The Definitive Guide to Retirement Income by PillarWM

Retirement income is a much more complicated matter for individuals with high and ultra-high net worth than it is for average folks. The process of planning for your retirement can feel exhausting and confusing if you’re not familiar with it. That is why we have created the definitive guide to retirement income to provide valuable insights about retirement income planning. If you’re an investor looking to invest over 5 million dollars to help secure your retirement income, then you should request a free copy of our book,7 Secrets to High Net Worth Investment Management, Estate, Tax and Financial Planning – For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.

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7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

For high and ultra-high-net-worth individuals, we strongly recommend consulting with a retirement planner. Our experienced professionals at Pillar Wealth Management can provide expert advice and guidance for retirement planning.You can call us to schedule your free first consultation to learn more about retirement income.

Let’s learn about retirement income in further detail below!

Table of Contents
How much should my retirement income be considered wealth?
What is the best retirement strategy method?
What are the three sources of retirement income?

How much should my retirement income be considered wealth?

If your current income and assets are worth millions, then you may be wondering exactly how much wealth and income you’ll need to live a comfortable lifestyle during retirement. It is a very important question, to which there is no one answer. It varies for each individual according to their specific situation, needs, and circumstances.

Most experts believe that a person’s retirement income should be at least 80% of what they earned pre-retirement. For instance, if a person earned $100,000 annually, their retirement income should at least be $80,000 per year for maintaining a comfortable lifestyle in retirement. The amount of your retirement income and its durability largely depends on the amount you save as well as the way you manage your spending habits in retirement.

There are several factors that need to be considered when thinking of an ideal retirement income amount for a specific individual. A person’s current age, the age at which they plan on retiring, expected living age based on family history, plans of spending in retirement, and the sources of retirement income are all the factors that will determine an ideal retirement income for any given individual. You can read more about safeguarding your assets in our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million To $500 Million.

Retirement income planning is essential for high and ultra-high-net-worth individuals in order to prevent their assets from depleting and having to downgrade their lifestyle as a result. Retirement planning solves this problem and ensures financial security in your post-retirement life.

To live a comfortable life post-retirement, you’ll have to generate passive income through multiple sources, by the means of investing in assets for instance. If you want to get in-depth insights on investment strategies, you can read our guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.


What is the best retirement strategy method?

Transitioning from your active income during pre-retirement days to post-retirement days with savings and retirement income can be challenging for many. If you’re a salaried person, the difference can feel even more significant.

That is why planning for your retirement is essential, especially if maintaining your current lifestyle is a priority for you. Retirement life should be all about relaxing and having a good time after a lifetime of hard work and portfolio development. For that, you need retirement strategies that are effective and ensure that you can enjoy your post-retirement days comfortably.

Retirement planning includes several aspects such as tax management, estate planning,wealth transfer, and asset management. An experienced wealth manager can help you maintain your income and wealth throughout your post-retirement life. To learn more about our wealth management services, you can contact our team.

Take a look at some of the best retirement strategies for high and ultra-high net worth individuals below!

1. Create Comprehensive Models

Before you begin to work on your retirement income, you need to collect data on all your expected income sources post-retirement. Once you have a clearer picture, you can accurately estimate the amount in your portfolio that you need to designate each month for your retirement living experiences.

Having a clear idea of your finances before retirement or in its early stages allows you to make the necessary changes and take active steps to increase and maintain your net worth even after retirement. Our experienced professionals at Pillar Wealth Management can provide expert advice and guidance for retirement planning.You can call us to schedule your free first consultation to learn more about retirement income.

2. Choose Options with Most Tax Benefits

You need to manage your retirement savings and investments in a way that is the most tax beneficial. For best tax-minimization strategies, consider requesting a copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million To $500 Million.

Retirement life gives you a lot more flexibility in terms of where you live and your lifestyle choices. Once you’re not bound by the obligations of going to work, you can easily move your residence to a more tax-friendly state. States like Florida, Texas, Wyoming, Nevada, Washington, South Dakota, and Alaska do not tax benefits such as social security, 401 (k) withdrawals, and even IRA contributions.

If there is no good reason for you to continue living outside of these states, then you can consider moving to one of them. This may sound like a big step, but it promises significant tax-saving benefits for your retirement income and investments.

If moving to a different state is not an option for you, then there are still several other ways that you can minimize taxation on your retirement income. Consider consulting a tax consultant for creating a tax-friendly withdrawal strategy to save on your retirement income as much as possible.You can book a free first consultation with us to learn more about retirement income and taxation strategies.

