Preparing for retirement

Wherever you are on your path to retirement, talking about your retirement goals with a financial professional and establishing a strategy to get there can help you increase your confidence in investment decisions.1

Affording a comfortable retirement is a top financial concerns of US adults.

Source: Charles Schwab. (2020, August). 2020 401(k) Participant Survey.

12020 401(k) Participant Survey (Rep.). (2020, September).

Your key considerations

Create your retirement strategy

Consider if you will want to continue working or if you would rather spend your time on other things you enjoy. While your plans may change, identifying your goals ahead of time can help you to better prepare for unforeseen events.

You can also factor in how to reduce any outstanding debts you may be carrying into retirement. Prioritize taking care of your debt ahead of time to relieve stress in the future.

Map out your retirement income

You should factor which retirement funding options you will use into your strategy to determine where your retirement income will come from. If you are already contributing through a specified retirement funding option, are you investing enough? Should you increase your contributions or consider supplemental options to utilize?

A financial professional can help you weigh your options, including Social Security, a pension plan, 401(k) or 403(b), IRAs, Roth IRAs, personal savings and investments, annuities, life insurance, and continued employment.

Factor in those depending on your financial support

From helping a child who has moved home, contributing to a grandchild’s college education. or supporting the health care costs of an aging parent, many retirees support themselves while also helping loved ones.

Providing financial support to loved ones can often be an unexpected cost so preparing for the possibility can help keep your savings on track and your retirement strategy in place.

Establish your home base

Where will retirement take you? Will you downsize or remain in your current residence? Will you move somewhere new? Retirement often leads individuals to reconsider where they want to settle down. Your living arrangements will factor into your budget as well as to your overall wellbeing.

How we can help

You want to enjoy your retirement and get the most out of this phase in life.

A financial professional can help you get there with a retirement strategy personalized to you. North Star Resource Group’s 160 financial professionals are helping clients reach their retirement goals every year.

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