Retirement Planning

It’s never too early or too late to start thinking about your retirement. Your current income, retirement savings, and the age you plan to retire are just some of the factors to consider. It can feel overwhelming, but it doesn’t have to be. Our Retirement Planning page can help answer your retirement questions.

Retirement Planning Overview

Are you ready for retirement?

The average person leaving the world of full-time work at age 65 can reasonably expect to spend 20 to 30 years or more in retirement.

Why it matters

If you're not prepared for retirement, you may find yourself working well past age 65. If you're over 50 and haven't started saving for retirement, do not despair because you do have options.

The bottom line

There is no "one size fits all" plan for retirement, but a good retirement plan normally includes:  a 401(k) plan, your Social Security, and retirement savings.

 


Saving for Retirement

Investment

Getting the most out of your 401(k)

Although 401(k)s are the most commonly offered retirement savings plan amongst U.S. employers today, there are many variations such as 403(b), 457, and 401(a) plans that offer similar features and benefits.

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Know your Social Security options

If you file for benefits before your full retirement age, your benefits will be reduced.2 When you file for benefits after full retirement age your benefits will be increased.

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Retirement savings catch up: 3 tips

Of the many things you can do play catch up, here are three of the most effective, applicable financial moves that will help ensure your retirement is as you envisioned.

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3 ways you need to plan for retirement

A sound retirement plan will involve at least three perspectives: financial, organizational, and emotional planning.

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Health savings accounts for retirement planning: Pros and cons

With a health savings account, you get a triple tax benefit; money goes in tax free, it grows tax free and, when you use it for qualifying medical expenses, it’s disbursed tax free. But it does take some planning to get the most value.

 


Living in the Sandwich Generation

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How to survive in the sandwich generation

A growing percentage of “sandwich generation” adults worry that they may not have the financial means to care for their aging parents, and they do not want to put their kids in the same position.

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Retirement: How to preserve it while helping your parents

What happens when your parents are not financially prepared for retirement but can no longer work or are not earning enough to meet their expenses?

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Insurance

Consider Long Term Care Insurance

The need for long term care can result from illness, impairment, or even something as unexpected as an accident or injury, so it’s critical to take action to help protect your future.

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The changing role of caregiver

Caregiving can be one of the hardest things we ever do, but also one of the most rewarding. And it’s a role that changes over time and at different life stages, from caring for a pet to a baby to an older child to an aging parent.

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9 financial questions to ask your mom

Generally speaking, financial planning is gender blind. But women (especially those over age 50) have some particularly compelling reasons to plan ahead

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5 reasons why women should be selfish financially

Women may put their careers on hold to raise children and care for aging parents. Such choices may be selfless, but they also put women in a precarious financial position.

 


Budgeting in Retirement

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Avoiding debt in retirement

If you need to carry any type of debt into retirement, it needs to be reflected in a financial plan that makes room to have enough income in retirement while paying off the amounts owed.

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Surviving retirement with your spouse

Even happy couples can find that their expectations of retirement missed the mark, that their spending philosophies don’t align, or that their partner's personality quirks, once endearing when they spent the workweek apart, become grounds for divorce in the cold, harsh light of constant togetherness. 

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Renting? Maybe a better choice for some retirees

We tend to envision retirement as a time to live in a house with a paid-off mortgage. But for many retirees, renting could be a better option.

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Covering costs in Medicare's 'donut hole'

The Medicare prescription drug coverage gap, better known as the “donut hole,” may be slowly shrinking, but medication costs may still present a financial challenge for some seniors who pay for pricey medication.

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Using life insurance for supplemental retirement income

One rule of thumb is that individuals generally need 75 percent to 85 percent of their pre-retirement income each year for retirement. 

 


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