Retirement Planning Tips
Planning for retirement should start long before those final few years of employment – it doesn't always ensure you'll avoid every pitfall along the way, but it may help to increase your odds. Use this list over the long-term to help guide your decision-making process and help you make better investment choices to prepare for retirement.
- Increase your paycheck contributions – Expect to spend more for the basics like food and shelter throughout retirement. Since the United States has experienced inflation every year, except two, since 19551, planning to cover inflation makes sense. Use the Paycheck Impact Calculator to see how contributing more to your retirement account could affect your paycheck.
- Find out about sources of income you may anticipate in retirement – Use the Social Security Administration's Online Retirement Estimator to see how much you may receive in Social Security benefits.
- Help reduce your risk – Talk with a Retirement Specialist about a gradual plan for reducing your exposure to market risk.
- Think about where you'll live – Many retirees downsize or move to a less expensive community. Doing so may help your retirement assets last longer by helping lower expenses.
- Focus on your health – Just like inflation, medical care costs may be a significant part of your retirement planning.
- Pay down your mortgage – Paying off other debts and paying down your mortgage may reduce financial stress and might even help you sleep better at night.
- Consider working longer – Working even a few additional years may help your investments potentially benefit from time and compounding.
Get the help you need
Talk with a Retirement Specialist if you have questions and get started planning for your future today.
1 Historical Inflation, Inflationdata.com (accessed 10/3/11)