Retirement Planning

Frequently Asked Questions

• What should I do in the 5 years before retirement?

  If you haven’t been tracking all this already, this is the time to calculate how much money you will need and how much income you can expect to have. Do the math, figure out whether you’re on track, and decide what to do next–everything from changing needs or retirement income to working a few more years. 
  

  Learn More: Want To Retire in 5 Years? What You Must Know
• What is the best way to invest for retirement?

  Start by understanding your investment options–both the different types of retirement accounts and the various investment categories. Then start saving early, track your net worth, keep your cool, and watch out for fees that sap your gains. And unless you’re really good at this, don’t go it alone.
  

  Learn More: Tips for Successful Retirement Investing
• What are the stages of retirement?

  Retirement isn’t just one step called “stop working at a job.” After the pre-retirement stage and the big good-bye, expect to move through a honeymoon phase, disenchantment, the job of building a new identity, and finally settling into a routine. 
  

  Learn More: Journey Through the 6 Stages of Retirement
• Where are the best places to retire?

  If you’re thinking of relocating after you retire, here are the best places in both the U.S. and abroad, according to retirement researchers. Be sure to make extended visits to any new location you’re considering before making the move, especially if it involves living in another culture where people speak a different language. 
  

  Learn More: Best Places to Retire on Earth
• What is a good retirement income?

  One rule is that people generally need 80% of their current income in retirement. Will you have that much? Start by estimating your future expenses, looking at how much you’ll get from Social Security, and reviewing your retirement savings accounts and any pensions, plus other savings you may have. 
  

  Learn More: Will Your Retirement Income Be Enough?
• What are the worst mistakes you can make in planning for retirement?

  Not thinking ahead can decimate your retirement. Among the bad steps: quitting your job before checking on your retirement-plan vesting status, not saving or planning, not maxing out employer matching funds, investment mistakes, poor tax planning and taking Social Security early. 

  Learn More: The Worst Retirement Mistakes and How To Sidestep Them