5 Ways to get ready for retirement

3 MIN READ | #blog

Are you ready to take the plunge and retire?

Whether retirement’s right around the corner or still many years away, it’s wise to plan ahead so you can enjoy your unique vision of retirement. Here are some practical ways for you to plan for your next chapter.

Create a budget – If you haven’t done so already, now’s the time to look at what your current monthly expenses are. Start by itemizing your essential expenses to get a baseline idea of how much money you’ll need to have set aside to meet your average monthly costs in retirement. While you may plan to cut back on discretionary items (the extra extravagances) in retirement, you’ll still have to be able to pay your mortgage or rent, as well as utility bills, cable, Internet, telephone, supplies for your home, credit card debt, groceries, healthcare, personal care items, insurance, and car payments/other transportation costs, etc.

Consider guaranteed income sources – Consider guaranteed income sources –  Whatever your vision, income is the common element to a confident future. So, where do you find guaranteed income in retirement? Five main sources to consider are: Pensions, Bonds, CDs, Annuities*, and Whole Life Insurance.

Feed your 401(k) or IRA – If your employer offers a 401(k) plan, you can automatically contribute a percentage (or fixed dollar amount) of your salary into the plan. If you’re lucky enough to have an employer that matches some of the contributions you make to your plan, take full advantage of that. It’s like being given free money to enhance your nest egg. If you don’t have a company-sponsored 401(k), you can save through a traditional or Roth IRA.

Define the lifestyle you’ve envisioned for retirement – When you picture your ideal retirement, what does it look like? Is it filled with travel? Part-time work? Volunteering for a cause that’s dear to you? Do you dream of sticking close to home, spending more time with grandchildren and other loved ones? If you’re married, have you and your spouse discussed whether you’re on the same page in terms of how you want to spend your time and money once you’ve retired? When you have an idea of what you want your future to look like, you’ll be in a better spot to plan for your desired retirement lifestyle.

Work with financial pros – If you haven’t already done so, a financial professional can help you develop a personalized investment plan that assesses your needs, goals and risk tolerance and balances all of your competing financial goals. Depending on how complex your situation is, you may want to include your accountant in the planning process too.

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*Annuity and whole life insurance guarantees are backed exclusively by the strength and claims-paying ability of the issuing insurance company.


This material is intended for general public use to potentially assist you in planning for your future. By providing this material, Guardian/Park Avenue Securities is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity.

Guardian and its affiliates, subsidiaries, employees, agents, and outside contributors, are not authorized to provide legal, tax, or investment advice in the materials of this website including but not limited to any blogs. The information provided does not constitute a solicitation of an offer to buy or an offer to sell financial or insurance products. Individual situations can vary; please contact a financial professional, your tax, investment or legal advisor for guidance and information specific to your situation. Guardian is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this material. To learn more about Guardian, visit GuardianLife.com.