Retirement Planning: How to Plan Your Financial Journey

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text-14">Markets</div> <ul class="leading-relaxed"> <li> <a id="markets-stock-market-indexes-today" href="/markets/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market Indexes Today" > Stock Market Indexes Today </a> </li> <li> <a id="markets-most-active-stocks" href="/markets/most-active-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Most Active Stocks Today" > Most Active Stocks Today </a> </li> <li> <a id="markets-todays-biggest-stock-gainers" href="/markets/top-stock-gainers/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Today's Biggest Stock Gainers" > Today's Biggest Stock Gainers </a> </li> <li> <a id="markets-todays-biggest-stock-losers" href="/markets/top-stock-losers/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Today's Biggest Stock Losers" > Today's Biggest Stock Losers </a> </li> <li> <a id="markets-largest-market-cap-companies" href="/research/largest-companies-by-market-cap/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Largest Market Cap Companies" > Largest Market Cap Companies </a> </li> <li> <a id="markets-market-research" href="/research/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Market Research" > Market Research </a> </li> <li> <a id="markets-breakfast-news" href="/investing/breakfast-news/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="📨 Breakfast News" > 📨 Breakfast News </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Best Buys</div> <ul class="leading-relaxed"> <li> <a id="best-buys-top-stocks-to-buy-now" href="/investing/top-stocks-to-buy-and-hold/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Top Stocks to Buy Now" > Top Stocks to Buy Now </a> </li> <li> <a id="best-buys-best-etfs-to-buy" href="/investing/how-to-invest/etfs/etfs-to-buy/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best ETFs to Buy" > Best ETFs to Buy </a> </li> <li> <a id="best-buys-best-ai-stocks" href="/investing/stock-market/market-sectors/information-technology/ai-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best AI Stocks" > Best AI Stocks </a> </li> <li> <a id="best-buys-best-growth-stocks" href="/investing/stock-market/types-of-stocks/growth-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Growth Stocks" > Best Growth Stocks </a> </li> <li> <a id="best-buys-dividend-kings" href="/investing/stock-market/types-of-stocks/dividend-stocks/dividend-kings/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Dividend Kings" > Dividend Kings </a> </li> <li> <a id="best-buys-best-index-funds" href="/investing/how-to-invest/index-funds/best-index-funds/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Index Funds" > Best Index Funds </a> </li> <li> <a id="best-buys-next-cryptos-to-explode" href="/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/next-crypto-to-explode/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Next Cryptos to Explode" > Next Cryptos to Explode </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Industries to Invest In</div> <ul class="leading-relaxed"> <li> <a id="industries-to-invest-in-technology" href="/investing/stock-market/market-sectors/information-technology/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Technology" > Technology </a> </li> <li> <a id="industries-to-invest-in-energy" href="/investing/stock-market/market-sectors/energy/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Energy" > Energy </a> </li> <li> <a id="industries-to-invest-in-real-estate" href="/investing/stock-market/market-sectors/real-estate-investing/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Real Estate" > Real Estate </a> </li> <li> <a id="industries-to-invest-in-healthcare" href="/investing/stock-market/market-sectors/healthcare/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Healthcare" > Healthcare </a> </li> <li> <a id="industries-to-invest-in-consumer-goods" href="/investing/stock-market/market-sectors/consumer-staples/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Consumer Goods" > Consumer Goods </a> </li> <li> <a id="industries-to-invest-in-materials" href="/investing/stock-market/market-sectors/materials/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Materials" > Materials </a> </li> <li> <a id="industries-to-invest-in-industrials" href="/investing/stock-market/market-sectors/industrials/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Industrials" > Industrials </a> </li> </ul> </div> </div> </div> </div> <div class="flex dropdown"> <button class="dropdown-label text-16"> How to Invest <svg viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> </button> <div class="flex submenu"> <div class="flex justify-between topnav-wrapper p-32px xl:px-0px"> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Investing 101</div> <ul class="leading-relaxed"> <li> <a id="investing-101-how-to-invest-money" href="/investing/how-to-invest/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest Money" > How to Invest Money </a> </li> <li> <a id="investing-101-what-to-invest-in" href="/investing/how-to-invest/what-to-invest-in/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="What to Invest In" > What to Invest In </a> </li> <li> <a id="investing-101-how-to-invest-in-stocks" href="/investing/how-to-invest/stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in Stocks" > How to Invest in Stocks </a> </li> <li> <a