Retirement Income Planning in Virginia Beach & Hampton Roads

Turn your savings into dependable income for the rest of your retirement. Call (402) 649-1418 to schedule your consultation.

Retirement Income Planning for Virginia Beach and Hampton Roads Families

Retirement income planning is the process of turning the savings, pensions and benefits you have built into a steady, reliable paycheck that lasts as long as you do. Legacy Solutions Estate & Income Planning helps families across Virginia Beach and Hampton Roads decide when to claim Social Security, which accounts to draw from first and how to manage taxes, so retirement income is predictable and sustainable.

  • A retirement income plan coordinates Social Security, pensions, military retired pay, savings and retirement accounts into one strategy.

  • When you claim Social Security can change your monthly benefit for the rest of your life. Benefits can start as early as 62 and grow each year you wait, up to age 70.

  • The order you withdraw from taxable, tax-deferred and Roth accounts affects how much of your income you keep.

  • A good plan accounts for longer lifespans, inflation, market downturns and healthcare costs.

The Retirement Income Challenge

In retirement, the question changes from how much you have saved to how much you can safely spend each month for the rest of your life. Your plan has to account for a retirement that may last 30 years or more, inflation that raises the cost of living every year and market downturns that can hit at the worst possible time.

A retirement income plan matches dependable income sources, such as Social Security, pensions and military retired pay, to your essential expenses, then uses savings and investments for everything else. That structure helps you avoid selling investments in a down market and gives you a clear, predictable monthly paycheck.

Call (402) 649-1418 or fill out the form below to schedule your retirement income planning consultation.

Retired couple traveling along the coast, enjoying income from a retirement income plan

What Is Retirement Income Planning?

During your working years, a paycheck arrives on a schedule. In retirement, you become responsible for creating that paycheck yourself. Retirement income planning maps out where each dollar of income will come from, when each source starts, how much tax it creates and how long your savings need to last. The goal is a plan you can rely on, not a guess you revisit every time the market moves.

Who Needs a Retirement Income Plan?

  • Pre-retirees within 10 years of retirement who want to know whether their savings will support the lifestyle they expect

  • Recent retirees who are drawing from savings for the first time and want a clear withdrawal strategy

  • Military retirees and spouses coordinating military retired pay, the Thrift Savings Plan (TSP), VA benefits and Survivor Benefit Plan decisions

  • Federal and state employees with pensions who need to decide on survivor options and how a pension fits with Social Security

  • Couples who need a plan that still works if one spouse passes first

  • Business owners whose retirement depends on selling or transitioning a business

Common Retirement Income Risks

  • Longevity risk: many retirements now last 25 to 30 years, and savings need to last as long as you do.

  • Inflation: rising prices reduce what a fixed income can buy over time.

  • Market timing: large losses early in retirement, while you are withdrawing, can do lasting damage to a portfolio.

  • Healthcare and long-term care costs: medical expenses often rise with age and can strain an income plan.

  • Taxes: withdrawals from traditional IRAs and 401(k)s are generally taxed as income, and poor timing can push you into a higher bracket.

Income Sources We Coordinate

Social Security

Your claiming age is one of the biggest decisions in retirement. We walk through how claiming early, at full retirement age or as late as 70 affects your monthly benefit and your spouse’s survivor benefit.

Pensions and Military Retired Pay

We review payout options, survivor elections and cost-of-living adjustments so your pension supports the rest of your plan.

Retirement Accounts

IRAs, 401(k)s, 403(b)s and the TSP each have their own rules for withdrawals, taxes and required minimum distributions. We help you decide which to draw from and when.

Savings and Guaranteed Income Options

For some families, a portion of savings is set aside to create a predictable income floor that covers essential expenses. We explain the options, their costs and their trade-offs so you can decide what fits.

Retiree walking on the beach, enjoying a retirement funded by a reliable income plan

How the Retirement Income Planning Process Works

  1. Education first. We start with a conversation about how retirement income works and what options exist, with no pressure to decide anything.

  2. Map your income and expenses. We list every income source and estimate your essential and lifestyle spending in retirement.

  3. Test the plan. We look at how your income holds up under different scenarios, including a longer life, higher inflation and a market downturn.

