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Retirement Planning Tips

Helping You Prepare for Retirement

Retirement planning is beneficial for everyone. Whether you’re retiring soon, or have decades to go, creating a plan now can make a significant difference in your savings.


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6 Retirement Planning Tips  

1. Determine how much money will you need.  

According to the CDC, the average life expectancy for U.S. Citizens is 78.8 years. With today’s advancements, many people are living longer in their retirement years. Experts say you’ll need between 55% and 80% of your pre-retirement income to live comfortably in retirement. You’ll need to budget for costs related to your health conditions, if you plan to travel, and frequent hobbies. Make sure to include inflation and an emergency fund in your plans.  

1. Source: Life Expectancy, CDC, (2019). 

2. Source: How much money should I save each year for retirement? Fidelity. (2020, July 21). 

2. Decide what lifestyle changes you’ll make in retirement.  

Will you move to warmer weather in retirement? Start a new hobby? Are you considering getting a new job? Your lifestyle changes can help determine how long you will need to continue working.

Delaying retirement by only a few years can help your savings to accrue longer. You may also receive health insurance in another job and save even more.            

3. Understand your Social Security benefits.  

Social Security is a tax that provides benefits to people, including retirement benefits. Retirement beneficiaries on average receive 40% of their pre-retirement income from Social Security. Reduced retirement benefits begin at age 62. The full retirement age is 67, but you can increase your benefits if you were to delay up to age 70.  

3. Source: Learn About Social Security, Social Security Administration,  (2021)

4. Continue to evaluate your investments.  

You should plan to have enough savings by retirement to withdraw about 5% each year. According to Fidelity, a retired couple age 65 may need $300,000 saved to cover medical costs throughout retirement.Understand how to maximize your investments such as a 401(k), IRA, or company pension. Continue to track your savings and assets to ensure you’re on the right path to reaching your goals.  

4. Source: How to plan for rising health care costs? Fidelity. (2021, May 6).      

5. Keep your retirement documents organized.

Having an organized system will save you time and reduce stress. Save your documents safely in a digital folder or physical binder based on your preferences. When a document needs revisions, take a few moments to add the updated version to your folder/binder. Keeping your information current and accessible provides convenience and peace of mind.

6. Make sure your other policies are current.   

While preparing for retirement, it’s important your insurance policies reflect your goals. Contact your agent to review new risks and update your policies to protect your future.