id="invesing-101-how-to-invest-in-etfs" href="/investing/how-to-invest/etfs/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in ETFs" > How to Invest in ETFs </a> </li> <li> <a id="investing-101-how-to-invest-in-index-funds" href="/investing/how-to-invest/index-funds/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in Index Funds" > How to Invest in Index Funds </a> </li> <li> <a id="investing-101-how-to-invest-in-bonds" href="/investing/how-to-invest/bonds/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in Bonds" > How to Invest in Bonds </a> </li> <li> <a id="investing-101-financial-dictionary" href="/terms/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Financial Dictionary" > Financial Dictionary </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Stock Market Basics</div> <ul class="leading-relaxed"> <li> <a id="stock-market-basics-stock-market-101" href="/investing/stock-market/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market 101" > Stock Market 101 </a> </li> <li> <a id="stock-market-basics-types-of-stocks" href="/investing/stock-market/types-of-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Types of Stocks" > Types of Stocks </a> </li> <li> <a id="stock-market-basics-stock-market-sectors" href="/investing/stock-market/market-sectors/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market Sectors" > Stock Market Sectors </a> </li> <li> <a id="stock-market-basics-stock-market-indexes" href="/investing/stock-market/indexes/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market Indexes" > Stock Market Indexes </a> </li> <li> <a id="stock-market-basics-what-are-stock-splits" href="/terms/s/stock-split/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="What Are Stock Splits?" > What Are Stock Splits? </a> </li> <li> <a id="stock-market-basics-what-is-compound-interest" href="/investing/how-to-invest/stocks/compound-interest-accounts/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="What Is Compound Interest?" > What Is Compound Interest? </a> </li> <li> <a id="stock-market-basics-after-hours-trading" href="/terms/a/after-hours-trading/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="After Hours Trading" > After Hours Trading </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Start Investing</div> <ul class="leading-relaxed"> <li> <a id="start-investing-how-to-buy-stock" href="/investing/how-to-invest/stocks/how-to-buy-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Buy Stock" > How to Buy Stock </a> </li> <li> <a id="start-investing-best-brokers-for-beginners" href="https://www.fool.com/money/buying-stocks/best-online-stock-brokers-beginners/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Brokers for Beginners" > Best Brokers for Beginners </a> </li> <li> <a id="start-investing-best-brokerage-accounts" href="https://www.fool.com/money/buying-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Brokerage Accounts" > Best Brokerage Accounts </a> </li> <li> <a id="start-investing-good-time-to-buy-stocks" href="/investing/how-to-invest/stocks/good-time-to-buy-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Good Time to Buy Stocks" > Good Time to Buy Stocks </a> </li> <li> <a id="start-investing-how-many-shares-to-buy" href="/investing/how-to-invest/stocks/how-many-shares-buy-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How Many Shares to Buy?" > How Many Shares to Buy? </a> </li> <li> <a id="start-investing-portfolio-diversification" href="/investing/how-to-invest/portfolio-diversification/" target="_blank" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Portfolio Diversification" > Portfolio Diversification </a> </li> <li> <a id="start-investing-long-term-investing-strategies" href="/investing/how-to-invest/stocks/investment-strategies/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Long Term Investing Strategies" > Long Term Investing Strategies </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Companies to Invest In</div> <ul class="leading-relaxed"> <li> <a id="companies-to-invest-in-magnificent-seven-companies" href="/investing/how-to-invest/stocks/magnificent-seven/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Magnificent Seven Companies" > Magnificent Seven Companies </a> </li> <li> <a id="companies-to-invest-in-warren-buffett-investments" href="/investing/how-to-invest/famous-investors/warren-buffett-investments/stocks-owned/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Warren Buffett Investments" > Warren Buffett Investments </a> </li> <li> <a id="companies-to-invest-in-investing-in-chatgpt" href="/investing/stock-market/market-sectors/information-technology/ai-stocks/chatgpt/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in ChatGPT" > Investing in ChatGPT </a> </li> <li> <a id="companies-to-invest-in-investing-in-spacex" href="/investing/how-to-invest/stocks/how-to-invest-in-spacex-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in SpaceX" > Investing in SpaceX </a> </li> <li> <a id="companies-to-invest-in-investing-in-openai" href="/investing/how-to-invest/stocks/how-to-invest-in-openai-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in OpenAI" > Investing in OpenAI </a> </li> <li> <a id="companies-to-invest-in-investing-in-nvidia" href="/investing/how-to-invest/stocks/how-to-invest-in-nvidia-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in Nvidia" > Investing in Nvidia </a> </li> <li> <a