  4. Design the strategy. We recommend a Social Security claiming approach, a withdrawal order and any adjustments that fit your goals.

  5. Coordinate with your estate plan. Beneficiary designations, survivor benefits and your estate plan should all point in the same direction.

  6. Review every year. Tax rules, markets and your life change, so we revisit your plan regularly.

Key Retirement Income Decisions

  • When to claim Social Security. Claiming at 62 locks in a permanently reduced benefit, while waiting past full retirement age increases it each year until 70. For married couples, the higher earner’s decision also affects the survivor benefit.

  • Which accounts to draw from first. Coordinating withdrawals from taxable, tax-deferred and Roth accounts can help manage your tax bracket over time.

  • Required minimum distributions (RMDs). Most traditional IRAs and 401(k)s require withdrawals to begin in your 70s. Planning ahead can reduce surprise tax bills.

  • Roth conversions. In some situations, converting part of a traditional IRA to a Roth in lower-income years can reduce future taxes for you and your heirs.

  • Pension and survivor elections. These choices are often permanent, so they deserve careful review before you sign.

What to Bring to Your First Meeting

  • Your most recent Social Security statement (available at ssa.gov)

  • Statements for retirement accounts, savings and investments

  • Pension estimates or military retired pay statements

  • A rough monthly budget or recent bank statements

  • Any existing estate planning documents and beneficiary designations

  • Your questions. No question about retirement is too basic.

Retirement Income Planning for Military Retirees

Hampton Roads is home to one of the largest military and veteran communities in the country. As a military spouse, Shannon understands how military retired pay, the TSP, VA disability compensation and Survivor Benefit Plan elections fit together. We help military families build a retirement income plan that coordinates these benefits with civilian savings and Social Security.

Calculating a monthly retirement income budget with a calculator

Serving Virginia Beach and All of Hampton Roads

Legacy Solutions Estate & Income Planning is based in Virginia Beach and works with retirees and pre-retirees throughout the 757, including Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton and Newport News. We also host free educational workshops. See our upcoming events or explore all of our services.

Legacy Solutions Estate & Income Planning

2 Constitution Drive, Suite 101, Virginia Beach, VA 23462

Phone: (402) 649-1418

This page is for general educational purposes. Legacy Solutions Estate & Income Planning does not provide legal, tax or investment advice. Consult a licensed attorney, tax professional or financial advisor about your specific situation.

Retiree enjoying a round of golf in Hampton Roads, supported by a retirement income plan
Shannon Raitt of Legacy Solutions Estate & Income Planning, retirement income planning in Virginia Beach

Retirement Income Guidance From Shannon Raitt

Shannon Raitt works with pre-retirees and retirees across Hampton Roads to turn savings, pensions, military retired pay and Social Security into a dependable income plan. Backed by a second-generation, family-owned firm with more than 40 years in the financial services industry, she focuses on education, so you understand how each income source fits before you make a decision.

Call (402) 649-1418

Retirement Income Planning FAQs

  • Ideally five to ten years before you plan to retire. That gives you time to adjust savings, plan Social Security timing and position accounts for tax-efficient withdrawals. It is never too late to start, even if you have already retired.

  • There is no single best age. It depends on your health, your other income, whether you are married and how long you expect to need income. Benefits can begin at 62 and increase each year you wait, up to age 70. We compare the options side by side.

  • It depends on your total savings, your other income, your investments and how long your money needs to last. Rather than relying on a rule of thumb, we build a plan around your actual numbers and review it each year.

  • Withdrawals from traditional IRAs and 401(k)s are generally taxed as ordinary income. Qualified Roth withdrawals are generally tax-free. A coordinated withdrawal strategy can help manage your bracket over time. We work alongside your tax professional.

  • Military retired pay is a reliable foundation for many retirement income plans. We help coordinate it with the TSP, Social Security, VA benefits and your Survivor Benefit Plan election.

  • Yes. Retirement income and estate planning work best together. Learn more about our estate planning services.

Schedule Your Retirement Income Planning Consultation

Tell us a little about your situation and we’ll follow up to set up a time to talk. Prefer the phone? Call (402) 649-1418.