3. Purchase Long-Term Plan for Care Insurance

Today, people are living longer than ever before in the past century. The average life expectancy for individuals who reach age 65 in the US is around 85 years today. If you’re a woman, you’re expected to live 5 to nine years longer than men on average.

Although the average life expectancy has increased, it still doesn’t guarantee a healthy post-retirement life. As a person ages, they become susceptible to health conditions and have greater care requirements. That is why we recommend purchasing long-term care insurance. It will ensure that all your health and care-related expenses are covered in your post-retirement life.

Care insurance also covers care expenses other than healthcare. Long-term care insurance covers costs of assistance with daily tasks and activities, such as bathing, getting in and out of bed, dressing, etc. Care insurance also covers the care required for people with chronic health conditions, disorders, and disabilities. This kind of care is generally very expensive. So, instead of having to exhaust your wealth in paying for expensive care, a long-term care insurance plan will save you a significant amount by covering all the costs.

4. Effective Social Security Strategy

The monthly payouts of social security that you’re eligible for vary based on when and how you do it. If you can delay your social security withdrawals, it can increase your monthly payouts significantly in the long run.

Ideally, you shouldn’t have to tap into your social security payments at least until you’re past the age of 62. Your retirement savings and income should be planned in a way that doesn’t push you towards your social security payments. When you work with an experienced retirement financial planner, they will help you create a social security plan that ensures maximum social security benefits. 

5. Choose the Right Wealth Manager

If you are a high or ultra-high-net-worth individual, you need to be highly selective with your wealth managers and financial planners. You need managers who are highly experienced in the area of retirement income planning. Make sure that the managers you hire have extensive experience in managing the wealth of high and ultra-high-net-worth individuals.

Planning and maintaining a high net worth is much more complicated than managing the finances of an average person. An experienced retirement professional will not only ensure that your net worth is maintained but will also help you increase it. The right professional can play an instrumental role in preserving your wealth and setting the right course for the next generation of your family.

Choosing the right financial advisor is perhaps the most important aspect of retirement planning. The right candidate will have the knowledge of the best strategies for securing investments as well as practical experience of preserving the wealth of many high net worth clients. They will help secure your life financially after retirement by recommending the right insurance plans and choosing the best investment strategies. If you’re looking for such an experienced professional, then you can call us to schedule your free first consultation to learn more about retirement income.

What are the three sources of retirement income?

All high and ultra-high-net-worth individuals have multiple sources of income. When you plan for your retirement, you need to figure out which one of those investments will remain secure or beneficial throughout your post-retirement life.

Moreover, a professional retirement planner can create strategies to fast-track your portfolio growth, so you gain maximum profits. We talk about some of these strategies in our guide,5 Critical Shifts for Maximizing Portfolio Growth Strategies – For Families Worth $5 Million To $500 Million.

Individuals and families who own large real estate and other such passive income-generating assets have an advantage when it comes to retirement planning. Other than that, there are three main sources of retirement income that you need to know about. They include the following:

• Investments, such as IRAs, bonds, 401 k, equities, etc.

• Cash assets and accounts.

• Fixed income sources, such as social security and pension.

Let’s talk about a couple of these significant sources in detail below!

Social Security

Social security benefits are one of the primary and most reliable sources of income in post-retirement life because they are adjusted for inflation periodically.

However, you need to make smart decisions in order to benefit the most from this source. The most important decision that you need to make about this source is the time that you apply for it. If you tap into this source at 632, you will only be eligible for reduced benefits.

In order to reap the social security benefits fully, you need to wait until you’re eligible for full benefits. You can also postpone your first payment to qualify for an even larger amount. Generally, waiting until you’re in your 70s is considered the ideal strategy.

Fixed Contribution Plans

Fixed contribution plans include sources such as company-sponsored retirement plans like 401(k), 457, and 403(b). IRAs and Simplified Employee Pension also come under this category.

Fixed contributions plans allow you to defer a part of your current income into a retirement plan. Most of these plans also give you the choice of investments that you want to make with your plan fund.


Creating a comprehensive retirement income strategy is essential for preserving your wealth and maintaining your current lifestyle even after you retire. At Pillar Wealth Management, we help clients who are looking to invest between 5 million and 500 million dollars in liquid assets. Our wealth managers help you achieve your retirement goals by offering expert consultancy.You can get in touch with our team for your first meeting for free.


To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.

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