id="companies-to-invest-in-investing-in-databricks" href="/investing/how-to-invest/stocks/how-to-invest-in-databricks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in Databricks" > Investing in Databricks </a> </li> </ul> </div> </div> </div> </div> <div class="flex dropdown"> <button class="dropdown-label text-16"> Retirement <svg viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> </button> <div class="flex submenu"> <div class="flex justify-between topnav-wrapper p-32px xl:px-0px"> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Retirement Essentials</div> <ul class="leading-relaxed"> <li> <a id="retirement-essentials-retirement-101" href="/retirement/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Retirement 101" > Retirement 101 </a> </li> <li> <a id="retirement-essentials-types-of-retirement-accounts" href="/retirement/plans/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Types of Retirement Accounts" > Types of Retirement Accounts </a> </li> <li> <a id="retirement-essentials-how-to-contribute-to-401k-ira" href="/retirement/plans/401k/contribute-to-401k-and-ira/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Contribute to 401k/IRA?" > How to Contribute to 401k/IRA? </a> </li> <li> <a id="retirement-essentials-strategies-to-save-for-retirement" href="/retirement/strategies/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Strategies to Save for Retirement" > Strategies to Save for Retirement </a> </li> <li> <a id="retirement-essentials-asset-allocation-for-my-age" href="/retirement/strategies/asset-allocation-by-age/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Asset Allocation for My Age" > Asset Allocation for My Age </a> </li> <li> <a id="retirement-essentials-best-ira-brokerage-accounts" href="https://www.fool.com/money/buying-stocks/best-brokers-iras/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best IRA Brokerage Accounts" > Best IRA Brokerage Accounts </a> </li> <li> <a id="retirement-essentials-withdrawal-rules-for-401k-plans" href="/retirement/plans/401k/withdrawal/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Withdrawal Rules for 401(k) Plans" > Withdrawal Rules for 401(k) Plans </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Social Security Benefits</div> <ul class="leading-relaxed"> <li> <a id="social-security-benefits-social-security-101" href="/retirement/social-security/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Social Security 101" > Social Security 101 </a> </li> <li> <a id="social-security-benefits-when-to-start-social-security" href="/retirement/social-security/when-to-start/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="When to Start Social 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data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="evergreen_breadcrumbs" data-track-link="Home" >Home </a> > <span class="active"> Retirement </span> </div> <h1 class="text-3xl tracking-tight text-h2 md:text-5xl text-gray-1000 mb-0px">Retirement Planning: How to Map Out Your Financial Success</h1> <div class="font-medium text-gray-800 text-md md:text-lg mb-16px mt-20px md:my-24px"> By <a class="text-cyan-800 hover:text-cyan-600 hover:underline" href="https://www.fool.com/author/20326/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="evergreen_byline" data-track-link="Robin Hartill, CFP" >Robin Hartill, CFP</a> – Updated Nov 25, 2024 at 11:39PM </div> <div class="mt-8 bg-white shadow-card p-20px"> <p class="mb-8 text-lg font-bold uppercase">Key Points</p> <ul class="font-medium"> <li class="flex leading-tight my-8px"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" viewBox="0 0 14 15" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z" fill="#FFB81C"/> </svg> </div> Social Security only replaces about 40% of average pre-retirement salary, but many rely heavily on it. </li><li class="flex leading-tight my-8px"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" viewBox="0 0 14 15" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z" fill="#FFB81C"/> </svg> </div> A typical retiree will need about 80% of pre-retirement income. </li><li class="flex leading-tight my-8px"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" viewBox="0 0 14 15" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z" fill="#FFB81C"/> </svg> </div> Aim to save 15% of your income for retirement. If you can't afford that much, try to save enough to get your employer's match.</li> <li class="flex leading-tight my-8px keypoints-pitch-container"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512"> <path d="M224 0c-17.7 0-32 14.3-32 32V51.2C119 66 64 130.6 64 208v18.8c0 47-17.3 92.4-48.5 127.6l-7.4 8.3c-8.4 9.4-10.4 22.9-5.3 34.4S19.4 416 32 416H416c12.6 0 24-7.4 29.2-18.9s3.1-25-5.3-34.4l-7.4-8.3C401.3 319.2 384 273.9 384 226.8V208c0-77.4-55-142-128-156.8V32c0-17.7-14.3-32-32-32zm45.3 493.3c12-12 18.7-28.3 18.7-45.3H224 160c0 17 6.7 33.3 18.7 45.3s28.3 18.7 45.3 18.7s33.3-6.7 45.3-18.7z" fill="#FFB81C" /> </svg> </div> <div> <div data-pitch-placement="keypoints_pitch"> <div><a class="text-cyan-800 hover:text-cyan-600" href="https://www.fool.com/mms/mark/all-in-advert?aid=9223&paid=9223&waid=9223&source=isaedikp0000004&psource=isaedikp0000004&wsource=isaedikp0000004" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="foolcom_evergreen_key_points" data-track-link="Motley Fool Issues Rare All In Buy Alert">Motley Fool Issues Rare “All In” Buy Alert</a></div> </div> </div> </li> </ul> <div class="italic text-md pt-8px">Key findings are powered by ChatGPT and based solely off the content from this article. Findings are reviewed by our editorial team. The author and editors take ultimate responsibility for the content.