Will I be able to afford the retirement I want?

Retirement is the beginning of a whole new journey — navigated by you. Focusing on your financial future is a big step toward your dream retirement destination.

Predict the future
Does your perfect retirement involve never working again? Have you dreamed about starting a small consulting firm, devoting time to charity work, hanging out with grandkids or moving abroad? Now is a good time to talk to your financial professional about where you see yourself and how to plan for it.

Add up your assets
Your parents may have worked for only one company and retired with a pension. These days? Not so much. It’s likely that you’ll be funding your own retirement, so take inventory of your assets, including checking and savings, investments, retirement and health care savings accounts, as well as property equity and income.

Max out to catch up

If you can, make the maximum 401(k) plan contribution. With the benefit of tax-deferred compounding, your investments could potentially grow more quickly. If you’re not in a position to contribute the max, try increasing it by a bit each year. And make sure you’re taking advantage of any matching contributions your company offers.

Save and save again
Already taking advantage of your workplace plan? There are additional ways to save for retirement. Ask your financial professional about the tax benefits and contribution limits of traditional or Roth IRAs (individual retirement accounts).

Review, rebalance and reenergize
Once you have a mix of investments that suits your goals and risk, it’s a good idea to check in at least once a year to ensure that your investments remain in balance. Your financial professional may be able to optimize your portfolio to increase potential returns without pushing you out of your comfort zone.