Maximizing Lifetime Income Streams: How to Strengthen Your Retirement Security Beyond Social Security
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When you think of lifetime income streams, what’s the first thing that comes to mind?
For most Americans, it’s Social Security—and for good reason. According to the Employee Benefit Research Institute (EBRI), nearly 80% of retirees depend on Social Security, with benefits accounting for about 50% of their total income. In lower-income households, that percentage can be even higher.
But here’s the catch: Social Security alone is rarely enough to support the kind of retirement lifestyle most people envision, especially when considering retirement expenses. With increasing longevity, rising healthcare costs, and uncertain market conditions, relying solely on Social Security can leave you financially vulnerable.
At Goldstone Financial Group, we believe in helping clients create diversified, sustainable income strategies that last a lifetime. This means understanding when and how to claim Social Security—but also going beyond it by incorporating annuities, pensions, dividend-producing assets, and other income streams, all while ensuring no solicitation occurs during our discussions.
Why Social Security Isn’t Enough on Its Own
Social Security was never meant to be your sole source of retirement income. It was designed as a foundation, not a full-fledged retirement plan. Today’s benefits are modest by design. For 2025, the average monthly benefit is approximately $1,900, or around $22,800 annually. That’s below the poverty line for a two-person household.
Consider these factors:
- Longevity risk: If you live into your 90s (as many retirees now do), you may be drawing on income for 30+ years.
- Healthcare inflation: Costs for medical care continue to outpace general inflation.
- COLA limitations: Annual Cost of Living Adjustments (COLAs) in Social Security may not fully offset rising expenses.
The conclusion? Social Security should be just one piece of your retirement income puzzle.
Building a Reliable Income Plan Around Social Security
At Goldstone Financial Group, we help clients approach Social Security as a central piece of a broader income strategy. That means coordinating your benefits with other income-generating assets to meet your needs now and in the future.
Let’s explore the most common complements to Social Security.
Annuities: Create Your Own Pension
Annuities are financial contracts that offer guaranteed income, often for life. Think of them as personal pensions.
Types of annuities that support retirement income:
- Immediate annuities: Pay a fixed income stream right away, but often lack liquidity.
- Deferred income annuities: Payments start later, often used to hedge against longevity risk
- Fixed indexed annuities: Offer market-linked growth potential with downside protection
- Variable annuities with income riders: Provide lifetime withdrawals tied to a subaccount’s performance
Why consider annuities?
- Predictable cash flow regardless of market volatility
- Lifetime income, which reduces the risk of outliving your savings
- Can be structured to supplement Social Security starting at age 70 or later
Not every annuity is right for every investor. That’s why we analyze fees, features, and inflation protection before recommending any product.
Employer Pensions: Don’t Leave Money on the Table
While fewer employers offer pensions today, if you’re one of the fortunate retirees with access to a defined benefit plan, it should be integrated carefully into your income strategy.
Key pension decisions:
- Lump sum vs. lifetime payments
- Single life vs. joint & survivor benefits
- Taxation of pension income
Coordinating pension payouts with your Social Security timing—and understanding the tax consequences—is essential for optimizing your monthly income and minimizing IRS surprises.
Dividend-Paying Stocks and Funds: Growth + Income
Dividend-paying investments can provide a regular income stream, with the added benefit of capital appreciation.
Common options include:
- Blue-chip dividend stocks
- Dividend-focused mutual funds or ETFs
- Real Estate Investment Trusts (REITs)
These assets often keep pace with inflation over time and can offset the static nature of Social Security.
But they’re not risk-free. That’s why we focus on:
- Diversification across sectors
- Quality and dividend sustainability
- Tax-efficient income harvesting
Tax-Advantaged Retirement Accounts
401(k)s, traditional IRAs, and Roth IRAs play a critical role in lifetime income planning. These accounts allow you to control your withdrawal schedule and use required minimum distributions (RMDs) strategically.
For example:
- Roth IRAs allow for tax-free withdrawals, which can help manage taxable income and avoid higher Medicare premiums.
- Traditional IRAs/401(k)s can be tapped in coordination with delayed Social Security to bridge income gaps.
We help clients project how long these savings will last based on spending, market performance, and taxes—and create a withdrawal order that maximizes longevity.
Health Savings Accounts (HSAs)
For pre-retirees still working, contributing to a Health Savings Account offers triple tax advantages and can be a hidden source of retirement income when used for healthcare expenses later in life.
After age 65, you can also withdraw HSA funds for non-medical expenses, penalty-free (though you’ll pay ordinary income tax).
This flexibility makes HSAs a smart secondary income source in retirement.
The Goldstone Approach: Retirement Income Tailored to You
At Goldstone Financial Group, we don’t believe in one-size-fits-all solutions.
Instead, we build custom income plans that:
- Combine guaranteed income with market-based growth
- Delay Social Security strategically when beneficial
- Reduce tax exposure and healthcare risks
- Match monthly cash flow with your lifestyle goals
We also offer annual reviews to make sure your plan adapts as markets, tax laws, and your personal life evolve
Conclusion
Our advisors will:
- Review your current income sources
- Model the impact of different Social Security claiming strategies
- Help you create a personalized retirement income plan
- Monitor and adjust your strategy for long-term success
Schedule your complimentary retirement income consultation today. Your future deserves more than guesswork—it deserves a plan.