withdrawals
Which accounts to draw from, in what order, and how much flexibility to keep for markets and surprises.
Taxes
How withdrawals from pre-tax, Roth, and taxable accounts can affect your tax picture — discussed generally, to confirm with your tax professional.
Longevity risk
Planning for the possibility of a long retirement, including rising costs and potential care needs.
Comparing strategies
Systematic withdrawals, income “buckets,” bond ladders, pensions, and annuities — side by side, with trade-offs.
Annuities can help some people. They aren't right for everyone.
An annuity is one possible tool for retirement income. Any guarantees are backed only by the claims-paying ability of the issuing insurance company. Annuities typically involve costs, surrender charges or withdrawal limits, and tax rules — for example, withdrawals of earnings are generally taxed as ordinary income and may face an additional tax before age 59½. Whether one fits depends on your goals, other income, liquidity needs, and timeline.
Fixed & immediate annuities
Potential benefit: Can convert savings into a stream of income.
Trade-offs: Less liquidity; money may be hard to access once committed; inflation can reduce purchasing power.
Variable & indexed annuities
Potential benefit: May offer growth potential and optional income riders.
Trade-offs: Fees, rider charges, caps or participation limits, market risk (variable), and surrender schedules can be significant.
Deferred income annuities
Potential benefit: Can provide income starting at a later age.
Trade-offs: Limited or no access to funds before income begins; terms vary by contract.
Already own an annuity?
- What income it can provide, and when
- Fees, rider charges, and remaining surrender period
- How it coordinates with Social Security and other savings
- Tax treatment of withdrawals and beneficiary payouts
A second opinion is a review, not a recommendation to surrender or replace a contract. Exchanging or surrendering an annuity can trigger charges, taxes, and loss of benefits.
Frequently asked questions
Want more background first? Read the retirement income planning guide or the Social Security retirement age guide.
Talk it through with Sarah
Educational information only — not individualized investment, tax, or legal advice, and not an offer or recommendation of any product. Guarantees are subject to the claims-paying ability of the issuing insurer. Investing involves risk, including possible loss of principal. See Disclosures.