7 Questions to Start 2026
Submitted by Tim Whisler, CRPC®, CLTC®
Certified Financial Fiduciary® Retirement Income Planner at The Whisler Agency, Peoria IL.
January is a natural reset. Calendars are replaced, resolutions are set, and we take a moment to look at the year ahead. Your retirement income plan deserves the same attention. Tax laws change, markets can swing, and your life can change from year to year. An annual review of your retirement income plan can help you stay on track during life’s constant changes.
Here are seven questions worth asking as you step into 2026.
- How much monthly income do I need in retirement?
Most people know their account balances, but far fewer know how much income they truly need. Start by looking at your expenses last year. Then break down those expenses into two categories: Wants and Needs. A detailed spending plan anchors a retirement income plan. Don’t make the mistake of not tracking your spending behavior.
- Where will my income come from first?
Not all income sources behave the same. Some are guaranteed. Some depend on the market. Some are taxed more than others. The order you use them can shape how long your money lasts. Far too many people make the mistake of withdrawing from the account that is easiest to access. A better approach is to establish a proper withdrawal sequence to help reduce taxes, preserve assets, and keep your income steady despite market changes.
- Is my portfolio balanced for today’s market, not a past version of it?
Markets change. Your life changes. Your portfolio should reflect both.
Balance is different from Diversification. A reliable retirement income plan depends on a balanced portfolio that includes a combination of safety, growth, and liquidity. If your portfolio will play a key role in providing you with the income you need in retirement, a Balanced portfolio can help protect assets when the markets swing.
- Which causes more damage to my income plan: taxes or market swings?
Volatility gets the headlines, but taxes often take a bigger bite out of retirement income. Money lost to the IRS is money forever lost. Your tax rate, future RMDs (Required Minimum Distributions), Social Security timing, and potential Medicare surcharges all play a part in how much you get to keep. For a personalized tax analysis of your tax-deferred accounts, go to www.thewhisleragency.com and click on the Retirement Tax Calculator.
- Is my Social Security filing plan still on track?
A critical decision for retirement planning is choosing when to file for Social Security. Your age, health, income needs, market conditions, and a spouse’s retirement timeline can shift over time, and those changes may affect the optimal filing age. Be sure to check to help keep your Social Security strategy aligned with your long-term income goals.
- If something happened to me, would my spouse or family know what to do?
It’s not the most enjoyable topic, but it’s one of the most important. Every year, take a moment to review where accounts are held, how income would continue for a surviving spouse, and what documents or instructions your family might need. Life for a widow or widower is hard enough without financial confusion layered on top. A simple conversation now can save your family considerable stress later.
- Does my plan support the lifestyle I want, or am I just hoping it does?
Retirement isn’t only about numbers. It’s about how you spend your time, who you spend it with, and what brings meaning to your days. The right plan shouldn’t feel restrictive. It should help you enjoy the life you’ve worked for. My book, License to Spend, was written to help provide you with a plan based on INcome as opposed to IFcome. Don’t go through retirement with uncertainty or by leaning on “I think this will work.” Schedule time to review your plan right away. Peace of mind has real value.
A January Routine With Long-Lasting Benefits
A retirement income plan isn’t something you set once and forget. It’s a living, breathing process that adjusts as life unfolds. Annual reviews are necessary so that you stay ahead of risks and are ready for opportunities.
If you go through these seven questions and find gaps, that’s completely normal. My team and I are here to help you craft your personalized written income plan to keep you on track. Contact us to schedule a “Get Acquainted” session so you can make sure your retirement plans are set for the year ahead.
To learn more about Tim and The Whisler Agency, go to www.thewhisleragency.com. You can watch episodes of his weekly TV show at www.thewhisleragency.com/tv-series.
His podcast “License to Spend” is accessible in the Media tab section of his website. You can reach Tim by calling (309) 291-0491 or by email at [email protected].
Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC Registered Investment Advisor. The views, statements, and opinions expressed are those of the author, and not necessarily of Foundations or their affiliates. The content provided is for educational purposes only and the views reflected are subject to change at any time without notice. No investment, legal, or tax advice is provided. Always consult with a professional. Foundations deems reliable any statistical data or information obtained from third-party sources that is included in this article, but in no way guarantees its accuracy or completeness.