</div> </div> </div> <div class="border-gray-200 -mx-24px md:-mx-40px h-1px border-b-1px md:border-b-0px pt-16px md:pt-0px md:h-16px md:bg-gradient-to-b from-transparent to-gray-200"></div> </section> <section class="container mx-auto bg-white px-24px md:px-40 pt-16px md:pb-8"> <div class="flex justify-center"> <div id="articles-top" class="relative show-ad-label min-w-100 mt-20px pt-24px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:970px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-top'); }); </script> </div> </div> <div class="mx-auto md:max-w-880 lg:max-w-1280"> <div class="mt-20px md:mt-36px foolcom-grid-content-sidebar"> <div class="max-w-full w-full mx-auto article-body"> <section class="block-paragraph"> <p data-block-key="0dzuz"><b><i>Retirement planning is a journey, not a destination.</i></b></p> </section> <section class="block-paragraph"> <p data-block-key="kbyuf">If even thinking about retirement planning makes you nervous or puts you to sleep, you are not alone. What does retirement planning even mean?</p><p data-block-key="5t7c8">Retirement planning is a broad term that refers to learning about and choosing financial strategies that will enable you to be comfortable and secure in your retirement years. A good retirement plan, executed smartly, can provide you with enough money to cover all of your later-year living expenses.</p> </section> <section class="block-image"> <div class="inline-block mx-auto mb-32px"> <img src="https://m.foolcdn.com/media/dubs/images/retirement-planning-infographic.width-880.png" width="880" alt="A graphic listing reasons to plan for retirement early, like keeping a good standard of living and supporting your family." loading="lazy"> <div class="not-italic text-gray-600 text-md">Image source: The Motley Fool</div> </div> </section> <section class="block-paragraph"> <p data-block-key="ez78u">Let's explore the importance of retirement planning and examine the steps you need to take to prepare for your golden years.</p> </section> <section class="block-paragraph"> <h2 data-block-key="80eq1">Why should you plan for retirement?</h2><p data-block-key="sai3p">Good news! People on average are living longer and are able to remain healthy and active well into their sunset years.</p><p data-block-key="v0rbp">But many Americans haven’t saved or invested enough money to retire in their 60s with the confidence that their funds will last. Both the Center for Retirement Research at Boston College and the Consumer Financial Protection Bureau have estimated that approximately 50% of today's retirees have cut back on their spending, or will be forced to do so, due to dwindling resources.</p><div class="flex justify-center"> <div class="relative show-ad-label min-w-100 mb-24px pt-24px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center" id="articles-incontent1"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:300px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-incontent1'); }); </script> </div> </div><p data-block-key="w13ka">Far too many retirees end up relying on Social Security to cover the majority of their living expenses only to find out the hard way that it isn't nearly enough. Social Security retirement income is only designed to replace about 40% of the average worker's salary, but more than one in five married couples and 45% of single retirees depend on Social Security for more than 90% of their incomes in retirement.</p><p data-block-key="gmcs7">The bottom line is that, while many get by without ever making and executing a retirement plan, those who most <i>enjoy</i> their retirement do so in part due to having a retirement plan. Retirement planning is what can help you to be financially comfortable after you leave your job.</p> </section> <section class="block-callout"> <div class="flex border border-gray-300 md:mb-60 shadow-card wagtail-block"> <div class="flex items-center bg-royal-purple-700 p-8px md:p-16px"> <img class="flex-none hidden object-cover md:block" alt="Icon pie chart" src="https://m.foolcdn.com/media/dubs/images/Vector_4.width-300.png" loading="lazy"> </div> <div class="flex flex-col justify-center p-16px"> <div class="font-bold leading-snug text-18 mb-8px md:mb-0px">Did you know?</div> <div><p data-block-key="drfcc">Social Security is only designed to replace about 40% of the average worker's salary after they retire. Many retirees drastically downgrade their lifestyles due to inadequate savings.</p></div> </div> </div> </section> <section class="block-paragraph"> <h2 data-block-key="yz2tw">What to consider when planning for retirement</h2><p data-block-key="pc6zi">Here are a few key questions to ask yourself as you think about a retirement plan:</p><ul><li data-block-key="13b49"><b>When do you want to retire?</b> Are you planning to work until age 65 or until you are older than that? Do you have a goal of<a href="https://www.fool.com/retirement/strategies/how-can-i-retire-early/"> retiring early</a>? How many more years you plan to spend in the workforce significantly affects how much money you are likely to need. If you choose to work until you are older, not only do your investments have more time to grow, but the number of retirement years you need to fund is slightly reduced.