Step-by-Step Retirement Planning: How to Get Started

The most challenging aspect of any endeavor is often taking that initial leap. It can feel even more daunting when you’re unsure about where to begin. However, don’t let fear prevent you from starting your retirement planning. We’re here to provide simple steps to guide you in this process. April is an excellent time for a retirement refresh to enhance your financial future. Just as flowers need watering, so does your retirement plan. Let’s spring clean and focus on starting your retirement planning today. 

Step 1:  

The first step to retirement planning is determining when you want to retire. Having a specific timeframe in mind can help you assess whether that goal is attainable or if you might be able to retire even sooner. It’s also essential to create a comprehensive plan to understand the various factors involved in retirement. 

If you’re unsure about your retirement timeline, start planning and saving now. The earlier you begin, the more time you’ll have to save and invest, which helps your money grow. So, if you haven’t started yet, take action today! 

Learn More: 10 Common Retirement Planning Tips 

Step 2:  

Consulting with a financial professional is a valuable second step in understanding your current situation and determining your future goals. An advisor can help clarify the complexities of retirement planning and serve as a partner throughout the process. Having someone to assist you in learning, building your retirement savings, and addressing your questions can make the retirement planning journey much smoother. 

Learn More: Stabilizing Your Finances: 12 Free Resources for You 

Step 3:  

The third step is to draft a retirement plan. At 210 Financial, we understand how crucial it is to have a solid plan in place. A retirement plan helps you assess your current financial situation and outlines the steps needed to retire comfortably. We recognize that life can be unpredictable, and things may not always go as intended. By being thoroughly prepared in your planning, you’ll find that when challenges arise, you can adjust your strategy accordingly. 

Learn More: Blueprint to a Relaxed Retirement: 5 Essential Pillars of the 210 Financial Plan 

Step 4:  

The next step is to begin investing and saving in retirement-focused accounts. A key question to ask yourself is: Which accounts should I invest in? Should I choose a 401(k), an IRA, or the Roth versions of those accounts? Additionally, consider your risk tolerance (you can find your risk number here! https://go.riskalyze.com/start-rq). 

It’s important to know where you are investing your money and to select the account that best fits your financial situation. Remember, not every retirement plan is the same; it’s not a one-size-fits-all approach. It may be beneficial to consult with a financial adviser who can help you understand which accounts and investments are suitable for you. 

Learn More: 5 Steps to Retirement Planning in 2025: An Introduction and How-to Guide 

Income planning is an important aspect of retirement preparation and involves several key factors. First, consider how much money you will need to live on a monthly basis. Next, identify your current and expected income sources during retirement. If you depend on income from a spouse, think about what will happen if they pass away. Don’t forget to factor in Social Security as well. By asking yourself these questions and incorporating the answers into your retirement plan, you can create a solid foundation for your financial future. 

Learn More: The Heart of Any Financial Plan is Income 

Step 5:  

Our final starting step is to prioritize your financial goals. Determine what matters most to you, whether it’s traveling during retirement or spending more time with your grandkids. Plan for the experiences you want to have. While managing your money in retirement is essential, it’s equally important to focus on creating a fulfilling future. Remember to incorporate your values into your financial planning to make it uniquely yours. 

Learn More: The Year You Plan for Retirement in 3 Steps  

Conclusion:  

Starting something new can be challenging, especially when it involves planning for the unexpected and preparing for retirement. However, taking solid initial steps can simplify the retirement planning process. At 210 Financial, we are committed to assisting you from the beginning to the end of your retirement planning journey. Speak with us today at (309) 263-1333! 

 

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Past performance is not indicative of future results. The material above has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed, and 210 Wealth Management, Inc., d/b/a 210 Financial makes no representation or warranty as to the accuracy or completeness of the information, which should not be used as the basis of any investment decision. Information contained on third party websites that 210 Financial may link to are not reviewed in their entirety for accuracy and 210 Financial assumes no liability for the information contained on these websites. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from 210 Financial. For more information about 210 Wealth Management, Inc., d/b/a 210 Financial, including our Form ADV brochures, please visit https://adviserinfo.sec.gov or contact us at (309)263-1333.