Paula Fox Derwick explains how Social Security, retirement account withdrawals, and tax planning can help retirees manage their income over time.

OLEAN, N.Y., Nov. 9, 2026 /PRNewswire/ -- How can you turn your savings into income that supports you throughout retirement? A HelloNation article answers this question by offering practical steps for building a retirement income plan that lasts. The piece features expert guidance from Paula Fox Derwick of Fox Financial in Olean, NY, who explains how to align income sources, tax strategies, and withdrawal timing to support long-term financial stability.

The article begins by stressing that retirement planning doesn't stop at saving. A solid retirement income plan starts with understanding your monthly needs and then mapping those needs to reliable income streams. These may include Social Security benefits, 401(k) withdrawals, IRAs, annuities, and personal savings. Each income source has different tax rules, timelines, and advantages.

Social Security benefits often serve as the foundation of retirement income. The article explains how choosing when to begin collecting these benefits can have a lasting impact on your financial plan. Starting early lowers your monthly amount, while waiting until full retirement age or up to age 70 increases your payment. The right decision depends on your health, lifestyle, and total income picture.

The article also explores how retirement accounts like Traditional IRAs, Roth IRAs, and 401(k)s contribute to income. Withdrawals from a Traditional IRA or 401(k) are taxed as regular income, while Roth IRA distributions are tax-free when certain conditions are met. The article highlights how strategic withdrawal timing across these accounts plays a key role in managing taxes and sustaining income.

Coordinating withdrawals is a major theme in the article. By mixing income sources, retirees can keep themselves in a lower tax bracket and avoid unnecessary taxes. For example, using Roth IRA funds and Social Security benefits early on can help delay taxable withdrawals from other accounts. Paula Fox Derwick explains that this strategy can make retirement income last longer by smoothing out yearly fluctuations and controlling the tax burden.

Required minimum distributions, or RMDs, are also discussed. The article notes that starting at age 73, retirees must take annual withdrawals from Traditional IRAs and 401(k)s, whether they need the income or not. These withdrawals are taxable and can increase total income for the year. Including RMDs in your overall retirement income plan gives you more control and prevents last-minute surprises.

Managing taxes remains a central part of retirement planning. According to the article, using both Roth IRA and Traditional IRA accounts can give retirees flexibility to decide how much taxable income they want to report each year. This can also impact how much of your Social Security income gets taxed, which makes proactive tax planning even more important.

The article also recommends managing risk by preparing for inflation, market shifts, and unexpected expenses. It suggests keeping a mix of investments and cash reserves while adjusting spending as needed. Annuities are discussed as an option for guaranteed income, though the article reminds readers to weigh the rules and fees carefully before including them in a retirement income plan.

Health costs are another concern the article addresses. Even with Medicare, retirees often face out-of-pocket expenses for prescriptions and long-term care. The article encourages setting aside dedicated savings or using Health Savings Accounts to prepare for these costs in advance.

Finally, the article emphasizes that retirement income planning is not a one-time decision. Plans should be reviewed and adjusted regularly to reflect changes in the market, tax laws, or personal circumstances. The article encourages retirees to stay flexible and make thoughtful updates over time to ensure their retirement income remains stable.

How to Build a Retirement Income Plan That Lasts features insights from Paula Fox Derwick, Experienced Financial Planner of Olean, NY, in HelloNation.

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