Retirement Income Planning

Creating your retirement income strategy

It’s smart to plan for multiple sources of retirement income to supplement social security and help ensure you have a cushion should your retirement expenses change unexpectedly. We can assist with your retirement income strategy by:

  • Reviewing essential and nonessential expenses in retirement and making adjustments as needed to make your retirement income strategy work
  • Identifying potential income sources and the tax implications of distribution timing
  • Considering a diversified investment strategy that includes long-term, growth-oriented investments, as well as investments that may offer limited volatility to meet near-term income needs
  • Exploring annuities, which may provide income throughout your retirement and lifetime payouts to joint beneficiaries
  • Considering insurance protection strategies to help guard against significant risks that could potentially derail your plans for retirement
  • Making investing potentially more cost effective by consolidating retirement assets such as multiple workplace saving plans and IRAs with a single financial institution
  • Reviewing your plan yearly, adjusting for market conditions, and modifying spending as needed.

U.S. Bank provides comprehensive wealth management services including financial planning, IRAs and other investment management options, trust and fiduciary services, and banking. U.S. Bancorp Investments offers financial planning, IRAs and other investments, annuities, insurance, and brokerage services.

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Sources of retirement income

Retirement income may be drawn from a mix of social security, pensions, Individual Retirement Accounts (IRAs), annuities, life insurance, Health Savings Accounts (HSAs), cash and cash equivalents. Each income stream can serve a specialized function in your overall retirement portfolio strategy.

Social Security

Consider the financial impact of when you start taking distributions from Social Security. You can choose to start collecting Social Security payments as soon as age 62, but you will receive significantly less income overall than you would if you chose to start receiving payments at 70.

Life Insurance

Cash value from life insurance by U.S. Bancorp Investments can be a tax-advantaged way to supplement your retirement income, and can also help fund your spouse’s retirement should they survive you.

Health Savings Account (HSA)

Contributing to an HSA prior to retirement lets you accumulate tax-sheltered savings that you can use to pay for expenses in retirement.


Annuities from U.S. Bancorp Investments can offer different ways to create reliable income for your entire life.

Roth IRA

Rolling over or transferring your 401(k), 403(b), other employer-sponsored plan, or Traditional IRA into a Roth IRA can let you keep your retirement savings in reserve until you need them. While you will pay taxes at current rates when rolling over from a tax-advantaged account, Roth IRAs have no upper age limit for distributions, which allows transfer of funds to your beneficiaries.

Plan ahead for tax savings

Tax planning is essential for getting the most out of your retirement income. Work with an advisor to create a tax-efficient distribution strategy that considers:

  • Ways to diversify your holdings based on their tax status to give yourself a mix of taxable, tax deferred, and tax-free investments
  • Whether converting IRA or workplace retirement plan assets to a Roth IRA might be a good tax strategy in the long run
  • Being prepared to pay taxes on your withdrawals at least quarterly
  • Adhering to required minimum distribution rules each year after you turn age 70 and a half to avoid severe penalties
  • Getting guidance from a qualified tax advisor about the potential tax impact of your withdrawal plans

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