Retirement Planning 101
According to the Merriam-Webster Dictionary, retirement is any of the following:
- An act of retiring: the state of being retired
- Withdrawal from one’s position or occupation or active working life
- The age at which one normally retires
Fun fact: More than 50 percent of workers retire at 62 years old or earlier despite full Social Security not being available until age 67.
Retirement planning is more than just preparing to leave work; it is also about planning for the next phase of your life. How do you want to spend your retirement? Will you downsize your home? Will you take up new hobbies? Will you work part-time? As you can see, retirement planning can and should consider all aspects of your life.
If you need help planning for your retirement, we can help. Explore our retirement planning section to get up-to-date information about where you stand, a retirement budgeting worksheet, a retirement expense worksheet, inflation, part-time work in retirement, debts in or just before retirement, and primary residence improvements before retirement.