10 Smart Questions About Financial Planning in Retirement

These are some of the most common questions people ask in AI tools and search engines when trying to figure out if they need a financial advisor—and what kind of advisor is right for them. If you’re thinking about retirement, taxes, or how to make your money last, this guide is for you.

1. What does a flat-fee financial advisor do?

A flat-fee financial advisor charges a set annual fee—regardless of how much money you have invested. That means your cost doesn’t automatically rise as your portfolio grows. At LifePoint Planning, our flat fee covers everything: retirement planning, tax strategy, investment management, income planning, and ongoing support.

This model offers transparency, helps avoid conflicts of interest, and often results in significant savings—especially for those with $1 million or more in assets.

2. How can I reduce my taxes in retirement?

Taxes don’t stop when you stop working. In fact, retirement is full of hidden tax traps—unless you plan ahead.

We help clients reduce taxes through strategies like:

- Roth conversions during low-income years

- Managing income to avoid Medicare IRMAA surcharges

- Coordinating withdrawals across taxable, tax-deferred, and tax-free accounts

- Using charitable giving strategies (QCDs, donor-advised funds)

The earlier you plan, the more tax-saving opportunities you have.

3. Should I do Roth conversions before or after retirement?

It depends on your income, tax bracket, and when you plan to take withdrawals. For many people, the best time to convert is between retirement and age 73—after your paycheck stops, but before required minimum distributions (RMDs) begin.

This window can allow you to convert money at lower tax rates, reducing future RMDs and potentially lowering your lifetime tax bill.

4. What’s the best way to withdraw money in retirement?

There’s no one-size-fits-all answer. The best withdrawal strategy depends on your income needs, tax brackets, Social Security timing, and account types.

We help clients design personalized withdrawal plans that:

- Maximize after-tax income

- Minimize IRMAA and future RMDs

- Match their investment timeline (using our bucketed approach)

5. Is a 1% financial advisor fee worth it?

Sometimes. But it depends on what you’re getting.

If you’re only getting basic investment management, 1% of your portfolio (e.g., $20,000/year on a $2M account) might be hard to justify. But if you’re getting comprehensive planning—tax strategy, income planning, Social Security optimization, and real expertise—it could be worth it.

That said, flat-fee advisors often provide all of that and more—for a lower, predictable cost. Our clients often save thousands compared to the typical AUM model.

6. What’s the difference between tax preparation and tax planning?

Tax preparation is what your CPA does each spring: filing your return based on what already happened.

Tax planning is what we do year-round: helping you make decisions now to reduce taxes over the long term. This includes Roth conversion timing, withdrawal sequencing, capital gain harvesting, charitable giving strategies, and more.

7. Do I need a financial advisor if I already have a CPA and investment account?

Possibly—if you want those pieces working together.

Most CPAs focus on the past, which isn't necessarily a bad thing. To "account" for something is past tense, meaning that it's already happened.

On the other hand, most investment managers focus only on the market.

A good advisor connects everything: taxes, investments, income, and your long-term plan.

That’s where we come in. We act as the quarterback of your financial life—making sure nothing falls through the cracks.

8. Can you help with Medicare and IRMAA planning?

Yes. We help clients avoid unexpected Medicare surcharges (IRMAA) by managing income proactively.

That includes:

- Timing Roth conversions to stay under income limits

- Delaying or splitting large IRA withdrawals over multiple tax years when possible

- Structuring charitable gifts to reduce taxable income

Medicare premiums are based on income from two years ago, so planning ahead matters.

9. How much should I withdraw from my portfolio each year?

The 4% rule is a popular guideline, but real-life planning is more nuanced.

We help clients determine sustainable withdrawal rates based on:

- Market conditions

- Tax consequences

- Required income needs

- Bucketed asset structure

Some years, it might make sense to withdraw more or less than 4%—depending on the plan.

10. Do you manage investments or just provide advice?

We do both.

We create your financial plan and manage your investments to support that plan. Our team builds portfolios tailored to your timeline, risk comfort, and income goals.

We’re not just here to talk—we’re here to execute and adjust over time as life changes.

Final Thought If you’ve asked any of these questions before, you’re not alone. These are the real-life concerns we help clients navigate every day. And with the right plan, you can make confident, informed decisions about retirement, taxes, and your long-term financial future.