</li><li data-block-key="0snto"><b>Where do you want to live?</b> Are you going to stay in your current home or downsize? Do you want to stay in the same area or retire somewhere warm or closer to relatives? The cost of living in the <a href="https://www.fool.com/research/best-states-to-retire/">area where you'd like to live</a> as a senior citizen is another major factor impacting how much money you will need in retirement.</li><li data-block-key="ypg1t"><b>How will you pay for your living expenses?</b> Your Social Security <a href="https://www.fool.com/retirement/strategies/income/">retirement income</a> isn't likely to be enough to cover all of your expenses, so will you also have a pension? A 401(k)? Will you need to save or invest money as well? Another factor to consider is the magnitude of your living expenses themselves. Whether you own or rent property in retirement can significantly change the amount of your living expenses.</li></ul><p data-block-key="cd66v"></p> </section> <section class="block-pitch"> <div id="foolcom-wagtail-foolcom_body_ascent_offers" data-pitch-placement="foolcom_body_ascent_offers"></div> </section> <section class="block-paragraph"> <p data-block-key="2oqp3"></p><h2 data-block-key="1lc0i">How much money do you really need to retire?</h2><p data-block-key="bgfln">You may be wondering what dollar amount will be <a href="https://www.fool.com/retirement/how-much-do-i-need/">enough money to comfortably retire</a>. Unfortunately, there's not a one-size-fits-all number. To estimate how much money you personally need to retire, follow these basic steps:</p><ol><li data-block-key="eq1bz">Estimate your total annual living expenses in retirement. You can use the rule of thumb that the typical retiree needs about 80% of his or her pre-retirement income to maintain the same standard of living after leaving the workforce for good.</li><li data-block-key="5od9p">Subtract your expected <a href="https://www.fool.com/retirement/social-security/">Social Security benefits</a> and any pension income you expect to receive from your estimated total annual living expenses in retirement to compute your estimated net annual living expenses. Your latest Social Security statement, which you can find on the Social Security website, has an estimate of the Social Security income you are likely to receive.</li><li data-block-key="g16b5">Multiply your estimated net annual living expenses in retirement by 25 to determine a total amount of money you need to save for retirement. Multiplying your expenses in retirement by 25 to determine the total amount of retirement money you need is linked to another rule of thumb called the <a href="https://www.fool.com/retirement/strategies/withdrawal/4-percent-rule/">4% rule</a>. This rule advises you not to withdraw more than 4% of your retirement savings per year in order to fund your retirement for at least 30 years.</li></ol> </section> <section class="block-paragraph"> <h2 data-block-key="i9apy">How to save and invest for retirement</h2><p data-block-key="yhc2j">Saving money is distinctly different from investing it. Most people save for retirement by investing money, often in the stock market. You are unlikely to meet your retirement planning goals if you simply allocate a portion of your salary to a savings account. You need to <i>invest</i> in assets that gain value.</p><p data-block-key="l41l7">To emphasize that the way to save for retirement is to learn <a href="https://www.fool.com/investing/how-to-invest/">how to invest</a>, imagine that you contribute $5,000 per year to a savings account paying 1% interest annually. In 35 years, that account would be worth $208,000. But if you invested that same $5,000 annually, assuming just a 7% average annual return, the account would hold close to $700,000.</p><div class="flex justify-center"> <div class="relative show-ad-label min-w-100 mb-24px pt-24px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center" id="articles-incontent2"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:300px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-incontent2'); }); </script> </div> </div><p data-block-key="j7gjo">Of course, the returns your portfolio achieves depend on <a href="https://www.fool.com/investing/how-to-invest/what-to-invest-in/">what you invest in</a>. We advocate for <a href="https://www.fool.com/investing/how-to-invest/stocks/">stock investing</a> as the best way over the long term to build and retain wealth, and we also advocate for saving some money in cash.</p><p data-block-key="297dv">You may be eager to get started on executing a retirement plan, but before you begin investing, you should already have <a href="/terms/e/emergency-fund/">three to six months</a> of living expenses saved in a high-yielding savings account. Keeping this amount in cash enables you to cushion against any unexpected financial blows without having to withdraw money from a retirement fund. Likewise, if you are already retired, we advise holding the amount of money you expect to need for the next three to five years in <a href="https://www.fool.com/investing/how-to-invest/bonds/">bonds</a> or cash.</p><h3 data-block-key="7op7z">How much money should you save for retirement each month?