1. Analysis: Retirement income and expenses

With a retirement nest egg and your Social Security or state pension benefits in place, you need a strategy to make the most of these. With assistance from our experienced financial professionals, the first step is to answer the following:

  • Will I be able to make my retirement savings last a lifetime?
  • Will my retirement assets cover my basic expenses?
  • How can I invest for growth while protecting against market volatility?
  • Will I have enough to pursue my interests and cover unexpected expenses?
  • Will I be able to leave assets to my heirs?

Tip: Determine how much income will you need in retirement

How much income you will need in retirement involves many factors. Your PlanMember Financial Professional can help you analyze these factors in order to create an income and investment strategy to meet your needs. Below are some important considerations when starting this process.

  • Current income: This often serves as the base for your retirement budget since this is the lifestyle you are used to.
  • Expected retirement income: This may be a combination of retirement savings plans, state retirement or Social Security benefits, IRAs and other investments. Your financial professional can analyze your anticipated income in retirement to construct an income strategy designed to help meet your needs.
  • Your retirement budget: Start with essential expenses such as food, housing, healthcare and insurance, and factor in your anticipated retirement income. This will help determine if you can spend more on things you enjoy.
  • Expected changes in expenses: Also consider how your budget is going to change over time. You may spend more on entertainment and travel at the beginning of your retirement, and then shift to spending more on healthcare later on. Your housing may also change, as many people downsize later in retirement.