What Does a Retirement Income Planner Actually Do?

If you’ve been following the Retirement Income School™, you may be wondering what actually happens when you work with a retirement income planner.

Are you going to get a sales pitch? What does the planning process look like? What information will you need to provide? What does it cost?

In this lesson, I’m taking you behind the scenes of my retirement income planning process. You’ll learn why retirement income planning is different from traditional investment planning, the problems I help retirees solve, the software I use, and what you can expect at each stage.

Why I’m Inspired to Work With Retirees

Before my dad passed away, he said something to me that I’ll never forget:

“I want to know that your mom is going to be okay financially.”

My mom had a related concern. She told me, “I just don’t want to worry about money.”

She wasn’t interested in studying the stock market or managing a complicated portfolio. She wanted a predictable monthly paycheck that would arrive in her bank account and be easy to plan around.

Helping my parents put that income in place showed me how powerful retirement income planning can be. My dad could feel confident that the wealth they had built would help protect my mom, and my mom could feel more financially secure.

That experience also showed me how complex retirement can be.

A retirement plan may need to consider:

• Social Security
• Pensions
• 401(k)s, IRAs, and TSP accounts
• Required minimum distributions
• Medicare and IRMAA
• Taxes and Roth conversions
• Inflation and market volatility
• Long-term care
• Longevity risk
• Retirement spending
• Spousal protection
• Estate and legacy planning

That is only part of the list.

Retirement isn’t simply about reaching a certain account balance. It’s about coordinating your resources so your money can support the life you actually want.

Accumulating Wealth Is Not the Same as Creating Income

Most people spend their working years focused on accumulation.

The question during that stage is:

“How do I build my wealth?”

You save into retirement accounts, invest for growth, and have time to recover from market fluctuations. Whether you work with a financial advisor or manage your portfolio yourself, the goal is often to watch your balance increase.

Retirement changes the question.

Now you’re asking:

“How do I use my wealth?”

You’re moving from the accumulation phase into the distribution, or deaccumulation, phase. Instead of adding money to your accounts, you need to determine how to draw income from them without creating unnecessary risks.

This transition can be emotionally difficult. I regularly meet retirees who have built substantial nest eggs but are afraid to spend their savings. They have spent decades watching their balances grow, so withdrawing money can feel uncomfortable—even when those savings were specifically built for retirement.

At this stage, you may also be wondering:

• Will my money last for the rest of my life?
• How much can I safely spend?
• What happens when required minimum distributions begin?
• How will withdrawals affect my taxes?
• Could my income trigger higher Medicare IRMAA charges?
• How can I protect my spouse if I die first?
• What happens if the market declines early in retirement?
• How can I leave money to my children or grandchildren?
• How do I turn my assets into a reliable retirement paycheck?

These are distribution questions, not accumulation questions. That’s why having investments is not necessarily the same as having a retirement income plan.

What Retirees Really Want Their Money to Do

Although every person has different goals, I hear several common concerns.

Many people tell me:

• “I’ve saved all my life, but I’m afraid to spend it.”
• “I’m not sure whether I have enough.”
• “Most of my money is in an IRA or 401(k). What will happen with taxes and RMDs?”
• “I have assets, but I don’t have a retirement paycheck.”
• “I want to travel, go out to dinner, and enjoy retirement.”
• “I don’t want to watch the market every day.”
• “I want to reduce taxes and avoid unnecessary IRMAA charges.”
• “I want to make sure my family is protected.”

These concerns can arise whether someone has $500,000 or $5 million.

The underlying question is the same:

“How do I use what I’ve built to create the retirement I actually want?”

You need enough income for the essentials, but retirement should not be limited to paying bills. You may also want “play checks”—money for travel, hobbies, family experiences, dining out, and the things that make retirement enjoyable.

A retirement income plan should connect your assets to those goals.

My Four-Step Retirement Income Planning Process

My planning process is designed to help you understand your complete financial picture, compare potential strategies, and make an informed decision without feeling rushed.

The process includes four steps:

1. A Retirement Income Q&A Call
2. A Discover and Analyze Meeting
3. Solution Modeling and Recommendations
4. Review and Decision-Making

Let’s walk through each step.

Step 1: The Retirement Income Q&A Call

The first step is a 30-minute consultation to determine whether we are a good fit to work together.

This is an opportunity to discuss your primary concerns, goals, and questions. Depending on your situation, we may talk about the following:

• Safe money buckets
• Annuities
• Life insurance
• Long-term care
• Retirement income gaps
• Social Security claiming strategy
• Tax optimization for retirees
• Annuity-based Roth conversion strategies 
• RMDs (Required minimum distributions)
• Medicare IRMAA (Income Related Monthly Adjustment Amount)
• Insurance-based estate planning

I am not a CPA, and I do not provide tax advice. However, I have advanced tax training focused on retirement (I'm a member of the Ed Slot Elite IRA® Advisor Group), and I help clients evaluate strategies that may affect their retirement income and tax picture. Your CPA or tax professional should always review tax-related decisions.

My work is generally best suited for people who want a safe allocation within their overall retirement plan. I do not recommend stocks or manage equity portfolios. Instead, I focus on insurance and annuity strategies designed to address needs such as income, principal protection, tax planning, long-term care, and legacy goals.

The purpose of this first call is simple: Can I help you, and does it make sense for us to continue the conversation?

Step 2: Discover and Analyze Your Financial Picture

If we decide to move forward, the next step is a Discover and Analyze meeting over Zoom.

This is where we organize your financial life on one page using software called Asset Map. Before evaluating any product or solution, I want to understand the complete picture.

