Three Steps to Help You Pursue a Financially Healthy Retirement

Start with the basics to better prepare for retirement and understand your role in your future financial health.

Couple researches retirement savings online

Whether retirement is just around the corner or some time away, these three steps can help get you on track to work toward a financially healthy retirement.

Identify Your Retirement Goals

The first step to planning your retirement is determining your goals. According to today’s projections, you could potentially be in retirement for 30 years or more. Have you thought about what you want those years to look like?

Develop a Plan

No matter your retirement plans – travel or a place on the lake – it is possible that you will not only need a plan for replacing your income, but a plan that also adjusts for inflation and takes into account that you may need a higher income in the future to maintain spending power. A solid retirement strategy will likely include various sources such as company defined benefit pensions, reverse mortgages, bond portfolios, certificates of deposit, money markets and annuities as well as a 401(k), IRAs and stocks.

Review Often and Revise

Once you start on your retirement savings plan, it is important to measure your success and remain flexible as things can change. Ensure that your plan has a strategy for managing risk and market volatility and adjust as needed.

One of the best ways to get started on a retirement strategy or to ensure your current plan remains healthy is to partner with a professional. Taking your retirement goals into consideration, a professional can help you determine how much and where to save as well as:

  • Adjusting withdrawal rates as needed according to your plans
  • Determining when to draw on guaranteed income sources
  • Managing tax implications during contribution or distribution stages
  • Ensuring you have financial strategies that seek protection

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