Begin with everyday spending
List housing, utilities, food, health costs, transportation and debt payments. Then separate flexible goals such as travel, gifts and hobbies. Use your own spending records rather than a percentage borrowed from someone else’s plan.
Map the dependable sources
Record the timing and expected amounts of Social Security, pensions and other income. Ask which payments may change after the death of a spouse. Mark estimates as estimates and distinguish amounts before tax from money available to spend.
Leave room for change
Set aside questions about emergencies, major purchases, inflation and care. The difference between income and spending is a conversation starter, not automatically the amount of an annuity to buy.
Your next step
Gather your spending list, income estimates and retirement timeline. Use our income-gap worksheet to organize the discussion; it does not recommend an insurance contract.