We may review:

• Employment income
• Social Security benefits
• Pension income
• IRAs, 401(k)s, and TSP accounts
• Brokerage and savings accounts
• Property and mortgage balances
• Existing annuities
• Life insurance
• Current and future expenses
• Retirement income gaps
• Taxes and required minimum distributions
• Insurance risks
• Family and legacy goals

Seeing everything together helps us identify both opportunities and potential gaps.

Your net worth is important, but it doesn’t tell us what your money needs to accomplish. Two households with the same net worth can require completely different strategies because their goals, income sources, timelines, risk tolerance, and family situations are different.

The more useful question is:

“What do you want your money to do?”

You may want to reduce exposure to market volatility, generate lifetime income, prepare for the widow’s penalty, manage future taxes, travel more, or pass wealth to your children tax-efficiently.

Your goals guide the planning process.

Step 3: Model Solutions and Compare Strategies

Once we understand your financial picture, I begin modeling possible solutions and making recommendations.

The software does not make the decision for us. It helps us compare scenarios so you can understand the potential benefits, limitations, and trade-offs.

Asset Map gives us the broad view of your finances. Depending on your needs, I may then use Annuity Genius to compare different types of annuities, including:

• FIAs (Fixed index annuities)
• FIAs with lifetime income options
• MYGAs (Multi-year guaranteed annuities)
• SPIAs (Single premium immediate annuities)
• DIAs (Deferred income annuities)
• QLACs (Qualified longevity annuity contracts)

If you are considering an annuity-based Roth conversion, I may also use my Roth Blueprint software. This helps us model a potential conversion timeline and consider how different approaches could affect taxes and Medicare IRMAA.

You will see the strategies before you decide. I share my screen, explain how each option works, and help you understand how it may fit into your retirement plan.

The goal is not to overwhelm you with products. The goal is to show you the available strategies clearly enough that you can make an informed choice.

Step 4: Review the Plan and Make a Decision

Before our final decision-making meeting, you receive a personalized video explaining the strategies we have identified for you.

You also receive relevant brochures and illustrations so you can review the details on your own time. When we meet again over Zoom, we answer your questions and discuss:

• What you are considering
• Why the strategy may fit your retirement plan
• How it addresses your goals
• The potential trade-offs
• The limitations
• Available alternatives
• What happens if you decide to proceed

I never want you to move forward with something you do not understand.

Too many people tell me that they purchased a financial product or received a plan without fully understanding how it worked. My goal is to help you make a conscious, confident decision based on clear information.

What Happens During Implementation?

If you decide to proceed, my team helps you through the implementation process.

My assistant prepares the application and helps coordinate the transfer of funds. If you are using cash, we help facilitate the transfer. If the funds are coming from a qualified plan (IRA, 401(k), TSP, 403b, etc.), the transfer generally takes place directly between financial institutions.

After the policy is issued, we help you establish access to the carrier’s client portal so you can view your policy and remain in control of your contract.

You also continue to have access to me and my team. We provide ongoing support, answer questions, and conduct annual reviews to help confirm that your strategy remains aligned with your plan.

For clients using an annuity as part of a Roth conversion strategy, we typically meet early in the fourth quarter. This provides time for you to share the proposed conversion blueprint with your CPA or tax preparer before taking action.

Retirement planning is not a one-time transaction. Your income needs, taxes, family circumstances, and goals can change, so ongoing communication matters.

How Does a Retirement Income Planner Get Paid?

This is one of the questions I hear most often.

I am compensated through commissions. When a client implements an insurance or annuity strategy, the insurance carrier pays me.

That means you do not write me a separate check for the planning process, and I do not charge an assets-under-management fee.

Because I am not licensed to recommend equities, I do not provide stock recommendations or manage investment portfolios. My work focuses on annuities, life insurance, long-term care, safe money strategies, and insurance-based retirement and estate planning.

Understanding how a financial professional is compensated is important. You should always feel comfortable asking what a service costs, how the professional is paid, and whether there are surrender charges, limitations, or other considerations associated with a recommended product.

What Ongoing Support Looks Like

A retirement income strategy should not leave you feeling alone once the paperwork is complete.

Throughout the process, you have access to me and my team for questions and support. We help you understand what is happening, what comes next, and whom to contact when you need assistance.

Our ongoing relationship may include:

• Help during the application and transfer process
• Assistance setting up your client portal
• Answers to policy and planning questions
• Annual plan reviews
• Roth conversion planning meetings
• Coordination with your tax professional
• Updates when your goals or circumstances change

I often tell clients, “Your success is my reputation.”

I care deeply about helping people feel comfortable with their retirement plan. I sleep well when you sleep well.

Is This Retirement Planning Process Right for You?

This process may be a good fit if you have spent years building your wealth but need help turning it into a coordinated retirement plan.

You may benefit from a conversation if you want to:

• Create reliable retirement income
• Protect part of your savings from market losses
• Evaluate annuity or life insurance strategies
• Fill a retirement income gap
• Explore an annuity-based Roth conversion
• Prepare for required minimum distributions
• Consider Medicare IRMAA in your planning
• Protect a spouse or family member
• Leave a tax-efficient legacy
• Understand your options before making a decision

Your retirement plan should help you use your money—not simply admire the balance.

Ready to Retire Financially Relaxed?

My goal is to help you protect your wealth, generate reliable income, and make informed decisions so you can retire financially relaxed.

If you are ready to understand your complete financial picture and explore strategies based on your goals, book a Retirement Income Q&A Call.

You can also visit the Retirement Income School™ for more financial education on how to keep your money safe, make it last, and enjoy retirement.

DISCLAIMER:
The information in this lesson is provided for general educational purposes only and does not constitute financial, legal, or tax advice. Retirement Income School™ and Dr. Amanda Barrientez do not provide individual investment recommendations. Always consult with a licensed advisor or tax professional before implementing any strategy discussed.