• INCOME STRATEGY
Like the other services, Income Strategy suggests what accounts to tap when and how much to withdraw. But the tool, which debuted last year, also offers seemingly infinite ways to tweak and compare strategies. And you don’t have to move your money — Income Strategy works no matter where your accounts happen to be.
If you’re the type who creates spreadsheets to determine how much of your traditional IRA to convert to a Roth each year to avoid triggering Medicare income-related adjustment amounts then Income Strategy may be right up your alley.
If the above paragraph is Greek to you, your learning curve may be a little steep. You can, however, start with a free tool that asks you a few questions, then issues a report to give you an idea of how Income Strategy can help you “get more and keep more” of your retirement funds. If you decide to proceed with the main tool and get stuck, Income Strategy has specialists who, for an hourly fee, can guide you through the process. Or you can opt for subscription packages that provide even more help, up to and including managing your money for you.
The basic subscription is $20 a month, but numbers geeks likely will want to upgrade to the $50 “premier” subscription for more flexibility. A “premier bundle” for $1,500 includes a year’s premier subscription plus an hourlong training session, multiple consultations and an annual review.
Kindur, which launched last year, offers a free tool to estimate your retirement costs (including health care), see how much income you’ll need to cover essential and optional spending, recommend when to collect Social Security, then calculate how long your money is likely to last.
For $99 a year, Kindur’s SmartDraw product can create a personalized withdrawal plan that includes all your accounts plus an annual review by a certified financial planner. Two levels of premium services including more tools and more frequent check-ins are also available.
If Social Security and pensions won’t cover your basic expenses, Kindur recommends guaranteeing more income using a commission-free income annuity it created with insurance partner American Equity.