Key Takeaways

• Retirement income stability depends on timing, diversification, and coordinated planning.
• Delaying Social Security benefits can significantly increase lifetime income, especially for couples.
• Diversified investment portfolios, including the bucket strategy, help balance growth and stability.
• Annuities provide predictable income but should complement – not replace – broader retirement strategies.
• Tax-efficient withdrawal planning can extend retirement savings and improve long-term financial security.

Based in Princeton, New Jersey, Justin Gelbman is a Managing Director of investments at Oppenheimer & Co. Inc. and a founding member of The Sharpe Group. As a Certified Financial Planner® with extensive experience in high net worth planning, he holds multiple securities licenses and is registered for life, accident, health, and sickness insurance across numerous states. His work centers on a collaborative, analysis-driven approach that helps individuals and families navigate complex financial decisions. This background provides relevant insight into the topic of wise strategies for steady retirement income, as his planning philosophy emphasizes long-term goals, flexibility, and tailored guidance.

With a business degree from the University of Maryland and recognition from Forbes and OnWallStreet, he brings both professional expertise and practical perspective to strategies that support financial stability in retirement.

Wise Strategies for Steady Retirement Income

Retirement should be a season of peace, not pressure – a time to enjoy the rewards of years spent working, saving, and planning. Yet one of the greatest challenges retirees face is ensuring that their income lasts as long as they do. The question isn’t just how much you’ve saved, but how effectively those savings are transformed into a consistent stream of income. From leveraging Social Security benefits wisely to building diversified portfolios and considering annuities, creating stability in retirement requires strategy, foresight, and flexibility.

Most retirement income plans start with a foundation of Social Security, a reliable source of lifetime payments that can cover a significant portion of expenses. Yet when and how you claim those benefits can make a surprising difference. For every year you delay taking Social Security beyond your full retirement age, up to age 70, your benefit increases by about 8 percent.

For married couples, coordinating the timing of Social Security benefits can significantly enhance overall household income. In many cases, it makes sense for the higher earner to delay claiming, which ensures a larger survivor benefit for the spouse. Exploring different claiming scenarios through SSA calculators or financial planning tools can transform Social Security from a simple safety net into a powerful, strategic pillar of retirement income.

Beyond Social Security, many retirees turn to their investments for ongoing income. A diversified mix of assets can balance growth and stability, helping savings endure across decades. Traditional advice encourages shifting from growth-focused holdings, such as stocks, toward more stable investments, such as bonds, as retirement approaches, though this balance should reflect individual longevity and inflation considerations.

However, with longer lifespans and inflation to contend with, maintaining some stock exposure remains crucial. One common approach is the “bucket strategy,” where retirees divide their assets into short-, medium-, and long-term buckets – using cash and bonds for near-term needs and stocks for future growth. This structure can reduce the risk of selling investments at a loss during market downturns while still allowing long-term growth to keep pace with inflation.

Another valuable piece of the retirement puzzle is the annuity. Designed to provide guaranteed income for life or a set period, annuities can help fill the gap between Social Security and other savings. Immediate annuities begin payments right away, while deferred annuities start later, offering flexibility in timing. Some retirees appreciate the predictability and peace of mind annuities bring, though they’re best used as part of a broader strategy rather than a stand-alone solution. Before purchasing, it’s essential to understand the associated fees, payout options, and guarantees, as each product balances liquidity, growth potential, and income certainty differently.

Finally, tax planning plays a vital role in maintaining a steady income. With multiple account types – traditional IRAs, Roth IRAs, taxable accounts – deciding where to withdraw first can impact how long your money lasts. Strategic withdrawals can minimize taxes and help preserve savings.

A successful retirement income plan isn’t built overnight. It evolves, guided by changing needs, markets, and life events. By blending guaranteed income sources, smart investing, and thoughtful timing, retirees can create financial stability that endures. With a clear plan in place, those golden years can truly shine – secure, sustainable, and filled with the freedom to enjoy life’s next chapter.

FAQs

1. How can delaying Social Security improve retirement income?

Each year you delay benefits past full retirement age increases your monthly payout, up to age 70, boosting lifetime income.

2. What is the bucket strategy for retirement investing?

The bucket strategy divides savings into short-, medium-, and long-term pools to manage risk, generate income, and support growth.

3. Are annuities a good option for steady retirement income?

Annuities can provide guaranteed lifetime payments, but they work best as part of a diversified plan rather than a stand-alone solution.

4. How should retirees decide which accounts to withdraw from first?

Coordinating withdrawals from IRAs, Roth accounts, and taxable accounts helps reduce taxes and extend overall savings longevity.

5. Why is diversification important for retirees?

Diversification balances safety and growth, helping portfolios withstand market swings while keeping pace with inflation.

About Justin Gelbman

Justin Gelbman is a Managing Director of investments at Oppenheimer & Co. Inc. and a founding member of The Sharpe Group. As a Certified Financial Planner®, he works closely with high net worth individuals, families, and executives, applying comprehensive analysis to develop flexible financial strategies. Holding multiple securities and insurance licenses, he brings a client-focused and personalized approach to long-term planning.

He earned his business degree from the University of Maryland and is active in professional development and community organizations.