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FutureIncome Strategies: 6 Steps to Planning Your Retirement

For many retired Americans, finding assets to cover everyday expenses can be a challenging endeavor. Making sure you have a defined strategy ahead of time can assist in making your transition to retirement go smoothly and help you better enjoy your newfound leisure time.

Understanding your lifestyle plans, identifying your income streams, and documenting your spending needs are all a part of proper retirement planning. Consider these six steps in preparing for your own retirement:

  1. Design a personal retirement plan.
  2. Review your essential and discretionary expenses.
  3. Evaluate your sources of retirement income.
  4. Identify and examine any potential disparities between planned income and expenses in retirement.
  5. Position your assets to help generate income and identify other potential income sources.
  6. Complete a Personal Assessment to help organize your finances and prioritize your needs. Bring this completed worksheet with you to a complimentary appointment with one our LPL* Financial Advisors to help you strategize your retirement!

Retirement Planning Milestones

  • 50 or Over — Catch-Up Contributions to IRAs and 401(k) Plans

  • 55 — Early Retirement

  • 59 1/2 — Avoid Early Withdrawal Penalty

  • 62 — Early Eligibility for Social Security Benefits

  • 67 — Eligible for Full Social Security Benefits

  • 70 1/2 — Required Minimum Distributions


*Securities offered through LPL Financial, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Bay Federal Credit Union deposits and are not NCUA insured. These products are not obligations of the Credit Union and are not endorsed, recommended, or guaranteed by Bay Federal Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. Bay Federal Credit Union and Investment Services at Bay Federal Credit Union are not registered broker/dealers and are not affiliated with LPL Financial. Please check with your registered representative for state registrations.

†This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor.
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