Planning for retirement can be complex, but retirement plan participants can simplify it by asking themselves three simple questions: What, where, and when? Retirement plan consultants feel that planning for your retirement now can help you make that transition later. You may spend 30 years or more in retirement, so you should think about how you want to use that time.
What?
What would you like to do in retirement? Start by listing the things you’d like to accomplish, the places you want to see, and the experiences you would like to have. Think about your hobbies, dreams, and recreational activities you enjoy, or even a second career you’ve always thought about. If you’re married, make sure you share those with your spouse, so you’re both on the same page.
Where?
Once you know what your ideal retirement consists of, where you do see yourself living out your dreams? Do you want to move to warmer climates, or be near children or another family? Do you want to live in a large city, or a more rural area? Again, you’ll want to share these with your family and make sure everyone agrees.
When?
Once you know what your retirement will look like, you need to decide how much it will cost and if you can afford it. You’ll need to set up a budget, and attach an actual cost to the things you’d like to do, and make sure you’ll have enough saved to do them. Retirement plan consultants suggest that you’ll need at least 70 to 80 percent of your pre-retirement income to live comfortably in retirement. By figuring out how much you’ll need before you retire, you can choose to delay retirement, increase your savings rate, or make other adjustments to meet any shortfalls.
Retirement plan consultants can rely on The Participant EffectSM, a program that helps plan participants make better financial decisions, and help plan participants retire on their own terms. For more information, visit www.theparticipanteffect.com or call 1-888-968-9168.
Tracking Number: 1-627021
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
Retirement Plan Consulting Program and other advisory services offered through LPL Financial, a registered investment advisor.
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