If retirement is in your future, listen up: A secure retirement plan isn’t just about savings, it’s about generating income, too. If you’re focusing only on your retirement savings, you likely will miss out on the retirement you want (and deserve).
Consider these four steps to take the next time you sit down to plan your retirement:
- Review your current situation. Regardless of where you’re at in your career, there are always a few questions you should ask yourself: Are you managing your debt? Are you managing your expenses? Are you saving and investing properly? You should hopefully answer “Yes” to all of these.
- Envision your retirement. What do you want your retirement to look like? Create a mental image of what your desired retirement outcome, and remember it. For example, you’re going to need more savings and income if you’d rather travel the world than stay in the same location for your retirement.
- Calculate your needs. Now you know where you are and where you want to go. Next, find out what you’ll need in retirement. If you’re younger, you can probably refer to the retirement general rule of thumb: You need 60-80% of your pre-retirement annual income in retirement. If you’re closer to retirement, though, you’ll want to discuss specifics with your financial advisor to better track and project your needs in retirement.
- Review your income sources. The final piece of the puzzle. You know what you need for retirement, but how will you make it happen? Make sure to consider all your income sources including Social Security, your home equity, investment portfolios, and possibly remaining in the workforce for a bit longer. All these steps are by no means ultra-detailed, but they provide a great start to planning the retirement you dream of.1
Are you comfortable with your retirement plan? If not, give us a call. We’ll help you get on the right track for retirement, so you can retire on your own terms.
The content within this document is for informational and educational purposes only and does not constitute legal or tax advice. Customers should consult a legal or tax professional regarding their own situation. This document is not an offer to purchase, sell, replace, or exchange any product. Insurance products and any related guarantees are backed by the claims paying ability of an insurance company. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.
By clicking on these links, you will leave our server, as they are located on another server. We have not independently verified the information available through this link. The link is provided to you as a matter of interest. Please click on the links below to leave and proceed to the selected site.