At SummitStone Retirement Partners, we know retirement planning can feel overwhelming. These FAQs are designed to answer the most common questions we hear — and the ones people search for most online.
Our goal is to help you Save. Plan. Protect. with confidence.
Q: When should I start planning for retirement?
A: The best time to start is always now. Even if you’re close to retirement, strategies like optimizing your pension, timing Social Security, or creating guaranteed income streams can make a significant difference.
Q: How much money do I need to retire comfortably?
A: It depends on your lifestyle, expenses, healthcare needs, and income sources such as pensions, Social Security, and savings. There’s no single “magic number.” That’s why we build personalized plans to show exactly what you need to retire with confidence.
Q: What are the biggest risks to my retirement savings?
A: The most common risks are:
Q: When is the best age to start Social Security?
A: You can start at age 62, but waiting until full retirement age (or up to age 70) can increase your monthly benefit by as much as 30%. The right age depends on your health, financial needs, and spousal benefits. We run comparisons to show the impact of different claiming ages.
Q: Should I take my pension as a lump sum or monthly payments?
A: A lump sum offers flexibility and control, while monthly payments provide predictable lifetime income. The better choice depends on your plan’s rules, your other income sources, and your long-term goals. We help compare both options in detail.
Q: Should I choose the joint-and-survivor pension option or single-life?
A: Joint-and-survivor ensures income for your spouse after you pass, but usually reduces your monthly benefit. Single-life provides more income now but typically ends at your death. Some retirees choose single-life and use life insurance to provide survivor protection instead (a strategy often called “pension maximization”). We review both paths with you so you can choose with confidence.
Q: What’s the difference between a 401(k), 403(b), 457, and IRA?
A: These are all tax-advantaged retirement accounts:
Q: Which is better: Roth or Traditional contributions?
A: Traditional contributions give you a tax break now with taxable withdrawals later. Roth contributions are taxed now but allow for tax-free withdrawals in retirement. The best choice depends on your income today, your expected future tax rate, and your overall plan.
Q: Can I roll over my old 401(k) or 403(b)?
A: Yes, in many cases. You may roll funds into an IRA or into insurance-based products that protect principal and provide guaranteed income. The best option depends on fees, tax implications, and your income needs.
Q: Do I still need life insurance after 60 or in retirement?
A: It depends. Life insurance can protect your spouse’s income, cover final expenses, or leave a legacy. In some cases, it’s also used to replace or supplement survivor pension benefits. If structured properly, certain policies can even provide living benefits or supplemental retirement income.
Q: What is an annuity, and is it right for me?
A: An annuity is an insurance contract that can provide guaranteed lifetime income and protect your money from market losses. It may be a good fit if you don’t have a pension, want more stable income, or want to reduce risk from stock market downturns.
Q: How do annuities work with pensions and Social Security?
A: Pensions and Social Security form the foundation of guaranteed income. If there’s a gap between that income and your essential expenses, an annuity can fill the difference — giving you more stability and peace of mind.
Q: Does Medicare cover everything in retirement?
A: No. Medicare covers many healthcare costs but not all, especially long-term custodial care. That’s why planning ahead is critical.
Q: How can I plan for long-term care expenses?
A: Options include traditional long-term care insurance, hybrid life insurance with LTC riders, or setting aside part of your income strategy. The earlier you plan, the more options and affordability you’ll have.
Q: What makes SummitStone Retirement Partners different?
A: We focus on education first. Our mission is to help you Save. Plan. Protect. your retirement with clarity and confidence. We don’t push one-size-fits-all products — we tailor solutions to your pension, Social Security, insurance, and income needs.
Q: Do you charge for consultations?
A: No. We provide free retirement reviews to help you understand your options without pressure.
Q: Do you provide investment or tax advice?
A: No. We specialize in insurance-based strategies such as life insurance, annuities, and pension/Social Security coordination. For tax or securities questions, we’ll encourage you to work with licensed professionals in those areas.
At SummitStone Retirement Partners, our mission is simple: Save. Plan. Protect.
Disclaimer: SummitStone Retirement Partners provides retirement education and insurance-based planning. We are licensed insurance professionals—not investment advisors—and do not offer securities, legal, or tax advice. Guarantees depend on the claims-paying ability of the issuing insurer. Services and product availability may vary by state. For full details, see our Disclaimer and Privacy Policy.
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