Social Security timing, New York's tax breaks, TIAA payout rules, and the healthcare bridge to 65. Here's how the pieces fit, from a fee-only fiduciary on North Tioga Street.
Ithaca retirements have a shape: university plans, New York's tax rules, a house that did well, and a lake you'd like more time on. National advice misses the local pieces.
Cornell and Ithaca College retirements run through 403(b)s and TIAA, with annuity rules and payout schedules most national advice never mentions. We wrote a separate guide to the Cornell 403(b) and TIAA.
New York doesn't tax Social Security, and it excludes up to $20,000 a year of retirement-account income once you're 59½. The withdrawal order decides how much of that you capture.
Tompkins County property taxes are meaningful, and the house is often the biggest line on the balance sheet. Staying, downsizing, or renting in town each changes the plan.
Retire before 65 and you need coverage until Medicare begins. Pricing that bridge is often the deciding factor on the retirement date itself.
Every retirement plan I build starts with the same five calls. Get these right and the rest is maintenance.
Not a rule of thumb. The actual monthly figure your life costs, because every other decision keys off it. Most people are surprised by theirs, in both directions.
Claiming at 62 versus 70 can swing lifetime benefits by six figures for a couple. Health, spousal and survivor benefits, and your other income all weigh in.
Taxable account first? IRA first? The sequence moves your tax bill and how long the money lasts, especially with New York's exclusions in play.
The years between the last paycheck and required withdrawals at 73 are often the cheapest time you'll ever have to move money into a Roth. You pay tax at low rates now so that money is never taxed again.
Sometimes the plan says you could have retired two years ago. Sometimes it says wait 18 months. Either answer beats guessing.
New York doesn't tax Social Security benefits. For many Ithaca retirees that's the single biggest line of state-tax-free income in the plan.
Once you're 59½, New York excludes up to $20,000 a year per person of income from IRAs, 403(b)s, and private pensions. A couple can shelter up to $40,000 a year with the right withdrawal order. Public pensions, including New York State and federal ones, are exempt entirely.
The honest trade: Tompkins County property taxes are high. Enhanced STAR trims school taxes for homeowners 65 and over who qualify, and the stay-or-downsize question deserves numbers attached, not just feelings.
Current New York rules; thresholds change. We'll confirm the numbers that apply to you when we sit down.
We're fee-only and a fiduciary, so we're paid by you and never by a fund. Fees run 0.75% to 0.85%, always under 1%, with no account minimums. The details live on our Services & Fees page.
Run the free financial checkup. In about five minutes you'll see whether you're on track, how long your money lasts, and a Social Security timing analysis.
It depends on your spending, not a national rule of thumb. Take your actual monthly number, subtract Social Security and any pension, and the gap is what your portfolio has to cover. The free checkup estimates your target in about five minutes.
New York doesn't tax Social Security benefits at all. It also excludes up to $20,000 a year per person of income from IRAs, 403(b)s, and private pensions once you're 59½, and public pensions are fully exempt. Federal taxes still apply, which is why the withdrawal order is worth planning.
There's no universal answer. Claiming early locks in a smaller check; waiting past full retirement age grows it about 8% a year until 70. Your health, spousal and survivor benefits, and your other income decide it. The free checkup includes a Social Security timing analysis.
Somewhat. Your savings likely sit in a 403(b) with TIAA, which has its own payout rules, and Cornell offers phased retirement. We wrote a separate plain-English guide to the Cornell 403(b) and TIAA.
Yes. Withdrawal order, Roth conversions, tax-aware rebalancing, and Social Security decisions for a spouse are all still on the table. Most of the tax savings in retirement happen after the retirement party.
No. Fees run 0.75% to 0.85%, always under 1%, and there's no minimum to get started. See Services & Fees for the whole picture.
A relaxed, 20-minute conversation about where you stand. No pressure, no pitch.
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