Planning for retirement is crucial to ensure financial stability and a comfortable lifestyle in your later years. The first and most critical step is determining how much money you need before retiring!
Unfortunately, too many people retire without really knowing how much they need. This can be disastrous. Don’t let that be you.
In today’s episode, I will provide five steps you can take right now to start getting your financial house in order.
This blog has a bonus on what to do at each step of the game, from your 20s—70s.
Summary: Wealth Inside and Out® Podcast – “How to Plan for Retirement in 6 Steps”
Overview of what you will learn:
>> (3:44) The most important relationship in retirement
>> (6:04) What successful people commonly do
>> (8:30) Getting your mind under control
>> (10:24) The retirement reality, regardless of how much money you accumulate
Your Next Step Financial Assessment
If you need help on the best next step to secure your financial future, click here.
Free Resource: Retirement Plan Checklist
You can go to 
This resource provides an overview of the actions you need to take to avoid the biggest retirement planning mistakes people make. It will help you stop worrying about running out of money and ensure you can live and retire on your terms.
We share insights in this free Retirement Plan Checklist resource that many people don’t even consider. So again, you can go to the Retirement Planning Checklist.
One of the most common concerns women have is becoming a bag lady.
The Bag Lady Syndrome is a fear you will run out of money and cannot afford essentials.
Examples include expenses for housing, utilities, food, medical care, etc.
This guide is a great first step to create a plan so you can stop worrying. Click here to access the guide.
Click here to get your free financial checkup:
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This information is for educational purposes only. It is not intended to replace any advisor or specialist or provide investment, financial, tax, retirement, planning, or healthcare advice.
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Retirement Planning Made Simple
Just the thought of creating a retirement plan can be a daunting task for some people. These six steps can bring you closer to achieving a secure retirement you love.
1. Assess Your Desires
Set Retirement Goals
First, determine what you want your retirement to look like.
Consider factors such as:
- Where do you want to live?
- What activities do you want to do?
- Do you expect major expenses like a new car or roof on your home?
- How much income will you need in retirement?
- Do you have credit card debt you need to pay off before you retire?
- Is your pre-retirement income better invested in taxable, tax-free, or tax-deferred investments?
Setting these goals gives you a clear vision for the future. The longer you wait to map out your goals, the fewer options you can pursue.
The secret is to start soon and stay consistent.
Assess Current Financial Situation
Take stock of your current financial standing, including: 
- Assets (Examples include stocks, bonds, real estate, etc.)
- Debts (Examples include mortgages, loans, credit cards, etc.)
Calculate your net worth and evaluate your current income and expenses to understand your financial health.
Assets minus liabilities equals net worth.
2. Think About Your Future
Estimate Retirement Expenses
These expenses are based on your desired standard of living and expected needs. Consider expenses such as:
- Housing and living expenses
- Healthcare and long-term care costs
- Transportation and other essentials
Creating a plan for your future is a crucial first step.
A critical part of creating your plan is determining how much you will need for retirement before you retire.
3. Start Saving & Investing
Create a Retirement Investment Plan.
Determine how much you need to save for retirement to achieve your goals. Consider factors such as:
- Retirement age
- Life expectancy
- Inflation
- Major expenses
Use retirement calculators or consult a financial advisor to develop a savings plan tailored to your needs. 
Take advantage of tax-advantaged retirement accounts, such as 401(k) plans, IRAs, or Roth IRAs. Contribute regularly to your retirement and use employer-matching contributions to boost your savings.
Before beginning an investment plan, consult a registered or certified financial advisor.
Invest your retirement savings in a diversified portfolio suited to your risk tolerance and time frame.
Regularly review your investment strategy to stay on track toward your retirement goals. Monitor your progress over time and make any necessary adjustments to your savings and investment plans.
4. Adjust Your Plan
Remember, retirement planning is a dynamic process that requires regular review and adjustment as your circumstances change. Stay current about your finances and seek guidance from financial professionals when needed.
Your retirement plan should stay flexible to ensure changes in other factors won’t catch you off guard.
5. Stay Informed
Research potential additions to your retirement plan and keep up with policy changes. Proactive planning is key to a secure retirement plan and allows you to feel better about your financial security.
Retirement Planning Timeline
The first step is to start early. That said, if you didn’t start early, then start now.
The age summary will provides an example of what you should do at each step of your retirement plan.
In Your 20s:
- Start saving for retirement as soon as you begin working.
- Take advantage of employer-sponsored retirement plans like 401(k)s. This is especially important if your employer offers matching contributions.
- Begin educating yourself about investment options and strategies.
During Your 30s:
- Increase your retirement savings contributions as your income grows.
- Consider opening an Individual Retirement Account (IRA) if you can’t access an employer-sponsored plan.
- Review and adjust your investment portfolio based on your risk tolerance and long-term goals.
- Start thinking about long-term financial goals such as home ownership or starting a family and how they fit into your retirement plan.
In Your 40s:
- Continue maximizing contributions to retirement accounts.
- Evaluate your retirement goals and assess if you’re on track to meet them.
- Consider purchasing long-term care insurance to protect against future healthcare expenses.
- Review and update your estate planning documents, such as wills and trusts.
During Your 50s:
- Take advantage of catch-up contributions allowed in retirement accounts.
- Assess your retirement readiness and adjust your savings and investment strategy if necessary.
- Consider downsizing your home or making other lifestyle changes to reduce expenses in retirement.
- Develop a plan for healthcare costs in retirement, including Medicare enrollment and supplemental insurance options.
In Your 60s:
- Develop a retirement income strategy, including deciding when to start collecting Social Security benefits and how to draw down retirement savings.
- Consider transitioning to more conservative investments to protect against market volatility.
- Review your budget and expenses to ensure they align with your retirement income sources.
- Explore potential part-time work or other sources of income if needed to supplement retirement savings.
From Your 70s and beyond:
- Monitor your retirement accounts and adjust withdrawals based on market performance and life expectancy.
- Stay informed about changes in tax laws and retirement regulations that may affect your financial situation.
- Consider estate planning strategies to minimize taxes and ensure your assets are distributed according to your wishes.
- Stay physically and mentally active to enjoy a fulfilling retirement.
Conclusion – “How to Plan for Retirement in 5 Steps”
Retirement planning can seem overwhelming. Understanding and creating a retirement plan is crucial for securing a comfortable and stress-free future. Taking it one step at a time is often easier and helps you feel more confident. By following these six steps, you, too, can take proactive moves to build a solid, secure financial future and a retirement you love.
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