When people think about retirement planning, the first question is often, “How much do I need to save?” That’s certainly an important part of the conversation, but it’s not the only one.

Once you reach retirement, you have to figure out how to turn those savings into income. That means making decisions about when to retire, when to claim Social Security, which accounts to use, how much you’ll need each month, and how to account for expenses that may change over time.

This is one area where working with a retirement planner can be helpful. Instead of looking at each decision separately, a planner can help you look at how the different pieces of your financial plan work together.

Some of the things to consider include:

• Taking stock of your resources. Before creating an income strategy, it’s important to understand what you actually have available. This can include retirement accounts, savings, investments, pensions, Social Security, and other assets.
• Looking at your timeline. Your retirement date can affect many other financial decisions. You may want to retire earlier or later than originally planned, and your income strategy should account for that possibility.
• Planning for monthly expenses. Knowing how much you may need each month can help determine how much income you’ll need to generate. It’s also worth considering expenses that don’t happen every month, such as travel, home repairs, or larger purchases.
• Understanding your options. There may be several ways to structure retirement income. The right approach depends on your accounts, goals, tax situation, and other factors.
• Preparing for changes. Retirement can last for decades, and your financial needs may not stay the same throughout that time. A plan that can be reviewed and adjusted can help you respond as your circumstances change.

The goal isn’t to predict exactly what will happen over the next 20 or 30 years. No one can do that. Instead, retirement planning is about making informed decisions based on what you know today and having a strategy that can be adjusted when things change.

Starting this process before your retirement date can give you more time to consider your options. It can also help you identify questions or decisions that may need attention before your regular paycheck comes to an end.

If retirement is getting closer, now may be a good time to take a fresh look at your plan and make sure your savings, income sources, and goals are all working together.

(610) 457-2619 | ✉️ info@gsteinfinancial.com

The Goldstein Team