Approaching Retirement
As you approach your retirement date, there are issues you should consider keeping in mind as your retirement date approaches. 

1. Medicare
Learn about Medicare and what is, and isn’t, covered before you retire. This can help you plan for your medical expenses. Medicare is very helpful for retirees, but does not cover everything you may need. Medicare supplemental insurance plans can help you pay for expenses not covered by Medicare. Learn more about Medicare supplement insurance. 

2. Long-Term Care
You or your spouse may need long-term care at some point during retirement. Living in an assisted living or care facility can be expensive. Consider investigating rates and potential costs, and including this potential expense in your retirement plan. Learn more about long-term care insurance. 

3. Reduce Debt
Being debt-free as you enter retirement would be nice, but it might not be realistic. As you get closer to retirement, calculate your outstanding credit card or loan debts and consider how much you can pay now to help you enjoy a debt-free retirement.

4. Consider a Second Career
Many retirees continue working – as consultants, for their own business, or in a part-time role – throughout their retirement. For some, it’s a necessity. For others, it’s supplemental income. Or it may just be a way for retirees to do something they enjoy. Consider turning a passion or hobby into a paycheck during your retirement. The extra income could help provide a safety net and can be an enjoyable.

Retirement Resources:

Social Security Online
Department of Labor Retirement Guide
MyMoney.gov

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Retirement Planning Adjustment
Flexibility can be a key component in one’s retirement plan. As circumstances (in your life and the economy) change, you should consider whether you have the ability to adjust your financial planning appropriately. Micro-managing and tinkering with your retirement account daily probably isn’t necessary, but changes in the economic climate or your plans could mean you need to reevaluate your retirement plan to help you in the long run.

A qualified professional can help you determine whether retirement planning adjustments are necessary.

1. Reconfigure Your Portfolio
As you near retirement, you may want to consider how much risk you are willing to take in your investments. Stocks can be more volatile than bonds and this volatility can interfere with your retirement plans. Adjusting your retirement plan to account for this risk, could help you protect the retirement income you plan to use soon. 

2. Ask about new laws and regulations
Changes in laws and regulations can both help and hurt your current retirement plan. A qualified professional can advise of such changes and help you determine whether adjustments in your plan are needed. Asking about new requirements could help you uncover opportunities to grow your retirement fund and protect your goals. 

3. Evaluate Your Goals
Is owning a villa in Italy still your retirement goal? Or have you moved on to leisurely days on a Florida golf course? Our interests change over time. If your retirement goals change, it may be time to evaluate whether adjustments are necessary to help ensure you can enjoy your retirement the way you planned. Help make sure you have enough money to support your dreams. 

4. Keep Contributing
Even as your circumstances change, continuing to contribute to your retirement fund can be an important component in meeting your retirement goals. Before adjusting your current contributions, you may find it beneficial to speak with a qualified professional to determine how to best meet your retirement goals. 

Retirement Resources

Social Security Online
Department of Labor Retirement Guide
MyMoney.gov

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Common Retirement Mistakes
Here are helpful hints and tips to help avoid pitfalls when planning for your retirement.

Underestimating Need
People are living longer and it may be important for you to consider how long you need your money to last. Failure to consider the number of years you will need your retirement funds can lead to those funds being depleted before you are ready. 

Ignoring Inflation
Inflation can affect how long your retirement funds will last. While you can’t predict exact rates of inflation, you should consider whether you have enough in your retirement fund to counter the effects of inflation. This inflation calculator helps you visualize the impact. 

Planning a Year
You may want to consider planning an amount at which you would like to retire as opposed to planning for a year. For example, retiring at age 65 with insufficient funds could result in stress and the need for employment down the line. Picking your retirement number and working steadily toward that goal could help ensure your retirement will have enough funds to make your dreams a reality.

No Test Drives
Where do you see yourself spending retirement years? Whether it’s skiing in Colorado or golf in Florida, researching these destinations to ensure that you can live your life the way you expected can be an important part of your plan. You may also want to ensure that your ideal retirement plan matches that of those close to you.

Retirement Resources

• Social Security Online
• Department of Labor Retirement Guide
• MyMoney.gov

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Retirement Planning Mistakes
By examining common mistakes when planning for retirement, you may be able to avoid financial difficulties and live comfortably after you retire. 

