Build a Retirement Strategy Before the Clock Runs Out
Retirement planning is not just about saving money. It is about creating income, reducing risk, and knowing your number.
Whether retirement is decades away or right around the corner, the decisions you make today can affect your income, taxes, lifestyle, healthcare, legacy, and long-term confidence. A strong retirement plan helps you understand where you stand, what gaps may exist, and what steps may help you move forward.
Planning Areas
- 401(k)s and workplace plans
- IRA and rollover strategies
- Annuity income options
- Social Security timing
- Retirement income planning
- Your FIN: Financial Independence Number
The last 5–10 years before retirement can be some of the most important planning years of your life.
This is the time to review your savings, reduce unnecessary risk, think through income sources, evaluate debt, understand healthcare costs, and make sure your plan is built around the retirement you actually want.
Download the Retirement Planning Starter Kit
Use the starter kit to organize your thoughts, review important retirement questions, and begin identifying the areas where you may need more clarity.
Estimate your retirement savings goal.
A calculator cannot replace a full plan, but it can help you begin estimating how much you may need to save regularly to pursue your target retirement age and lifestyle.
Open Retirement CalculatorRetirement planning has several moving parts.
Each area below can affect your income, taxes, risk, and flexibility in retirement.
401(k)s and Workplace Retirement Plans
A 401(k) can be one of the most powerful retirement savings tools available, especially when employer matching contributions are involved.
- Review contribution levels and employer match opportunities
- Understand traditional vs Roth contribution options when available
- Review investment allocation and risk exposure
- Consider how fees and plan choices may affect long-term growth
- Coordinate your 401(k) with IRAs, Social Security, and other retirement assets
What to Do With a 401(k) When You Leave a Job
When you change jobs or retire, you usually have several options for an old 401(k). The right choice depends on your goals, fees, investment choices, service needs, and tax situation.
- Leave the money in the old employer plan, if allowed
- Roll it into a new employer’s 401(k), if available
- Roll it into an IRA for more control and broader options
- Evaluate Roth conversion opportunities when appropriate
- Avoid unnecessary taxes and penalties from improper distributions
IRAs: Traditional, Roth, SIMPLE, and SEP
IRAs can play an important role in retirement planning, whether you are saving independently, rolling over assets, or coordinating tax strategy.
- Traditional IRAs may offer tax-deferred growth
- Roth IRAs may provide tax-free qualified withdrawals
- SIMPLE IRAs may help small businesses offer retirement benefits
- SEP IRAs may be useful for self-employed individuals and business owners
- IRA choices should be reviewed alongside tax goals and income needs
Annuities and Retirement Income
Annuities may help create predictable retirement income, reduce longevity risk, or provide certain guarantees depending on the product and rider features.
- Fixed annuities may offer a guaranteed interest rate for a stated period
- Fixed indexed annuities may provide growth potential tied to index-crediting strategies
- Income riders may help create lifetime income options
- Annuities may include surrender charges, limitations, fees, and restrictions
- They should be reviewed carefully within the broader retirement plan
Social Security Income Planning
Social Security is one of the biggest retirement decisions many people make. When you claim can affect your monthly income for the rest of your life.
- Understand the difference between age 62, full retirement age, and age 70
- Consider survivor benefits and spousal planning
- Review how earned income may affect early benefits
- Coordinate Social Security with pensions, investments, annuities, and IRA withdrawals
- Think through longevity, health, and income needs before claiming
Calculating Your FIN: Financial Independence Number
Your FIN is the amount of money or income-producing resources you may need to support your lifestyle without relying on full-time work.
- Estimate monthly retirement expenses
- Factor in inflation, healthcare, taxes, and lifestyle goals
- Review guaranteed income sources such as Social Security or pensions
- Estimate the savings gap your portfolio may need to cover
- Use calculators and planning conversations to refine the target over time
Income
Build a strategy for Social Security, withdrawals, annuities, pensions, and investment income.
Risk
Review market risk, healthcare risk, longevity risk, inflation risk, and income gaps.
Timing
Coordinate retirement date, claiming decisions, tax strategy, and account withdrawals.
Retirement planning goes beyond investment accounts.
The strongest retirement conversations include lifestyle, debt, healthcare, taxes, income, and legacy goals.
Healthcare and Medicare
Healthcare can become one of the largest retirement expenses. Medicare timing, supplemental coverage, and long-term care considerations should be reviewed early.
Debt Reduction
Entering retirement with less debt may improve cash flow and reduce pressure on your investment accounts.
Tax-Efficient Withdrawals
The order and timing of withdrawals from taxable, tax-deferred, and Roth accounts can affect your retirement income picture.
Legacy and Beneficiaries
Retirement planning should also include beneficiary reviews, estate coordination, and conversations around what you want to leave behind.
Listen to Roy’s weekly podcast for more retirement and financial strategy topics.
The Roy Matlock, Jr. Money and Business Hour covers practical financial conversations including retirement income, insurance, business, investing, protection strategies, and more.
Visit the PodcastNeed help making sense of your retirement options?
A representative can help you review where you are, what questions matter most, and what next steps may fit your situation.
Start building a retirement plan with more clarity.
Download the Retirement Planning Starter Kit, use the calculator to estimate your savings goal, then talk with a representative about your 401(k), rollover, IRA, annuity, Social Security, and retirement income questions.
This page is provided for educational and informational purposes only and should not be considered individualized financial, tax, legal, insurance, or investment advice. Retirement accounts, annuities, investment products, Social Security claiming decisions, rollovers, and withdrawal strategies should be reviewed based on individual circumstances. Annuity guarantees are backed by the claims-paying ability of the issuing insurance company. Investment advisory services offered through PKS Advisory Services, LLC, DBA RMJ Advisory, an SEC Registered Investment Advisory firm. Securities offered through Purshe Kaplan Sterling Investments, Member FINRA/SIPC.
