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Steps to Take During National Retirement Planning Month

Steps to Take During National Retirement Planning Month

March 12, 2024

As National Retirement Planning Month unfolds, it serves as a timely reminder to prioritize your financial future and take proactive steps toward retirement readiness. Whether retirement is on the horizon or still a distant goal, now is the perfect time to assess your retirement preparedness and make informed decisions to secure a comfortable and fulfilling future. Here are some essential steps to consider during National Retirement Planning Month.

Evaluate Your Retirement Goals. Start by envisioning your ideal retirement lifestyle. Consider factors such as your desired retirement age, anticipated expenses, travel plans, and any hobbies or activities you wish to pursue. Setting clear retirement goals will help guide your financial planning efforts and ensure that your retirement vision aligns with your financial resources.

Assess Your Retirement Savings. Take stock of your current retirement savings and investment accounts, including 401(k) plans, IRAs, and other retirement accounts. Determine if you are on track to meet your retirement goals or if adjustments are needed to increase your savings rate or adjust your investment strategy. Consider consulting with a financial advisor to optimize your retirement savings plan.

Develop a Retirement Savings Strategy. Establish a systematic approach to saving for retirement, taking into account your income, expenses, and savings goals. Explore opportunities to maximize contributions to tax-advantaged retirement accounts, such as contributing the maximum allowable amount to your employer-sponsored retirement plan or IRA. Automate contributions whenever possible to ensure consistent savings growth over time.

Consider Retirement Income Sources. Evaluate potential sources of retirement income beyond traditional savings and investments. This may include Social Security benefits, pension plans, rental income, annuities, and other sources of passive income. Understand how each income stream contributes to your overall retirement income and develop a comprehensive strategy to optimize your retirement cash flow.

Review Your Retirement Plan Regularly. Retirement planning is an ongoing process that requires regular review and adjustment. Periodically revisit your retirement goals, savings strategy, and investment portfolio to ensure they remain aligned with your evolving financial situation and retirement objectives. Make adjustments as needed to stay on track and adapt to changes in the economy or personal circumstances.

Remember, the key to retirement success lies in proactive planning and consistent action. During this Retirement Planning Month, contact us to discuss your future goals. We can help you craft a plan for a stable and happy retirement.