Not Planning
This may be the most obvious mistake, but some people simply fail to plan. An important part of your retirement planning can be to actually start planning. This might mean setting up a private account, joining your company retirement plan, or investing on your own. Whichever way you decide, you should consider starting your plan to save for retirement. And starting early can make a difference. View this retirement calculator to learn more.

Failing to Maximize
If your employer offers a matching contribution program, you should consider taking advantage of this program. Failing to maximize the match could mean that you are leaving dollars on the table that could be growing for your retirement. To help avoid this mistake, ensure that you are investing enough to get the match. 

Lack of Diversification
Depending on how long you have until you plan to start withdrawing your retirement, you may want more stocks than bonds, or more bonds than stock, or another mixture. Stocks, historically, have a greater potential for growth than bonds over the long haul. But they can also be more volatile in the short term. If you plan on using your retirement in the next few years, bonds may be a safer bet. It is important to look at your own situation to determine the proper diversification to help best meet your needs. 

Overcomplicating Retirement
It’s true there are a lot of choices to be made when planning for retirement. The number of decisions to make – which plan to choose, what type of balance to maintain, how much to invest, when to make changes – can seem overwhelming. But you don’t have to make these decisions on your own. Seeking the advice of qualified professionals can help you start planning for your retirement today.

Retirement Resources

• Social Security Online
• Department of Labor Retirement Guide
• MyMoney.gov

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We help you get your retirement plan started with some helpful tips for those people looking to jumpstart their savings.

Eventually, you will want to kick back, relax, and live out your retirement dreams. Having enough income can help ensure that you can support your chosen lifestyle There are many ways to fund retirement, but the biggest hurdle can be starting your savings plan.

Even if you want to work during your retirement years, you may still want to consider retirement planning. Having a secondary source of income can ease the stress of relying on your job for necessary income as you age.

How to Get Started Saving
First, you may want to look into the options that are available from your employer: Which type of plans do they offer? Are there any special rules or matching plans? Is there any other helpful information that can help you save for retirement? If your employer offers a matching fund incentive, would investing in this plan be the right choice for you?

Your employer doesn’t have to be your sole retirement savings vehicle. Private savings, such as money in an Individual Retirement Account (IRA), can also help you save. You can also fund your retirement through personal investing, life insurance and general savings.

How much to invest?
Each person will have a different idea of how much they can invest in retirement. In your 20s, you may have many financial obligations – such as loans or other debt – that can eat away at your income. As you age, you may have to account for a family and related expenses.

Through it all, you should consider putting money away for retirement. Throughout the years, your retirement fund investments may fluctuate – but remaining consistent in your retirement plan can be important. You can also use our retirement planning calculator to begin your research.

A qualified financial advisor can help you determine the appropriate amount of investment for your situation and make necessary adjustments. A little bit invested now can add up to a lot when you retire.

Retirement Resources:

• Social Security Online
• Department of Labor Retirement Guide
• MyMoney.gov

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Learn how life insurance plans, in conjunction with other savings options, can help you plan for a comfortable retirement.

Retirement Planning Methods
Life insurance can serve many functions in your financial planning. Beyond protecting your family in the event of death, life insurance can help you plan for events such as college, retirement, and unexpected income loss. 

A life insurance policy can be an important step in your retirement planning, but it should not be your only step. You should take advantage of any retirement options offered by your employer such as a 401(k) or 403(b) plan. You will also want to talk to your personal financial advisor about other private retirement options, such as the Roth IRA, which can provide tax-free growth for your retirement.

Life Insurance and Retirement
After you’ve examined your options, you may still want to supplement your retirement planning with other vehicles. This is where a whole life insurance policy can be valuable. A whole life insurance policy builds up cash value over the life of the policy in addition to the death benefit provided by the policy. If necessary, you can borrow against the cash value of the policy – in most cases – to help meet your retirement expenses. 

Retirement Protection
Whole life insurance can provide protection for your retirement. The accumulated cash value in a policy can serve you well in volatile market conditions or times where you have unexpected expenses. Replacing income during retirement can be difficult and insurance can help you during these times. 

All retirement situations and needs are unique. We encourage you to speak with an advisor who has full access to your circumstances and needs before making any decisions regarding retirement funds.

Retirement Resources:

• Social Security Online
• Department of Labor Retirement Guide
• MyMoney.gov

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Life insurance can play an important role in saving for retirement. Learn more about insurance, retirement and your savings here today.

