One of the most common questions about retirement planning is also one of the simplest: When should I start?

Retirement may be years away, but planning earlier can give you more time to understand your options, establish goals, and make adjustments as your financial situation changes.

Retirement Planning Isn’t Just for People Near Retirement

It’s easy to think retirement planning begins in your 50s or 60s. In reality, different stages of life bring different planning considerations.

Earlier in your career, the focus may be on saving and building assets. As retirement gets closer, questions about income, investments, Social Security, healthcare, and the transition away from employment can become increasingly important.

Five to Ten Years Before Retirement

The years leading up to retirement can be an especially useful time for a comprehensive financial review.

Consider questions such as:

• How much income might you need in retirement?
• What retirement accounts and investments do you have?
• When might you begin Social Security?
• How could your expenses change after you stop working?
• Does your current investment strategy still reflect your goals and risk tolerance?
• What do you actually want your retirement years to look like?

The answers can help identify areas that deserve additional attention before retirement arrives.

Your Plan Should Continue After Retirement

Retirement isn’t the end of financial planning.

Your income needs, expenses, investments, family circumstances, and goals can continue changing throughout retirement. Periodically reviewing your financial strategy can help ensure it continues to reflect your circumstances and priorities.

Retirement Planning in the Brainerd Lakes Area

At Lakes Financial Services, we help individuals and families in Brainerd, the surrounding Lakes Area, and beyond navigate retirement planning with personalized financial guidance.

Whether retirement is approaching or still years away, understanding where you stand today can be an important first step toward planning for what’s ahead.

Have questions about your retirement strategy? Schedule a conversation with Lakes Financial Services.

This material is for general informational purposes only and is not intended as individualized investment, tax, or legal advice. Consult the appropriate professionals regarding your individual circumstances.