Where Do You Stand?

The first step in planning for retirement should always be an evaluation of where you stand. You’ll develop a retirement plan by first doing a few easy steps to determine your financial status.

Step 1. Know Your Net Worth (refer to Net Worth Section)

Lay out all major assets and liabilities.


  • Brokerage accounts – stocks/mutual funds
  • CDs
  • Money market accounts
  • IRAs, 401(k)s, etc.
  • Employer pension plans (lump sum values)
  • Roth IRAs
  • Real estate


  • Credit card debts
  • Loans – personal
  • Loans – auto
  • Mortgages – both first and second
  • Other debts

Step 2. Create a Checklist Evaluation

  • Do I have sufficient emergency cash on hand or available in short order?
  • Do my assets exceed my liabilities?
  • Do I have a plan in place for all liabilities to be eliminated by retirement?
  • How much is wasted in finance charges?
  • Are my assets allocated appropriately for someone who is preparing for retirement? Does my risk need to be reduced?
  • What are my fixed monthly expenses?
  • What are my cash flow needs?

Average Spending During Retirement

According to the Bureau of Labor Statistics, the average percent spending by category for those aged 65 to 74 is:

  • Housing 32%
  • Transportation 17%
  • Food 13%
  • Healthcare 12%
  • Other 11%
  • Entertainment 6%
  • Pensions or Retirement Savings 6%
  • Clothing 3%

How Much Money Do I Need?

Once you determine where you stand, you can move on to the final step: determining how much money you’ll need during your retirement. If you need help with any of the steps listed above, our financial advising office is here for you. Use our hassle-free retirement planning tools to start preparing for an enjoyable retirement.