Get Started on Your Retirement Planning Journey Today

Get Started on Your Retirement Planning Journey Today

July 13, 2023

School is out, and summer vacation is in full force. It can feel like a foray into retirement with the tradeoff of school schedules to leisure activities. Some of our staff and their families are spending time at the ballfield, while others are overseas checking items off their bucket lists. Whatever you’re up to this summer, make the most of it by spending time and making memories with family and friends before school starts back this fall.

The key to being able to travel and pursue your hobbies in retirement is careful planning and preparation. Sitting down with a financial advisor well before you’re due to retire can help you set realistic goals, make informed decisions and guide you toward a comfortable and fulfilling future for yourself and your loved ones.

Here is how to get started: 

  1. Assess your current financial situation. It’s essential to evaluate your current financial standing before you dive into retirement planning, and your financial advisor can help with that. Calculate your net worth, including assets, liabilities and savings. Analyze your income, expenses and any existing retirement accounts. Understanding your current financial situation will provide a solid foundation for crafting a retirement plan that aligns with your goals.
  2. Define your retirement goals. Think about how you envision your retirement years. Do you plan to travel, start a new business or simply enjoy quiet time at home? Define your retirement goals, both short- and long-term. Having clear objectives will help you determine the financial resources required and guide your investment decisions.
  3. Estimate your retirement expenses. It’s crucial to estimate your future expenses to gauge the amount of income you’ll need during retirement. Consider factors such as housing, healthcare, transportation, leisure activities and any outstanding debts. Account for inflation and be realistic about your spending expectations. An accurate estimation will enable you to set savings targets and identify any gaps that need to be filled.
  4. Create a retirement savings plan. Once you have a clear understanding of your retirement goals and expectations, determine the amount you need to save each month or year to reach your goals. Meet with your financial advisor and explore retirement account options, such as 401(k)s, IRAs or other tax-advantaged accounts available to you. Maximize contributions to employer-sponsored retirement plans, taking advantage of any matching contributions. Diversify your investments based on your risk tolerance and time horizon.
  5. Consider healthcare and insurance needs. As you age, healthcare costs tend to increase. Lean on your financial advisor to research and plan for healthcare coverage options, such as Medicare or private insurance policies. Understand the coverage provided and any associated costs. Consider long-term care insurance to protect against potential medical expenses that may arise during retirement.
  6. Continually review and adjust your plan. Meeting annually with your financial advisor allows you to regularly review your retirement plan and account for any life changes, financial fluctuations or shifts in your goals. Adjust your savings contributions and investment strategy as needed. Stay informed about changes in tax laws and retirement regulations that may impact your plan.

Retirement planning is a journey that requires time, diligence and thoughtful decision-making. By meeting with your financial advisor to assess your current financial situation, set clear goals and develop a savings plan, you can pave the way for a secure and fulfilling retirement.

Contact us today to schedule a consultation and start planning today. Progress toward your dreams is all in the details.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Investments are subject to market risks including the potential loss of principal invested.