Core Insights - Social Security is a critical component of retirement income for many seniors, with 67% relying on it for over half of their total income [1] - A significant portion of seniors, approximately one-third, have additional income sources, which necessitates a focus on tax minimization strategies during retirement [1][2] Group 1: Retirement Priorities - It is essential for retirees to clarify their top priorities before sequencing their income sources [3] - A 2023 report indicates that 20% of retirees prioritize creating an inheritance or financial legacy, which influences how they should manage their income sources to maximize savings longevity [4] - Conversely, some retirees prioritize maximizing income and lifestyle expenses during their healthier years, with 35% expressing concern about declining health requiring long-term care [5] Group 2: Income Sequencing Strategies - Retirees with diverse income sources, including Social Security and tax-advantaged accounts, are in a favorable position to develop a tailored income strategy [7] - Establishing clear priorities allows retirees to work with financial advisors to create a comprehensive strategy for claiming retirement income from various sources [6]