Retirement Planning Guide
Approaching retirement
Your retirement is finally within reach. We’ll help you understand how you can prepare for this next chapter, plan for Social Security, and make the future you’ve worked for a reality.
As you near retirement, consider how you can adjust your investments
Taking advantage of catch-up contributions and fine-tuning your portfolio’s asset allocation can help you approach retirement more confidently.
Consider making catch-up contributions
From age 50, investors are allowed to contribute a bit more than the standard contribution limit for 401(k) and IRAs.
Shift your asset allocation to minimize risk
Adjust your portfolio’s asset class mix to carry less risk as you get closer to retirement. You might want to shift your allocation to include more bonds, while maintaining appropriate exposure to stocks to encourage growth.
Let’s get ready for the retirement you’ve envisioned
As you approach retirement, we can help you identify what your financial needs will be, so you can plan effectively. Consider these tips for keeping your plan on track.
Take stock of income sources you may have
- Part-time employment
- Tax-deferred accounts like IRAs and 401(k)s
- Taxable investments
- Social Security
Budget for potential future expenses
- Housing and general living expenses
- Travel and leisure
- Financial support for family members, such as education, weddings, etc.
- Caring for aging parents
Consider possible health care costs
- Monthly Medicare premiums
- Out-of-pocket costs, like copays
- Long-term care
Will your savings last through retirement?
Get an estimate of where you stand, and test different scenarios to see how changes may impact your retirement budget.
Planning for Social Security
Social Security benefits can make up a significant portion of your income in retirement. How much you’ll receive can depend on several factors, including how many years you work, your marital status, and your age when you start collecting your benefits.
Three ways to consider optimizing your Social Security benefits:
Put in more time
As benefits are based on your 35 highest-earning years, a few more years of working could increase your total benefit.
Wait to start drawing benefits
If you don’t need the money, delaying taking benefits could result in a permanent increase in your monthly payments.
Know your tax implications
Your total income, including IRA distributions, determines how much of your benefit is taxable, so speak to a tax professional to understand your options.
Is waiting to collect Social Security benefits the right strategy for you?
Waiting to collect your Social Security benefits could have a significant impact for you and, if you’re married, your spouse. While not everyone can afford to put off collecting benefits, waiting until age 70 will increase your monthly payment and possibly your total lifetime payout.
Social Security payments calculated using the Quick Calculator on the SSA.gov website. Assumes an individual who is age 62 in 2025 (with a full retirement age of 67 years) and is continuing to work and earn $100,000 each year until claiming benefits. All figures reflect current dollars. Actual benefits would be higher to reflect future adjustments for inflation.
Find your claiming strategy
Our Social Security Optimizer can provide you with strategies to help you maximize your lifetime Social Security benefits.
Need help preparing for retirement?
With Retirement Advisory ServiceTM, our advisors can help you make even smarter, more confident decisions as you start to prepare for retirement. We’ll work with you to create an actionable plan to align your investments and income streams to help meet your unique goals.
Not sure about next steps? Schedule a free consultation to find out if a 1:1 relationship with one of our advisors is right for you.
Interested in learning more about retirement?
When should I begin to receive my Social Security benefits?
Your Social Security benefits are likely an important part of your retirement income plan, so choose your timing wisely.
Three ways to make the most of your Social Security income
The amount of your benefits in retirement will depend on a few key factors.
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