Retirement Planning

Tips for Your Retirement Plan

Planning for the retirement you want takes discipline - and often flexibility. We offer some tips to keep you on track with your goals.

Planning For Retirement: Three Ways You Can Be Better Prepared With Your Retirement Savings Plan

Economic downturns, increased life expectancies, and rising health care costs mean your retirement nest egg needs to stretch even further. Simply hoping things will improve can lead to needless stress and worry. The good news is there are ways you can prepare for a better future, save for retirement more and help safeguard against influences that may impact your retirement plan.

Here are three considerations to get you started:

1. Regularly review your retirement savings plan.

It’s important to evaluate what’s inside your retirement portfolio each year to make sure you’re still comfortable with your choices, as well as to evaluate what’s working and what’s not. Regularly reviewing your retirement saving plan with a financial professional can help you better understand whether you are on course to meeting your individual retirement goals, or whether it’s time to approach a different strategy.

2. Estimate how much you need to save for retirement.

It’s never too early to start figuring out how much money for retirement you’ll need and where that money will come from. Make it a point to sit down with a financial professional to discuss how you can better plan for factors such as the cost of inflation, out-of-pocket health care costs (deductibles and copays), and supplemental insurance expenses such as long-term care and Medigap. Together, you can both better gauge how much money you’ll actually need when it comes to saving money for retirement.

3. Build up your emergency fund.

Keep in mind that once you are in retirement, you’ll be withdrawing money from your retirement saving accounts – not adding to them. For this reason, it’s important to have an emergency fund with several months’ worth of liquid cash in either a savings account or money market account. So in the event you have an unexpected expense such as a house or vehicle repair, you’ll have access to readily available funds without having to tap into your retirement fund.

With a constantly evolving economy and uncertainties in life, it is difficult to predict what’s in store for the future. That’s why it’s important that you are financially prepared to face retirement challenges and demands with confidence by building a solid retirement savings plan.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

How to Get Life Insurance

Planning for retirement requires that you take certain steps to better insure that you've covered as many bases as possible. Regularly reviewing your retirement plan, calculating your needs in retirement, and creating an emergency fund are just three things to consider when planning for retirement. For more information, visit our learning center.

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