11 Steps to a Stress Free Retirement

September 17, 2016

Retirement Savings

Saving for retirement isn’t easy. In fact, about half of all Americans do not have even one penny set aside for their Golden Years. Many people have developed irresponsible spending habits, and now don’t have the confidence to even know where to start saving—even with retirement fast approaching.

Retirement Savings Process

The task can seem so daunting that even finding the first step can be overwhelming. Because everyone is at a different point in their retirement savings process, the first step is probably not the same for you as it is for your next door neighbor.

Steps to Retirement

But regardless of where you are, it’s important to get started on your retirement plan as soon as possible. That’s why we’re listing some of the many possible first steps—tasks that you can complete today.

11 First Steps to Retirement

  1. Research retirement.

    We recommend Stress-Free Retirement by Patrick Kelly. It’s a quick, easy read and will give you some great tips to help you get educated about your retirement plan.

  2. Fine tune your 401k.

    It never hurts to see where you stand, and you can make adjustments to your savings habits as needed. But you’ll never know until you check.

  3. Plan a budget.

    You can develop better spending habits if you have a plan. Create a monthly budget today that you can monitor and adjust. If you know how much you spend now, you’ll have a better idea of how much you need to save to live comfortably in retirement.

  4. Create a retirement budget.

    If you have a good idea of how much you spend now already, it’s easy to calculate how much you’ll be spending in retirement. Take into account Social Security and health insurance costs.

  5. Sign up for automatic savings.

    If you struggle to manage your money, don’t even let it reach your checking account. Sign up for automatic deposit to make sure the money goes straight to savings.

  6. Research Social Security.

    Social Security policies are always changing, so make sure that you are up-to-date with the latest policy changes. You’ll also want to have an idea of where the policies are headed in the future at the time when you are actually planning on retiring.

  7. Plan for healthcare costs.

    Medicare and Medicaid are also difficult to understand, so you may want to talk to an expert on this or read some in-depth and current articles. But healthcare is one of the most important costs to configure when you’re planning for retirement, so don’t let it slip between the cracks.

  8. Create a retirement plan with your spouse.

    Planning for retirement is a joint process, so sit down with your spouse and make sure you’re on the same page with your retirement plan. Saving will be easier when both of you are working for the same goals.

  9. Transfer money into savings.

    Just do it! Especially if you find yourself in the 50% of Americans who don’t have anything saved for retirement. The rest will come easier if you start right now.

  10. Call a financial planner.

    We recommend leaving some things up to financial professionals who spend all day entrenched in the world that may seem foreign to you. Financial advisors will be able to answer any questions you have, get your portfolio in order, and help you understand what retirement will look like for you. If you already have a financial advisor, make an appointment to check in and make sure you’re on track to reach your financial goals.

  11. Email a financial planner

    Do you have questions that you can’t find the answer to? Email us at questions@retirementbrothers.com. We’ll help you find the answers to your retirement questions and point you on the right path to success.

Financial Goals

Don’t wait any longer to get started on your retirement plan. Pick a step and get going on your financial goals. At Ashton Strobelt, we care about you and we want you to have the retirement you’ve always dreamed about. Set up a free first consultation with us today.