If you would like to retire soon. And stay retired for 30-50 years, there are a few things to think about. If you would like to discuss any of these, I would be honored to get to know you. Just follow this LINK to find a time for us to talk.
Here are 9 things to think about as you prepare for retirement:
1. Plan for a Long Life—Longer Than You Think
Most people underestimate how long they'll live. Thanks to medical advances, many of us will live into our 90s—or longer. If you're married, it's even more likely that one of you will live a long time.
That means your money needs to last. If you're healthy and expect to live a long life, make sure your savings are ready for the long haul.
2. Be Careful About Spending
It's easy to think, “I can just take out 10% of my savings each year and be fine.” But that’s risky. Investment returns go up and down. If you withdraw a lot in a down year, your portfolio might not recover.
Inflation is another sneaky danger. Even at just 3% per year, your cost of living could double in 24 years. So, $50,000 today could need to be $100,000 tomorrow just to buy the same groceries and gas.
3. Know Your Goals
Before you invest, decide what you want from your money:
- Do you want your money to grow?
- Do you want to leave something for your kids or charity?
- Or do you just want to make sure it lasts your whole life?
Clear goals help you choose the right strategy—and help you stay calm when markets get shaky.
4. Think Before Taking Social Security
Many folks rush to take Social Security as soon as they can at age 62. But waiting could be smarter. If you delay until age 70, your monthly benefit could be 32% higher.
Of course, your health and job situation matter. But remember, your Social Security benefit is locked in once you start. So, pick the best time for you, not just the earliest one. Ask me about a free Social Security Maximization report at this LINK.
5. Will You Keep Working?
Many retirees work part-time—not because they must, but because they want to. Some work for extra spending money, others for the social connection and purpose it brings.
Working in retirement can ease the pressure on your savings and offer a soft landing from full-time work to full-time retirement.
6. Balance Risk and Reward
You might think that retiring means playing it safe. But being too safe can be risky.
Over time, stocks have outperformed bonds—and they’veactually been more consistent over long stretches. If you need your money to grow and last 30 years, you might need more growth investments than you think.
Of course, every situation is different. That’s why working with a fiduciary who knows your goals is so helpful.
7. Don’t Be Your Own Worst Enemy
According to research from DALBAR, the average investor earns way less than the market because they jump in and out at the wrong times.
Staying disciplined—especially when markets dip—is hard. But it's key to long-term success. Having a fiduciary financial planner who acts as your advocate and coach can help you stay focused on your plan, not your fears.
8. One Size Does NOT Fit All
There is no perfect retirement formula. Your plan depends on your income needs, family, health, and goals.
A portfolio of all stocks might work for some. Others may prefer more balance. A fiduciary financial planner can help build a strategy that fits your life—not just your portfolio.
9. Why Fiduciary Advice Matters
Too many investors get advice from people who make money by selling them products. That’s not real planning.
A fiduciary financial planner works for you—not a company, not a commission. They’re required to put your best interests first. And they should take time to understand your goals, your family, and your hopes for the future.
Working with a fiduciary who also understands behavioral finance—how emotions and habits affect money choices—can help you avoid mistakes and stay on track.
Want Help Starting Your Retirement Plan?
You don’t have to go it alone. If you want guidance from someone who works in your best interest and understands how money behavior affects real families, maybe we should talk.
I’m a CERTIFIED FINANCIAL PLANNER™ professional and Behavioral Financial Advisor in West Saint Paul, Minnesota. I work as a fiduciary—always putting my clients first. And thanks to Zoom, I work with families across the country.
Follow this [LINK] to schedule a no-obligation, get-acquainted chat.
Dunncreek Advisors, LLC does not provide legal or tax advice, nor is this article intended to do so.
FAQs About Retirement Planning
1. How much money do I need to retire comfortably?
It depends on your lifestyle, goals, and health. A personalized retirement plan can give you clarity.
2. When should I start taking Social Security?
The right time varies, but waiting until 70 can maximize benefits. A Social Security analysis can help you decide.
3. How can I make my retirement savings last?
Careful withdrawal strategies, balancing risk, and managing spending are key to sustaining income over 30+ years.
4. Why work with a fiduciary financial planner?
A fiduciary is legally obligated to act in your best interest, unlike product-based advisors. This ensures unbiased guidance.