</h3><p data-block-key="h9dcw">Again, the monthly amount of money that you should save <a href="/research/average-retirement-savings/">differs for every person</a>. Your current age, your target retirement age, and how much retirement money you’ve already accumulated are all relevant factors. But, as a starting point, most Americans would do well to save and invest 15% of their incomes for retirement.</p><p data-block-key="5ayi9">If putting aside 15% of your paycheck seems daunting, know that you don't need to achieve that right away. At a minimum, if your employer sponsors and contributes <a href="https://www.fool.com/retirement/plans/401k/company-match/">matching funds</a> to a retirement plan, then you contribute enough money to that retirement account to receive the full company match.</p><p data-block-key="72r68">If you don’t have an <a href="https://www.fool.com/retirement/plans/employer-sponsored/#:~:text=An%20employer%2Dsponsored%20retirement%20plan,specific%20amount%20of%20retirement%20income.">employer-sponsored retirement plan</a>, aim to save 6% of your income, which in the U.S. is the average retirement contribution rate. Then you can work on increasing the amount. Try to increase the percentage of your income you allocate to retirement investing by 1 percentage point annually until you reach your desired contribution rate. You can also boost your contribution rate whenever you get a pay raise.</p> </section> <section class="block-pitch"> <div id="foolcom-wagtail-in_line_article_pitch" data-pitch-placement="in_line_article_pitch"></div> </section> <section class="block-paragraph"> <h2 data-block-key="9d6ds">Types of retirement plans</h2><p data-block-key="w1f9l">There are many different types of <a href="https://www.fool.com/retirement/plans/">retirement plans</a>, so you have plenty of great options to achieve your retirement goals. Retirement plans are grouped like this: <a href="https://www.fool.com/retirement/plans/401k/">Employer-sponsored retirement plans</a>, pension plans, ndividual retirement accounts (IRAs), and self-employed retirement plans.</p><ul><li data-block-key="d0h7r"><b>Employer-sponsored retirement plans:</b> These types of retirement plans are established by employers and often confer the benefit of employer-matched contributions. Each of these plan types are employer-sponsored:<ul><li data-block-key="89pu1"><a href="https://www.fool.com/retirement/plans/401k/"><b>401(k) plan</b></a><b>:</b> Retirement plan that allows tax-deductible contributions but treats withdrawals in retirement as ordinary income for tax purposes.</li><li data-block-key="b7cq7"><a href="https://www.fool.com/retirement/plans/403b/"><b>403(b) plan</b></a><b>:</b> Similar to a 401(k) plan but only offered by public education institutions, nonprofit organizations, and ministries.</li><li data-block-key="stsr6"><a href="https://www.fool.com/retirement/plans/457/"><b>457 plan</b></a><b>:</b> Also similar to a 401(k) but only available to state and local government employees and certain (usually highly compensated) nonprofit employees.</li><li data-block-key="k3q2e"><b>Thrift Savings</b> <b>Plan:</b> Similar to a 401(k) and only available to federal government employees and uniformed services personnel.</li></ul></li></ul><p data-block-key="bpbhy"></p><div class="flex justify-center"> <div class="relative show-ad-label min-w-100 mb-24px pt-24px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center" id="articles-incontent3"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:300px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-incontent3'); }); </script> </div> </div><ul><li data-block-key="wka0y"><b>Pension plans:</b> Pensions are also known as<a href="https://www.fool.com/retirement/plans/employer-sponsored/qualified/defined-benefit/"> defined benefit plans</a> because, after you retire, they provide a predictable, defined amount of income every month for life. Companies that offer pension plans are becoming quite rare, although many public sector employers still offer them.</li></ul><p data-block-key="9vc6r"></p><ul><li data-block-key="odeof"><b>Individual retirement accounts:</b> IRAs, or<a href="https://www.fool.com/retirement/plans/ira/"> individual retirement accounts</a>, are available in two types. Both of these confer tax advantages, just at different times:<ul><li data-block-key="pboce"><a href="https://www.fool.com/retirement/plans/ira/traditional-ira/"><b>Traditional IRA</b></a><b>:</b> Retirement plan that permits tax-deductible contributions and treats withdrawals in retirement as ordinary income for tax purposes.</li><li data-block-key="w08uc"><a href="https://www.fool.com/retirement/plans/roth-ira/"><b>Roth IRA</b></a><b>:</b> Retirement plan for which contributions are not tax-deductible, but withdrawals in retirement are tax-free.</li></ul></li></ul><p data-block-key="i65gm"></p><ul><li data-block-key="ih5tr"><b>Self-employed retirement plans:</b> Although these types of plans require some administrative legwork, if you are self-employed, you have a few different strategies available to access many of the same tax advantages conferred by employer-sponsored retirement plans. These types of retirement accounts are available to<a href="https://www.fool.com/retirement/plans/self-employed/"> self-employed individuals</a>:<ul><li data-block-key="f1rez"><a href="https://www.fool.com/retirement/plans/simple-ira/"><b>SIMPLE IRA</b></a>: Short for Savings Incentive Match PLan for Employees, SIMPLE IRAs are retirement savings plans for employers with 100 or fewer employees.