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How Retirement Planning Works

A retirement plan is your preparation for a good life after you’re done working to pay the bills, or at least done working a full-time job. But it’s not all about money.

The non-financial aspects include lifestyle choices such as how you want to spend your time in retirement and where you’ll live. A holistic approach to retirement planning considers all these areas.

The goals for your retirement plan will change in focus over time:

  • Early in a person’s working life, your contribution to retirement savings may be modest. The reward is 40-plus years of investment growth.
  • During the middle of your career, when your income may be at its peak, you might set specific income or asset targets and take steps toward achieving them.
  • Once you reach retirement age, you go from accumulating assets to what planners call the distribution phase. You’re no longer paying into your retirement account(s). Instead, you start collecting the rewards of decades of savings.

How Retirement Planning Works
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