Planning for retirement is a significant step in securing your future, but once you’ve begun, the journey doesn't stop there. As you move forward, it's important to revisit your initial retirement plan and assess whether there are additional steps you should be taking. Let’s explore some critical questions and actions that can help guide you to a financially secure retirement.

Focus on What’s Next

Retirement planning isn’t about figuring out the entire rest of your life in one go; it’s about determining your next step. For instance, financial experts generally recommend saving 15% of your income annually for retirement, including contributions from both you and your employer. If you're not there yet, consider increasing your savings rate. When will you make this change? Setting a specific date can help ensure you follow through.

Tools to Support Your Planning

If you’ve already reached the 15% savings mark, have you thought about what you'll need to maintain your standard of living in retirement? This is especially important if you started saving late or opted out of Social Security. Servant Solutions offers several tools to help you gauge how much money you’ll need. The Retirement Planner calculator on our website allows you to experiment with different savings rates and see how long your savings might last. Additionally, our Saving for Retirement Worksheet can help you estimate your future income by factoring in your retirement plan, Social Security, and personal savings.

Ensure Your Loved Ones Are Protected

Once you’re confident in your savings strategy, it’s time to think about your loved ones. Are your beneficiary forms up to date? If not, we can help you review and update them—just email us at info@servantsolutions.org. Additionally, if you haven’t completed your will or other estate planning documents, now is the time. You can access free resources through your Principal account by selecting “Legal Documents.”

Involve Your Spouse

Retirement planning isn’t just an individual journey; it’s one you share with your spouse. Have you both discussed how you’ll spend your time in retirement? Have you estimated your monthly income needs or planned for potential emergencies? It’s essential to calculate how much you might need for health expenses and determine a withdrawal strategy for your retirement savings.

Take Action Today

Once you've identified your next step, it's time to act. Set a deadline or goal date to make it happen. The Servant Solutions Retirement Plan is designed with your future in mind—a secure future built on smart strategy and wise stewardship. We’re here to help you take that next step in your retirement planning journey. Contact us today to get started.

Additional Resource: "Retirement Countdown Check List" found in our booklet Let’s Discuss Retirement Planning.