Financial planning for FRS retirees — already retired, or close enough to plan seriously.
Turning your pension and savings into reliable income, managing withdrawals and taxes, RMDs, Medicare, and the question most retirees carry: am I going to be okay? We help you find out.
Financial planning for FRS retirees, in plain English
When you spent a career as a Florida public employee, retirement isn't just a date — it's a shift from earning a paycheck to building one out of the pieces you've assembled. For most FRS retirees that means coordinating an FRS Pension Plan benefit (or income drawn from an FRS Investment Plan), Social Security, any deferred compensation, and personal savings into something steady you can live on. The simple but deeply important question is this: what can I actually spend without running out?
We work with retirees who already have a plan and want a second opinion, and with retirees who have never had a real plan and are starting fresh. Both are worthwhile conversations. Everything here is educational, not individualized advice, and Benowitz Wealth Management is not affiliated with or endorsed by the Florida Retirement System or the State of Florida.
Turning your pension and savings into reliable income
A sound retirement income plan usually starts by separating your essential expenses — housing, food, healthcare, insurance — from your discretionary ones. The goal is generally to cover the essentials with dependable, lifelong income such as your pension and Social Security, then fund the rest from a withdrawal strategy you can sustain. That layering is what lets the day-to-day feel stable even when markets don't.
If you elected your FRS pension payout option years ago, it's worth confirming it still matches your needs, since many of those choices are permanent. The same goes for any Social Security filing decision. Our retirement income planning work looks at how these pieces fit together, and our FRS retirement planning overview explains how the Pension Plan and Investment Plan differ.
Withdrawal sequencing and tax management
Once income is flowing, the order you draw from accounts matters more than most people expect. Taxable, tax-deferred, and Roth dollars are each taxed differently, so the sequence you choose can change your lifetime tax bill, how long your money lasts, and even what you pay for Medicare. A common pattern is to spend taxable funds first while taxes are low and consider partial Roth conversions in lighter-income years — but the right approach depends on your full picture, not a rule of thumb.
The years between retiring and starting required distributions are often the most flexible window you'll ever have for tax planning. Using them well can quietly smooth out the bumps that arrive later.
Required minimum distributions (RMDs)
Required minimum distributions generally begin at age 73 for most retirees today, and they apply to tax-deferred accounts — traditional IRAs and the FRS Investment Plan once rolled over — but not to a Roth IRA during your lifetime. Because RMDs add taxable income whether you need the money or not, they can push you into a higher bracket and raise your Medicare premiums. Planning withdrawals or conversions in the years beforehand can soften that jump. Age and amount rules can change, so it's worth confirming the current specifics.
Medicare, IRMAA, and the Health Insurance Subsidy
Healthcare is where income planning and benefits decisions meet. The income-related monthly adjustment amount (IRMAA) raises your Medicare Part B and Part D premiums once income crosses certain thresholds — and because it looks back at your tax return from roughly two years earlier, a large withdrawal or conversion today can increase premiums later. Coordinating the timing of income with enrollment helps you avoid those surprises. Our Medicare education page walks through the parts and deadlines.
FRS retirees may also receive the Health Insurance Subsidy (HIS), a modest monthly supplement based on your years of creditable service that helps offset coverage costs. It's separate from your pension and from Medicare, and you generally must carry qualifying health insurance to receive it. And if you delayed or reduced Social Security because of a public pension, note that the Social Security Fairness Act repealed the old WEP and GPO reductions in 2025 — our Social Security page covers what that change can mean.
Survivor, legacy, and beneficiary planning
A retirement plan isn't only about you — it's about who's protected if something happens. Beneficiary designations on your IRAs, FRS Investment Plan, and life insurance generally override your will, so an outdated form is one of the most common and most avoidable mistakes we see. We review them alongside your survivor pension election and overall estate documents so the right people are cared for, in the right way, with as little friction as possible.
Retirement decisions are often permanent, which is exactly why a second opinion is worth it. If something needs to change, we'll say so clearly and explain why. If things look solid, we'll tell you that too — and you'll feel better for having checked.
Ongoing support through a 20- or 30-year retirement
Retirement isn't a one-time event — it's a long financial life that keeps evolving. Healthcare costs change. Inflation compounds. Medicare rules adjust. RMDs arrive. We stay alongside you through those changes, revisiting the plan regularly so the income picture stays sound. As a fee-only fiduciary firm, we're compensated by you, not by commissions, which keeps the advice focused on your situation.
Retirement should feel stable, not uncertain. Let's review where you are.
Schedule a Conversation →FRS retirees ask us these
Most FRS retirees combine a few income sources: the FRS Pension Plan benefit (or income drawn from an FRS Investment Plan and other accounts), Social Security, and any deferred compensation or IRAs. The goal is to layer these so your essential expenses are covered by dependable, lifelong income and the rest is funded by a sustainable withdrawal strategy. A written plan maps which account each dollar comes from, in what order, and how taxes affect the total. This is education, not individualized advice.
Withdrawal sequencing is the order in which you tap taxable, tax-deferred, and Roth accounts. Because each type is taxed differently, the order can change your lifetime tax bill, how long your money lasts, and even your Medicare premiums. A common approach spends taxable money first while doing partial Roth conversions in lower-income years, but the right sequence depends on your full picture. We help you weigh the tradeoffs rather than apply a rule of thumb.
Required minimum distributions (RMDs) generally begin at age 73 for most retirees today, and they apply to tax-deferred accounts such as traditional IRAs and the FRS Investment Plan once rolled over, but not to a Roth IRA during your lifetime. RMDs add taxable income that can push you into a higher bracket or raise Medicare costs. Planning withdrawals or Roth conversions in the years before RMDs begin can soften that jump. Confirm current age and amount rules, which can change.
Medicare decisions and your income are connected. The income-related monthly adjustment amount, or IRMAA, raises your Medicare Part B and Part D premiums when income crosses certain thresholds, and it is based on your tax return from about two years earlier. That means a large withdrawal, Roth conversion, or capital gain can quietly increase premiums later. Coordinating the timing of income with Medicare enrollment can help you avoid surprises. See our Medicare education page for more.
The Health Insurance Subsidy (HIS) is a modest monthly supplement paid to eligible FRS retirees, based on your years of creditable service, to help offset the cost of health coverage. You generally must have qualifying health insurance and meet service requirements to receive it. It is separate from your pension and from Medicare. Because the exact amount and eligibility rules can change, confirm current specifics with FRS or MyFRS.gov.
Yes. Beneficiary designations on your IRAs, FRS Investment Plan, and life insurance generally override your will, so outdated forms are one of the most common and avoidable mistakes we see. If you chose an FRS pension payout option years ago, it is worth confirming whether it still matches your survivor goals, since many options are permanent. Reviewing these alongside your overall estate documents helps make sure the right people are protected.
Let's build the retirement you earned.
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