How Much Retirement Income Will You Need? A Greenville, SC Advisor's Guide

Introduction

If you live in the Greenville, SC area and you're within 10 to 15 years of retirement, one question probably keeps you up at night: will I have enough?

It's the right question to ask. And the honest answer is it depends on a number of factors that are unique to your situation. But there are proven frameworks that help you get to a number, build a plan around it, and retire with confidence.

As a fiduciary financial advisor in Greenville, SC with over 25 years of experience, I've helped hundreds of professionals, physicians, and business owners answer this question. Here's what I've learned.

The 70-80% Rule — A Starting Point, Not a Finish Line

You've probably heard that you need 70-80% of your pre-retirement income in retirement. This is a reasonable starting point for many people, but it breaks down quickly when you apply it to real life.

Consider two retirees in Greenville, SC:

• A physician retiring at 62 with a $400,000 annual income who plans to travel extensively and maintain a second home

• A business owner retiring at 67 with a $200,000 income who plans to downsize and spend time with grandchildren locally

  
  

Their income replacement needs are completely different. The 70-80% rule gives you a ballpark. A retirement income plan gives you a roadmap.

The Four Sources of Retirement Income

A well-structured retirement income plan typically draws from four sources:

1. Social Security For most people, Social Security forms the foundation of retirement income. The timing of when you claim benefits has an enormous impact on your lifetime income. Claiming at 62 versus 70 can mean a difference of 76% in your monthly benefit. A fiduciary advisor can help you model the optimal claiming strategy based on your health, assets, and spouse's situation.

2. Employer Retirement Accounts 401(k) plans, 403(b) plans, and pension benefits represent decades of savings for most working professionals. Rolling these assets into an IRA at retirement gives you more flexibility and control over your investment strategy and distribution planning.

3. Personal Savings and Investments Taxable investment accounts, IRAs, and Roth IRAs round out your portfolio. The sequence of withdrawals from these accounts — which ones you draw from first — has significant tax implications that can add or subtract tens of thousands of dollars from your retirement income over time.

4. Guaranteed Income Sources This is where many retirement income plans fall short. Social Security alone often isn't enough to cover fixed expenses. Income annuities and fixed index annuities with income riders can create a personal pension — guaranteed monthly income you cannot outlive, regardless of market conditions. Note: Guarantees are based on the claims paying abilities of the issuing company.

The Retirement Income Gap — What It Is and Why It Matters

The retirement income gap is the difference between your guaranteed income sources and your monthly expenses. Closing that gap is the central challenge of retirement income planning.

Here's a simple example:

• Monthly expenses in retirement: $8,000

• Social Security benefit: $3,200

• Pension or annuity income: $1,800

• Retirement income gap: $3,000/month

  
  

That $3,000 gap has to come from your portfolio — which means your investments are carrying significant weight. Market downturns, sequence of returns risk, and longevity risk all threaten your ability to sustain that withdrawal rate over a 20-30 year retirement.

The goal of a sound retirement income plan is to minimize that gap through guaranteed income sources, so your portfolio is used for growth and legacy — not survival.

Retirement Income Planning in Greenville, SC — What the Process Looks Like

At Street Wealth Management, our retirement income planning process starts with a free 30-minute consultation. Here's what we cover:

Step 1 — Retirement Income Review We map out all of your current and projected income sources — Social Security, retirement accounts, pensions, real estate, and any other assets.

Step 2 — Expense Analysis We identify your fixed and variable expenses in retirement, including healthcare costs, which are consistently underestimated by pre-retirees.

Step 3 — Gap Analysis We calculate your retirement income gap and identify strategies to close it — whether through optimized Social Security claiming, annuity income, or portfolio distribution strategies.

Step 4 — Plan Implementation We build and implement a personalized retirement income strategy designed to maximize income, minimize taxes, and protect against the risks that matter most — longevity, inflation, and market volatility.

Common Retirement Income Planning Mistakes to Avoid

After 25 years of working with retirees these are the mistakes I see most often:

Claiming Social Security too early. The break-even analysis often favors waiting, especially for healthy individuals and married couples.

Ignoring sequence of returns risk. Retiring into a down market and withdrawing from a declining portfolio can permanently impair your income. Having guaranteed income sources reduces this risk dramatically.

Underestimating healthcare costs. Fidelity estimates that the average couple retiring at 65 will need over $300,000 for healthcare expenses in retirement. This needs to be built into your plan.

Not having a withdrawal strategy. Which accounts do you draw from first? Roth, traditional, or taxable? The order matters more than most people realize.

Working with a non-fiduciary advisor. A fiduciary is legally obligated to act in your best interest. A non-fiduciary advisor is only required to recommend products that are "suitable" — a much lower standard.

Is Your Retirement Income on Track?

If you're within 10-15 years of retirement and you're not sure whether your income plan is solid, the best next step is a conversation.

At Street Wealth Management, we offer a free 30-minute retirement income review for Greenville, SC area residents. In that conversation we'll look at where you stand, identify any gaps, and give you a clear picture of what your retirement income could look like.

There's no obligation and no sales pitch — just an honest, fiduciary assessment of your retirement income situation.

Schedule Your Free Retirement Income Review

About the Author

Bart Street is a CFP® professional and founder of Street Wealth Management, a fiduciary fee-based financial advisory firm in Greenville, SC specializing in retirement income planning. Securities and investment advisory services offered through Osaic Wealth, Inc. Member FINRA/SIPC. Guarantees are based on the claims paying ability of the issuing company.