Retirement Planning
income strategies, Social Security timing, 401(k) rollovers,
and pension guidance tailored to your goals.
Protecting your future Starts With steps Today
The Support You Deserve
Retirement should feel exciting, not uncertain — but for many pre-retirees across Bloomington and Central Illinois, it’s easy to feel overwhelmed. Questions like “Will my savings last?”, “When should I start Social Security?”, or “What should I do with my 401(k) when I retire?” often surface long before someone’s last day of work. At Falstad & Associates, we start by listening. We want to understand your goals, your concerns, and the vision you have for the next chapter of life.
Our Bloomington-based advisors specialize in guiding pre-retirees with pensions, employer plans, and complex financial decisions. Whether you’re a State Farm employee, an Illinois educator, a business owner, or a long-time professional preparing for your transition, we design retirement plans around real lives — not generic formulas. With deep experience serving clients in Bloomington, Normal, Peoria, Champaign, and Springfield, we help you replace uncertainty with clarity and confidence.
Comprehensive Solutions for Every Need
Retirement Income Planning
Creating steady, reliable income in retirement requires more than withdrawing money from various accounts. We evaluate every income source — 401(k)s, IRAs, brokerage accounts, pensions, Social Security — and design a coordinated withdrawal strategy. This includes sustainable withdrawal rates, tax-efficient sequencing, market-risk mitigation, inflation considerations, and survivor income planning.
A strong income plan should work in good markets and bad, ensuring stability regardless of what the economy is doing. Our process helps answer the question that matters most: “Can I retire comfortably and stay retired?”
Finding support in tax advantaged accounts
401(k) & IRA Rollover Guidance
Rolling over your retirement accounts is often one of the most complex decisions pre-retirees face. Timing, taxes, investment options, employer rules, and potential penalties all need to be considered. We help evaluate whether a rollover is appropriate, compare pros and cons, and guide you through the entire transition — ensuring you avoid costly mistakes and stay aligned with your goals.
We frequently assist clients rolling over 401(k)s and 403(b)s from State Farm, local universities, District 87, Unit 5, and other major Central Illinois employers.
Social Security Strategy
The timing of Social Security benefits can increase — or decrease — your lifetime income by tens of thousands of dollars. Filing early might provide income sooner, but could reduce benefits permanently. Waiting may improve long-term outcomes but requires coordinated income planning to bridge the gap.
We run detailed, personalized timing analyses that examine longevity expectations, spousal benefits, tax impacts, required minimum distributions (RMDs), and pension interactions. Our goal is simple: help you file at the moment that maximizes your lifetime benefit.
Pension Planning (Illinois Systems)
Illinois pension plans have unique rules that can heavily influence your retirement timeline and long-term income strategy. From State Farm retiree benefits to SURS, TRS, IMRF, and other employer-sponsored plans, our advisors understand the nuances that matter to local retirees. We help interpret payout options, survivor benefits, lump-sum vs. annuity analysis, tax implications, and integration with Social Security.
Local experience is a major advantage — and our familiarity with these pension systems helps you make confident, informed choices.
Healthcare, Medicare & Long-Term Care Planning
Healthcare costs are one of the largest variables in retirement. We help you evaluate Medicare timing, supplemental coverage considerations, long-term care strategies, and potential out-of-pocket expenses. Our goal is to protect your retirement income from being eroded by unexpected medical events while ensuring you receive the care you need.
What to Expect From Our Team
How do I know if I’m financially ready to retire?
Determining retirement readiness requires more than checking the balance in your 401(k). We evaluate your expected income sources (pensions, Social Security, retirement accounts, investment income), compare them to projected living expenses, and stress-test your plan against market volatility, inflation, taxes, and healthcare costs. We also examine factors like longevity, debt levels, and lifestyle goals to determine whether your resources can sustain the retirement you envision. Once we model these scenarios, you’ll see a clear picture of whether you’re ready — or what steps will help you get there confidently.
How much income will I need in retirement?
Most retirees need between 70–85% of their pre-retirement income, but this can vary significantly based on lifestyle, health, debt, travel goals, and family responsibilities. We estimate your required income by analyzing current expenses, likely future changes (such as mortgage payoff or increased healthcare needs), and personal preferences. From there, we design a retirement income strategy that replaces your paycheck with predictable, sustainable income sources calibrated to your goals and risk tolerance.
How do I create a reliable income stream that lasts throughout retirement?
A sustainable income plan is built through coordinated withdrawal strategies, diversified investment allocation, and tax-efficient planning. We combine Social Security, pension options, systematic withdrawals, annuity structures (when appropriate), and cash-flow safeguards to create predictable monthly income. We also apply “bucket strategies” or time-segmented planning, which allocate assets for short-, mid-, and long-term horizons to help reduce risk and improve income stability. The goal is to generate income that lasts a lifetime — even in down markets.
When should I start taking Social Security?
Your Social Security timing can affect your lifetime benefit by tens of thousands of dollars. Filing at 62 may provide earlier income but reduces benefits permanently; waiting until full retirement age — or 70 — increases monthly payments and may improve long-term outcomes. We run timing analyses based on factors like longevity, spousal benefits, tax implications, required minimum distributions (RMDs), and other income sources. Our goal is to help you file at the time that maximizes lifetime benefits and fits your income plan.
What should I do with my 401(k), 403(b), or employer plan when I retire?
When leaving an employer, you typically have several options: keep assets in the employer plan, roll into an IRA, consolidate with another plan, or take a lump-sum distribution (which is usually a tax mistake). We compare fees, investment choices, creditor protections, withdrawal flexibility, tax implications, and employer plan rules to help you choose the best path. For Illinois residents retiring from employers like State Farm, Unit 5, District 87, ISU, and other local systems, we are familiar with plan structure and typical rollover nuances — making the transition smooth and penalty-free.
Explore Related Services
Investment Management
We align your investments with your retirement timeline, income needs, and long-term goals.
Tax Planning Strategies
Coordinated tax planning helps stretch your retirement dollars further.
Insurance & Income Protection
Long-term care and income protection strategies ensure financial security throughout retirement.