</li><li data-block-key="1hw29"><a href="https://www.fool.com/retirement/plans/sep-ira/"><b>SEP IRA</b></a>: The Simplified Employee Pension IRA requires employers to contribute 100% of the accounts' funds and provide equal benefits to all eligible employees.</li><li data-block-key="q17cc"><a href="https://www.fool.com/retirement/plans/solo-401k/"><b>Solo 401(k) plan</b></a>: This type of retirement plan is similar to employer-sponsored 401(k) plans but has a higher annual contribution limit.</li></ul></li></ul> </section> <section class="block-paragraph"> <h2 data-block-key="3v5jh">Tax advantages in retirement</h2><p data-block-key="vqk6v">When saving for retirement, investors generally have a choice between <a href="https://www.fool.com/retirement/taxes/">paying taxes</a> on contributions to a retirement plan and receiving the money tax-free in retirement, or contributing to a retirement plan with pre-tax dollars and being taxed on <a href="/retirement/strategies/withdrawal/">withdrawals in retirement</a>. Choosing a retirement plan that confers tax advantages in retirement is generally the best option if you believe that your income requirements in retirement are likely to put you in a higher tax bracket than your income today.</p><p data-block-key="m6i1r">The Roth versions of retirement plans are those that confer tax advantages in retirement. Roth IRAs and <a href="https://www.fool.com/retirement/plans/roth-401k/">Roth 401(k)s</a> are generally the most popular, but you can also consider a <a href="https://www.fool.com/retirement/plans/roth-403b/">Roth 403(b) plan</a>, Roth 457 plan, or a Roth solo 401(k). Investing in an HSA also enables you to withdraw money, in retirement or at any age, for qualifying medical expenses without paying income tax on the withdrawal.</p><div class="flex justify-center"> <div class="relative show-ad-label min-w-100 mb-24px pt-24px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center" id="articles-incontent4"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:300px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-incontent4'); }); </script> </div> </div><p data-block-key="541br">Even if you have a 401(k) or a traditional IRA, you may be able to avoid paying state taxes on withdrawals. Some states exempt from taxation your income from these types of retirement accounts.</p><h2 data-block-key="wd5cz">Using your home to boost your retirement income</h2><p data-block-key="ujglz">If you own your home, are nearing retirement, and are worried about your retirement account balance, you may be able to leverage the value of your home to generate extra retirement income.</p><p data-block-key="52brb">By assuming a <a href="https://www.fool.com/money/mortgages/what-is-a-reverse-mortgage/">reverse mortgage</a>, a lender would make mortgage payments to <i>you</i> in exchange for the equity in your home. Reverse mortgages aren't for everyone, but they’re certainly worth exploring for homeowners who are evaluating their retirement plans.</p><h2 data-block-key="r2pry">Start your retirement planning today</h2><p data-block-key="fkadp">Planning your <a href="https://www.fool.com/retirement/strategies/">retirement strategy</a> is important but not something to stress over, especially if you start early. The same adage that applies to planting a tree, with the best time being 20 years ago and the second-best time being now, is relevant to <a href="https://www.fool.com/investing/how-to-invest/">investing</a>.</p><p data-block-key="s85ip">If you need assistance with determining your ideal <a href="https://www.fool.com/retirement/strategies/asset-allocation-by-age/">asset allocation</a>, estimating <a href="https://www.fool.com/retirement/strategies/when-can-i-retire/">when you can retire</a>, or planning your <a href="https://www.fool.com/retirement/strategies/income/">retirement income strategy</a>, you can seek the advice of a Certified Financial Planner or other qualified professional. The important thing is that you take retirement planning seriously and get started in earnest today.</p> </section> <section class="block-paragraph"> <h2 data-block-key="z5sym">Expert Q&A on Retirement</h2><p data-block-key="sv0rr">The Motley Fool had a chance to connect with Jialu Streeter, Ph.D., a Research Scholar at the Stanford Center on Longevity. Jialu’s research primarily focuses on the economics of aging, retirement security, and financial security and mental wellbeing of older adults.</p> </section> <section class="block-expert_qa"> <div class="my-48 wagtail-block"> <h2>Expert Advice</h2> <div class="qna"> <div class="flex justify-between py-24 border-b border-gray-400 md:items-center qna-header hub-expertqa"> <div class="items-center md:flex"> <img alt="Jialu Streeter, Ph.D., Research Scholar at the Stanford Center on Longevity" class="mb-12 mr-16 rounded-full md:mb-0" height="80" loading="lazy" src="https://m.foolcdn.com/media/dubs/images/Jialu_1.2e16d0ba.fill-80x80-c100.jpg" width="80"> <div> <h3 class="text-gray-1100 text-24 mb-4px">Jialu Streeter, PhD,</h3> <div class="font-sans text-14">A Research Scholar at the Stanford Center on Longevity</div> </div> </div> <svg class="collapsed-icon w-24px h-24px ml-4px" viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> <svg class="expanded-icon w-24px h-24px ml-4px" viewBox="0 0 320 512"> <title>angle-up</title> <path fill="currentColor" d="M168.5 164.2l148 146.8c4.7 4.7 4.7 12.3 0 17l-19.8 19.8c-4.7 4.7-12.3 4.7-17 0L160 229.3 40.3 347.8c-4.7 4.7-12.3 4.7-17 0L3.5 328c-4.7-4.7-4.7-12.3 0-17l148-146.8c4.7-4.7 12.3-4.7 17 0z"></path> </svg> </div> <div class="qna-content pt-16px"> <p><b>The Motley Fool: Because of the COVID-19 pandemic, many Americans now fear they won’t be able to retire. What is your advice for someone who may be worried about retiring because of recent financial setbacks?