Retirement Planning

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Retirement Planning: Your Essential Guide to Financial Freedom. FinStream’s Retirement Planning Center features short form videos to help you plan for your retirement.


Retirement Planning  is a crucial aspect of financial management that is often overlooked until it is too late. As life expectancy increases and pension systems evolve, individuals are increasingly responsible for funding their own retirement. Whether you’re in your 20s or nearing retirement age, it’s never too early or too late to start planning for your financial future.  Where will your retirement money come from? If you’re like most people, 401ks/403bs/qualified-retirement plans, Social Security, personal savings, investments, etc. will play a role. Once you have estimated the amount of money you think you will need for retirement, you should take a look at your potential retirement-income sources.

Retirement planning involves determining your retirement goals and what’s needed to achieve your retirement goals. A good plan includes identifying income sources, sizing up expenses, implementing a savings plan, managing your assets and managing risk. Your retirement plan should include estimating future cash flows to gauge whether your retirement income goal is possible.

You can start your plan at any time.  However, a retirement plan works best if you factor it into your financial planning as early as possible. That’s the best way to ensure a safe, secure and fun retirement.

Understanding Retirement Planning:

Retirement planning is the process of setting financial goals and creating a strategy to achieve them, ensuring a comfortable retirement lifestyle. It involves assessing your current financial situation, estimating future expenses, and identifying sources of income such as pensions, savings, and investments.

Key Steps in Retirement Planning:

  • Assess Your Current Financial Situation: Start by evaluating your current income, expenses, assets, and liabilities. This will give you a clear picture of where you stand financially and what adjustments may be needed to meet your retirement goals.
  • Set Clear Retirement Goals: Define your retirement lifestyle and determine how much money you’ll need to maintain it. Think about things like travel, housing, healthcare, and recreational activities. Establishing SMART (specific, measurable, achievable, relevant, and time-bound) goals will assist you in maintaining motivation and focus on a Retirement Savings Plan: Once you have defined your retirement goals, develop a savings plan to achieve them. Contribute regularly to retirement accounts such as 401(k)s, IRAs, or employer-sponsored plans. Take advantage of employer matching contributions and tax advantages offered by retirement accounts.
  • Diversify Your Investments: Spread your investments across different asset classes such as stocks, bonds, real estate, and mutual funds to minimize risk and maximize returns. Consider your risk tolerance, investment timeframe, and retirement goals when choosing investments.
  • Review and Adjust Regularly: Life circumstances and financial markets change over time, so it’s important to review your retirement plan regularly and make adjustments.

Depending upon where you are in your life stage, your retirement plan may need to be adjusted. For example:  Early in a person’s working life, retirement planning is about setting aside enough money for retirement. In the middle of your career, it may include setting specific income targets and taking steps to achieve them.  When you reach retirement age, you go from accumulating assets to the distribution phase. Your years of saving begin to pay you.

Retirement planning is such an important part of your financial well-being, but there are other things you need to consider. Ensure your finances are giving you the biggest tax breaks possible. A Roth conversion may be a good idea if you believe you’ll be earning some income later in your life. You may also want to consider what happens to your assets after you pass away.  That’s where estate planning comes in. Life insurance should be included to help offset any expenses that you leave behind for your loved ones if you become injured or die unexpectedly.

Need help with your retirement plan?  Click this link to get connected to a financial advisor through Wealthramp. What is Wealthramp? Well, Wealthramp is an advisor matching platform that connects you with rigorously vetted and qualified fee-only financial advisors. Built on the foundation of financial education and data privacy protection, we weed out the thousands of investment brokers and insurance sales reps who call themselves ‘financial advisors’ but don’t meet fiduciary standards. Our network includes independent CFPs, CFAs, and CPAs across the U.S. specializing in holistic financial planning, income strategies, stock-based compensation, special needs planning, and more.

Watch these free Retirement Planning videos on Finstream.