Approaching and Preparing for Retirement:

Planning for Your Future

Get Ready for Retirement

Determining the appropriate investing strategy to build your retirement fund begins by identifying your goals, or what you want your money to do for you long-term. Explore some simple steps to prepare for your retirement and set your investing goals.

Preparing for Retirement

  • Retirement Income
  • Retirement Financial Planning
  • Social Security
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Retirement Income

Retirement can be an exciting and rewarding time of life, but it can also pose a number of challenges to investment planning. When planning for retirement, investors should consider how much income they’ll be need to generate to support their desired lifestyle. It’s important to understand what you want from your retirement, how you can approach managing your finances, and which types of investments you might choose to create a retirement plan that has the best chance of supporting your long-term goals.

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Retirement Financial Planning

Retirement can present unique financial planning challenges. Find out about important considerations when creating a financial plan for your retirement.

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Social Security

Social Security retirement benefits are a common source of income for retirees. Learn more about how Social Security can figure into your retirement planning.

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Key Questions to Ask About Your Retirement Plan

  1. What are my long-term financial goals?
  2. How long do my assets need to last after I retire?
  3. How will withdrawals and inflation impact my investment portfolio?
  4. What asset allocation (the mix of stocks, bonds or other securities) has the highest probability of helping me meet my retirement goals?
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Defining Your Retirement Goals

In our view, the most important step in successful retirement planning is establishing an end goal. Once you know your retirement “destination,” you can effectively begin planning the steps to reach that goal.

Different goals can require drastically different sums to accomplish. Some investors may aim solely at maintaining their current lifestyle throughout their sunset years. For others, the goal may be to leave a legacy, requiring a plan that can produce income well past retirement’s end.

Defining what you want is the first step in being able to estimate your cost of living, which is necessary when you begin planning the income you’ll need for a successful retirement.

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Assess Your Financial Situation

It is important to look at your overall financial picture when planning for retirement. This can start by evaluating your potential investment income sources such individual retirement accounts (IRAs), 401(k) plans, mutual funds or other investment accounts.

Then consider your non-investment income, such as income from salary, pensions or Social Security. The next step is developing a cost estimate for retirement. Once you’ve got a good picture of where you’re at currently, you can start planning where you want to be in the future.

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What Is Your Retirement Strategy?

Your financial needs may change over time, so it’s important to develop an adaptable strategy that can help meet your growth and spending needs throughout your retirement.

When relying on your investment portfolio to provide income for you during retirement, it's important to have the appropriate asset allocation to allow your current retirement investments to grow enough over time to reach your goals and help provide that necessary income.

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Learn More

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*As of 7/1/2024

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