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Guide to Retirement

Plan now for Retirement

If you’re like most of us, you probably believe that retirement planning is something that you start thinking about when the end of your career is in sight. Nothing could be further from the truth. The secret to a successful retirement is getting started early: it’s never too early to start planning and saving for your retirement. 

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2. Getting Ready to Retire

B. Get Help If You Need It

While this section will help you plan for and navigate your retirement from the department, it does not include any specific investment, tax, estate, or healthcare coverage advice.

Many people planning their retirement find it helpful to work with a financial advisor as they develop their retirement plan. We strongly recommend that you work with a qualified financial advisor. Before you interview advisors, make sure you’re clear on which areas of your life you’d like help with, such as:

  • General retirement planning
  • Investment and tax planning
  • Healthcare coverage planning
  • Planning for your dependents (college, special healthcare needs, etc.)

You’ll also want to think about estate planning. For example, you’ll want to consider the pros and cons of bequeathing your assets through a will vs. a trust. If you decide to create a trust, you’ll want to consider the benefits of a living trust vs. an irrevocable trust. A qualified financial advisor can help you understand these options and choose the right plan.

If you decide to work with a financial advisor, your family and friends may have helpful recommendations. But don’t just rely on other people’s recommendations: do your own research. Make sure you’re clear on how the advisor is compensated (fee-only and/or third-party commissions). Check out the advisor’s credentials and certifications. Most importantly, decide how much you want to spend on the advisor’s services.

Take the time to interview several advisors to ensure you’re comfortable talking to and working with the advisor you choose. The right financial advisor for you is someone you feel comfortable with and confident with as you work together to plan for and achieve your long-term financial goals and ultimately retire to the lifestyle you envision.