Preparing to retire: What do you need to know?

As you approach retirement, you may have a clear vision of the life you want to lead in the future. Before discussing numbers, we can help you determine where you'd like to go, and where you'd like to be in years to come.

Think about the details

It can be challenging to think about how you'll spend your free time in retirement. Maybe you want to open a coffee shop, or learn to play the piano. It's a time to ask your self "What could I do next?" Once you define your dreams for retirement, it's important to take a close look at how your retirement savings will support your new lifestyle.

• How will you create a consistent retirement paycheck?
• What would the impact be on your retirement income if you delayed retirement?
• What are the tax implications and opportunities once you start taking distributions?
• If you are planning to purchase a second residence, have you considered impacts on your taxes and budget?

Calculate how long your nest egg will last

Develop your retirement income strategies

For many people, retirement can last as long as time spent working. You need to make sure that you won't outlive your retirement income. A financial advisor can help you identify the sources of income that will be available to you in retirement. Together, you can plan ongoing savings or withdrawal strategies that will make your money last.

• Pension plan. Your employer may offer a traditional pension that will pay you monthly benefits.
• Social Security. Social Security might provide a portion of your retirement income. To get an estimate of your Social Security benefits, visit the Social Security Administration website and order a copy of your statement.
• Your retirement savings plans. Additional sources of retirement income may include a 401(k) plan, IRAs, annuities, and other investments. The amount of income you receive from those sources will depend on the amount you invest, the rate of investment return, and other factors. Be sure to talk to a financial advisor about withdrawal strategies and limitations.
• Job earnings. If you plan to work during retirement, your job earnings will be another source of income.

Don't lose track of your vision

A financial advisor can help translate your goals and dreams into responsible financial planning solutions. Together you'll make a plan that reflects your current financial picture—and your vision for the future. Regular check-ins will help ensure your plan stays on track.