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4 Key Steps To Work Toward a Comfortable Retirement 

Retirement is often seen as the reward for a lifetime of working and saving. It's a time that should be filled with family, friends, and fun.

If this pandemic has taught us anything, it's that what's truly important is having just what we need. In fact, a 2021 study by Ameriprise Financial found that the COVID-19 crisis compelled Americans to take steps to improve their financial situation that might have otherwise put off. That includes developing a retirement savings plan (56% of those surveyed), developing a will or estate plan (44%) and working with a financial advisor (30%).¹

SmartAsset’s free tool makes finding a qualified financial advisor easy and safe. After submitting a short questionnaire, you receive up to 3 fiduciary financial advisor matches that you can compare and interview at your convenience and without obligation..

Taking these four steps can help you build a more comfortable retirement for years to come.

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1.

Claiming Social Security Benefits at Your Full Retirement Age

According to a study by the Center for Retirement Research at Boston College, 62% of men and 65% of women claim Social Security before their full retirement age. In fact, 35% of men and 40% of women claim Social Security when they are first eligible, at age 62. But, waiting to claim at one's full retirement age (67 for people born after 1960), will entitle you to your full benefits amount.²

If you can find ways to postpone claiming your Social Security benefits until your full retirement age, by relying on other income streams you'll be able to enjoy your full entitlement.

A qualified financial advisor can help you assess your options for delaying when you claim Social Security.

2.

Planning Out the Order in which You Withdraw from Your Retirement Accounts

Have you considered the order you'll withdraw your retirement income? Doing so in the incorrect order could cost you hundreds of thousands of dollars. For example, withdrawing from your investments first gives your retirement accounts more time to compound interest. If you dive straight into your 401(k) or IRA, you could cost yourself years worth of income in retirement savings.

IN THE PRESS:

3.

Knowing How Much You’ll Need, and When

The truth is that how much you'll need for retirement is unique to you. However, many people gain confidence in their plans to retire whilst actually planning in order to know what to set aside for daily expenses, healthcare, and recreation.

For structured support during the planning process and over the course of your retirement, consulting a financial advisor is a good option. Advisors can help you assess your current savings level versus what you'll need for your desired lifestyle during retirement and develop a plan to help you reach those goals.

4.

Working With a Professional

Retirement planning alone can be daunting, and worse, mistakes can be costly. However, a professional with investment management experience and knowledge of tax strategies can help you make the most of your savings while making your life easier. But just how much could it add up to? You may be surprised to hear that households who use a financial advisor could end up with 15% more money to spend in retirement.⁵

Our no-cost tool helps make it easy to find a qualified financial advisor. Now you can get matched with up to three fiduciary investment advisors that are vetted and legally bound to act in your best interest. The entire matching process takes just a few minutes.

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This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

SmartAsset Advisors, LLC (“SmartAsset”), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments.

SmartAsset.com is not intended to provide legal advice, tax advice or financial advice (Other than referrals to Investment Advisers or Investment Adviser Representatives). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who is fully aware of your individual circumstances. 

We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.

Other than application and licensing fees, SmartAsset did not provide compensation for the aforementioned awards.

Sources:
1. Financial Priorities. Ameriprise Financial Inc., 2021.
2. How Best to Annualize Defined Contribution Assets? Center for Retirement Research at Boston College, (Jan. 2021).
3. Harlow, Brown, and Jenks. “The Use and Value of Financial Advice for Retirement Planning.” December 2019..

The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study.

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