Planning For Retirement – Strategic Retirement Partners

Planning For Retirement

One of the most significant tools in saving for your retirement is usually the retirement plan offered by your employer.  Your contributions today are what will fund your future.  Your retirement is so important that there is a week dedicated to this: National Retirement Security Week.  Knowing that you will have security in your retirement does not come unless you have a retirement savings game plan in place. 

Regardless of where you are in your career, there is no better time to start saving or ensure you are on the path to reaching your goals than today.  According to the 2021 BlackRock DC Pulse Survey:

  • 60% of the participants surveyed worry about outliving their retirement savings 
  • 59% believe it is difficult to know how their retirement savings will translate into monthly retirement income
  • 77% believe they need help getting through retirement, not just reaching it

These numbers help illustrate why you need a game plan before you retire.  Transitioning from working full-time and receiving a paycheck to retiring and living off of your savings is something that should be well thought out.  Not only will the way you receive your income change, but your lifestyle may change as well.    

Depending on your schedule before retiring, you may find that you now have five days a week that you need to fill your time with.  This could mean more lunches with friends or picking up a new hobby which could mean added expenses.  Many people also plan to travel more when they retire, which also needs to be planned appropriately.  How much of your retirement savings have you allocated towards traveling?  Do you have a plan in place to make sure that you stay on track and don’t spend too much during that dream vacation?

With all that goes into planning for your retirement, it is no wonder a week is dedicated to making sure you have a secure retirement game plan in place.  Knowing that you need a plan and implementing a plan are two different items.  If you do not yet have a plan or are unsure if your plan is right for you, we have created a list of steps.

Don’t know where to start?

  • Talk to your HR manager to find out what retirement plan offerings your company has and how to create your account.
  • If your company has a 401(k) or 403(b) plan, find out what the employer match is and make sure you contribute at least that amount.
  • Find out if you can have your contributions automatically increase at the end of each year.
  • If your company does not offer a plan – but you know you need one, contact us today We have a dedicated team that can help you get a savings plan in place. 

Have a retirement game plan but not sure you are on track?  The below questions will help you see if you need to revisit your plan.

  • Does your plan account for your short- and long-term goals?
  • Have you recently gone through a significant life event – marriage, divorce, purchased a home?
    • If so, was your financial plan updated after this event?
  • If you have a plan but need a second opinion, contact us today We have a dedicated team that can help you with your plan. 

After your career is over, you should start your retirement with confidence that your retirement game plan is secure.  There is no better time than now to make sure that you will have security in retirement.

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