Personal Finance

Planning for Retirement: What You Should Be Doing Now

While retirement may seem like a distant dream at this time, taking action now and making decisions with the future in mind can help you realize your retirement dreams when the time comes. Here are some things to consider and questions to ask yourself to ensure you are on the right track toward reaching your retirement goals.

Consider your goals, wishes, and priorities
• What type of lifestyle do you plan on living?
• What aspirations do you have for life in retirement?
• Do you plan to work during your retirement?
• Where do you see yourself living during retirement?
• If you have a partner or spouse, are you both on the same
page as far needs, goals, and expectations?

The Family Conversation
• Will you have any dependents that will count on you for personal or financial support?
• Are you saving for other goals such as funding your child’s college education?
Make sure your plans are “talking to each other.”

Know Your Numbers
• Estimate your expenses and cash flow needs during retirement.
• Consider potential health and long-term care needs and costs that could arise during retirement.
• Try to avoid racking up “bad” debt (i.e., credit cards, car loans)
and put a plan in place to pay down existing debt.

Be Smart with Saving and Investing
• Make saving a priority: Work your retirement savings
into your budget so there’s no excuse.
• Don’t wait: Start saving today to take advantage of compounding
interest over time.
• Are you contributing to an emergency fund to ensure your
retirement savings will be protected should unexpected expenses arise?
• Are you participating in your employer’s retirement plan?
If so, contribute the maximum amount in order to take advantage
of your employer’s matching contribution
• Do you have an Individual Retirement Account (IRA)?
Consider contributing to a Traditional or Roth IRA?

Share this article