If you’re in your 50s or 60s and live in Grand Rapids, MI, you may be asking:
“How do I turn my retirement savings into steady, reliable income?”
Whether you’re planning to retire soon or already have, it’s critical to create a retirement income strategy that’s sustainable, tax-efficient, and tailored to your lifestyle here in West Michigan.
At Pearl Wealth Group, we help individuals and couples near retirement—many right here in the Grand Rapids area—design income strategies that reflect their values, goals, and long-term security.
1. Use a Sustainable Withdrawal Strategy
A strong income plan starts with understanding how much you can safely withdraw each year without outliving your money.
In Grand Rapids, your plan should reflect:
- Local cost of living and inflation
- Michigan tax laws (including retirement income exemptions)
- Your goals for giving, travel, or supporting adult children
A flexible withdrawal strategy—adjusted annually based on market returns and spending—gives you stability and control.
2. Diversify Your Income Sources
Creating reliable income means blending different streams. If you live in Grand Rapids, that might include:
- Social Security (timed for maximum benefit)
- Distributions from 401(k) and IRA accounts
- Roth IRA withdrawals (tax-free)
- Pensions or annuity payments
- Dividend income or local rental property income
We help retirees in West Michigan build diversified income plans that reduce tax risk and increase reliability.
3. Be Proactive About Taxes in Retirement
Many retirees in Michigan are surprised by how taxes can erode income—especially when RMDs (required minimum distributions) begin at age 73.
To reduce tax drag, we often recommend:
- Roth conversions between retirement and RMD age
- Coordinating withdrawals with your tax bracket
- Taking advantage of Michigan’s retirement income exemptions
- Using QCDs to give charitably while lowering taxable income
Smart tax planning makes your money last longer—and helps you give more if that’s part of your vision.
4. Account for Healthcare and Longevity
In Grand Rapids, retirees need to prepare for rising healthcare costs, even with Medicare. A good income plan should include:
- Medigap or Medicare Advantage options in Michigan
- Out-of-pocket estimates for co-pays and prescriptions
- Planning for long-term care, assisted living, or home care
We help West Michigan retirees plan ahead so unexpected medical bills don’t derail your income.
5. Align Your Income With Your Purpose
At Pearl Wealth Group, we work with clients who care about more than just numbers. Your income plan should support your purpose, whether that’s:
- Giving generously to local ministries in Grand Rapids
- Spending more time with grandchildren
- Volunteering or serving in retirement
- Traveling with peace of mind
Reliable income gives you the freedom to live out your values—not just cover your bills.
Frequently Asked Questions (FAQ)
Q: What is the safest way to create retirement income in Grand Rapids?
A: The safest approach is to diversify your income streams—Social Security, IRAs, Roth IRAs, annuities, and conservative investments. For many in West Michigan, we use a combination of guaranteed income and flexible withdrawals to meet both short-term needs and long-term goals.
Q: Should I work with a local financial advisor in Grand Rapids?
A: Yes. A local advisor understands Michigan tax laws, the Grand Rapids housing and healthcare market, and what it costs to retire comfortably here. At Pearl Wealth Group, we offer personalized retirement income planning for Grand Rapids residents who want confidence and clarity.
Q: Is now a good time to do Roth conversions?
A: Possibly—especially if you’re between retirement and age 73. Roth conversions can lower future taxes and reduce Medicare premium increases. Many Grand Rapids clients benefit from spreading conversions over several years.
Q: How can I make sure my spouse has enough income if I pass away?
A: We model income for both spouses and account for reduced Social Security, tax bracket changes, and potential care needs. Our retirement plans include spousal income projections to ensure peace of mind for both partners.
Let’s Build Your Retirement Income Plan — Together
Reliable retirement income doesn’t happen by accident. It requires intentional planning, smart tax strategy, and a clear understanding of your goals.
At Pearl Wealth Group, we help Grand Rapids retirees build purpose-driven income plans that support the life God has called them to live.
👉 Click here to schedule a free 15-minute consultation
We’ll help you answer one key question:
“Can my savings support the retirement I envision?”