Planning for a comfortable retirement can be an intimidating task at any age whether you are just starting your career, starting your family, or approaching the big day. In our current economic climate, some may wonder if they will be able to retire. Thankfully, some simple planning at an early age can help you achieve your retirement dreams. Even if you didn’t start young, it’s never too late to start planning for those leisure-filled years.

First, let’s look at the retirement planning basics.

Retirement Planning Methods
There are many different ways to prepare for retirement. Many employers offer such retirement plans as a 401(k) or Individual Retirement Account (IRA). These savings and investment vehicles are often funded from automatic paycheck deductions, and then invested as directed by you and your advisor. Once you reach retirement age, you can begin collecting this money.

Some employers offer to match these funds, up to designated amounts. Depending on the plan and the current law, your investments may be tax free at the time of deduction as well. Check with your financial advisor and/or tax planner for the most accurate, up-to-date information. 

Life Insurance & Retirement Planning
You can also invest and save privately for your retirement, in addition to your employer-based plans. This is where life insurance can become a retirement planning option. Certain types of life insurance can be used to help fund your retirement. 

Retirement Resources

• Social Security Online
• Department of Labor Retirement Guide
• MyMoney.gov

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So, when your refrigerator conks out or your microwave or stove starts misfiring, it’s good to know what replacements to buy that will trim your energy costs and help you live greener.

The best place to start is to consider appliances certified by ENERGY STAR, the federal government program that seeks to help households and businesses make energy-saving choices and fight air pollution. An appliance receives an ENERGY STAR rating (signified by an ENERGY STAR logo on the appliance) when standardized testing procedures demonstrate an appliance to be significantly more energy efficient than minimum U.S. government standards.

Here are some environmentally friendly tips for buying major appliances and using them efficiently:

• Washing machines. The energy efficiency of clothes washers has improved tremendously in the last several years, so the best tip may be just to replace your old washer with a new one. Choosing a front-loading machine is better than a top-loading model. That’s because a horizontal agitator uses less energy and requires less detergent than a vertical agitator.
• Refrigerators. Again, simply buying a new model will save a lot of energy. Set your fridge’s thermostat at 40 degrees and dust or vacuum your machine’s condenser coils twice a year for increased efficiency.
• Ovens. Buy a gas stove rather than an electric stove for greater energy efficiency. Use lids on pots and pans when possible to trap heat and cut cooking time.

1. Be aware of what you and your partner want for yourselves and what you want from the relationship.
2. Let one another know what your needs are.
3. Realize that your partner will not be able to meet all of your needs. Some of these needs will have to be met outside the relationship.
4. Be willing to negotiate and compromise on the things you want from one another.
5. Do not demand that a partner change to meet all your expectations. Work to accept the differences that you see between your ideal and the reality.
6. Try to see things from the other’s point of view. This doesn’t mean that you must agree with one another, but rather that you can expect yourself and your partner to understand and respect your differences, your points of view and your separate needs.
7. Where critical differences exist in your expectations, needs, opinions or views, try to negotiate. This implies that you both will need to be flexible and open to each other’s ideas.

Seek advice. Tight finances means stress, depression and hopelessness can set in. Step back to assess your situation and determine a strategy that will help you feel in control of your finances. You don’t want to take desperate measures you’ll regret down the road.

You have options beyond bankruptcy or ignoring your bills and creditors. Look to your company or community for recommendations on confidential services and resources that can help. From salary advances and one-time assistance funds to devising a financial plan, these groups can help you get back on your feet.

Here are some reputable organizations that can help at little or no cost:

• National Foundation for Credit Counseling
• Consumer Credit Counseling Services
• U.S. Government
• United Way

Take it slow. Follow the debt roll-down principle to conquer your debt. Pay as much as you can toward the debt on your highest interest rate loan or credit card. Once that’s paid off, add that payment to your next highest interest debt. Continue until all your debt is paid off.

As you pay your loans, communicate with companies you borrow from. In many cases, they’ll work with you if they know you’re trying to pay them back. A credit-counseling agency can help you negotiate lower interest rates and monthly payments.

Also, create a budget and focus on allocating your money to necessary living expenses – leave the luxury items for what’s left over. If you’re still spending more than you bring in each month, look to other options to increase your income such as overtime and second jobs.