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Retirement Planning 101

Money and insurance

Retirement Planning 101: A 5 Step Guide to Securing Your Future

Retirement planning – it's one of those grown-up topics that can make anyone feel a little overwhelmed. But fear not, because we're here to guide you through the basics in a way that's easy to understand and, dare we say, even a little bit empowering.

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How to use this guide

We’ve mapped out the things you need to focus on to get you started on planning your retirement. You can choose to read all articles chronologically or jump to the topics you want to learn more about, depending on where you are in your retirement planning journey. So, let’s begin.

Step 1: Define Your Retirement Goals

Close your eyes and imagine your ideal retirement. What does it look like? Maybe it includes traveling the world, spending more time with loved ones, or pursuing a long-lost hobby. By painting this picture, you're setting the stage for your retirement planning journey.

Step 2: Crunch Those Numbers

Now, let's talk money – but we promise to keep it painless! Start by estimating your retirement expenses. Consider living costs, healthcare, leisure activities, and any big dreams you've envisioned. Then, factor in potential sources of income, such as Social Security, pensions, or savings.

Step 3: Save Consistently

Saving for retirement doesn't have to feel like a daunting task. Even small, regular contributions to a retirement account can add up over time. Whether it's government saving funds, investment-linked life insurance or other retirement savings plan, the key is to start as early as you can and contribute consistently.

Step 4: Embrace the Power of Investing

Investing – it's like growing a money tree for your future self. Consider exploring investment options that align with your comfort level and long-term goals. If the thought of diving into the stock market feels intimidating, don't worry. There are plenty of resources and professionals out there ready to help you navigate the world of investing.

Step 5: Stay Flexible and Adapt

As we have learned from the pandemic, life has a way of throwing curveballs, and that's okay. As you journey through different stages of life, your retirement plan may need adjustments. Whether it's a new job, unexpected expenses, health issues or changes in your personal life, flexibility is key to staying on track.

By approaching retirement planning as a gradual, empowering process, you're taking proactive steps to make your future retirement years the best they can be. Remember, this is about you and your unique journey. Each small step you take today is a leap toward a more secure and fulfilling retirement tomorrow.

Seek help from experts

To discover more solutions on how you can plan for your retirement, book a virtual session with an FWD financial advisor today.