</b></p><p><i>Streeter:</i></p><ol><li>First, I would suggest the person and their family have a thorough review of all their assets and debt, including home equity, mortgages, student loans (including their children’s if they have co-signed), retirement plan balances, and other checking and savings accounts.</li><li>Second, it’s important to understand the implications of retirement age on the Social Security benefits. For some people who are in good health and can afford to delay Social Security, it might be better for them to delay in order to receive higher benefits for the rest of their lives. Third, the person or family need to have an honest conversation about their envisioned retirement style. E.g., will they travel much? Will they dine out or cook at home?</li><li>Lastly, the longevity risk. Whether they will outlive their wealth. People need to put all these points together in order to see whether they are on track of a retirement life that they had planned for.</li></ol><p></p><p><b>The Motley Fool: In 2019, the average retirement account savings for American households was $65,000 with the average American under 35 having $13,000 saved for retirement. Why do you think this average is so much lower than what experts typically expect Americans to have?</b></p><p>Streeter: Only about half of American adults have access to workplace retirement plans such as a 401(k). Second, people are going to school for longer and start saving for retirement later. Third, many people just follow the “default” rate of retirement savings which is lower.</p><p></p><p><b>The Motley Fool: There are no hard and fast rules about when to retire or how much we should have saved, but what three pieces of advice would you give someone who is just starting their first retirement savings account?</b></p><p><i>Streeter:</i></p><ol><li>Start saving early.</li><li>Save more than the default rate.</li><li>Max out on the retirement contribution if you expect that your retirement income will be lower than your current income, and of course, if it doesn’t interfere with your other financial goals.</li></ol> </div> </div> </div> </section> <section class="block-pitch"> <div id="foolcom-wagtail-article_pitch" data-pitch-placement="article_pitch"></div> </section> <section class="block-faq"> <div class="my-48 wagtail-block"> <h2>Retirement FAQs</h2> <div class="qna"> <div class="flex items-center justify-between py-24 border-b border-gray-400 qna-header hub-faq"> <h3 data-block-key="jbtcr">What is a retirement plan?</h3> <svg class="collapsed-icon w-24px h-24px ml-4px" viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> <svg class="expanded-icon w-24px h-24px ml-4px" viewBox="0 0 320 512"> <title>angle-up</title> <path fill="currentColor" d="M168.5 164.2l148 146.8c4.7 4.7 4.7 12.3 0 17l-19.8 19.8c-4.7 4.7-12.3 4.7-17 0L160 229.3 40.3 347.8c-4.7 4.7-12.3 4.7-17 0L3.5 328c-4.7-4.7-4.7-12.3 0-17l148-146.8c4.7-4.7 12.3-4.7 17 0z"></path> </svg> </div> <div class="qna-content"> <p data-block-key="egwoo">A retirement plan is the financial strategy that will enable you to be comfortable and secure in your retirement years.</p> </div> </div> <div class="qna"> <div class="flex items-center justify-between py-24 border-b border-gray-400 qna-header hub-faq"> <h3 data-block-key="vp8p9">Why is retirement planning important?</h3> <svg class="collapsed-icon w-24px h-24px ml-4px" viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> <svg class="expanded-icon w-24px h-24px ml-4px" viewBox="0 0 320 512"> <title>angle-up</title> <path fill="currentColor" d="M168.5 164.2l148 146.8c4.7 4.7 4.7 12.3 0 17l-19.8 19.8c-4.7 4.7-12.3 4.7-17 0L160 229.3 40.3 347.8c-4.7 4.7-12.3 4.7-17 0L3.5 328c-4.7-4.7-4.7-12.3 0-17l148-146.8c4.7-4.7 12.3-4.7 17 0z"></path> </svg> </div> <div class="qna-content"> <p data-block-key="isw9b">While some people manage to live out their golden years without a retirement plan, you will set yourself up for truly <i>enjoying</i> your retirement by being financially comfortable during those years.</p> </div> </div> </div> </section> <div class="text-gray-700 border-gray-300 md:border-b-0px text-md border-b-1px mb-32px lg:mb-0px pb-32px lg:pb-0px"> The Motley Fool has a <a href="https://www.fool.com/legal/fool-disclosure-policy/">disclosure policy</a>. </div> </div> <div class="lg:flex lg:flex-col mb-32px"> <div class="mb-60 md:mb-0px"> <div data-pitch-placement="foolcom_sidebar_top"></div> </div> <p class="font-bold uppercase text-md mb-20px text-gray-1100">Related Articles</p> <div class="grid pb-60 md:pb-0px mb-0px md:mb-60 gap-y-12"> <a class="flex items-center hover:text-cyan-800 text-gray-1100 gap-x-12" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="evergreen_sidebar_related" data-track-link="The Unfortunate Truth About Claiming Social Security at Age 70" href="/retirement/2024/11/30/the-unfortunate-truth-about-claiming-social-securi/"> <img style="height:52px;width:92px;overflow:hidden" 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