10 Smart Tips for Planning a Secure Retirement

Planning for retirement can feel like a distant concern or a daunting task—but whether you’re just starting your career or preparing to leave the workforce, the earlier and more thoughtfully you plan, the more confident and comfortable your future can be. Here are ten smart, actionable tips to help you build a strong foundation for retirement.

1. Start Early—Or Start Now

Time is your greatest asset when saving for retirement. The earlier you start, the more your money can grow thanks to compound interest. But even if you're getting a late start, it’s not too late.

2. The Value of Consistency

No matter when you start or how much you invest, consistently contributing to your accounts has the greatest long-term impact. Building this habit takes effort and self-discipline, but it’s a powerful financial muscle that pays off over time.

3. Envision Your Retirement Lifestyle

Do you dream of quiet mornings at home, frequent travel, or pursuing a hobby or side project? Defining what retirement looks like for you will help determine how much income you’ll need to support it.

4. Estimate How Much You'll Need

Many experts recommend replacing 70% to 80% of your   pre-retirement income. Be sure to account for inflation, health care, taxes, and a potentially long retirement. Retirement calculators with a financial advisor can help you arrive at a personalized estimate.

5. Maximize Your Retirement Accounts

Make use of tax-advantaged accounts like 401(k)s, IRAs, and Roth IRAs. If your employer offers a match on your 401(k), contribute enough to get the full employer match—it’s essentially free money.

6. Invest for Growth—With Balance

Diversify your investments across stocks, bonds, and other assets based on your age, risk tolerance, and retirement timeline. Trying to time the market rarely pays off—what matters most is staying invested over time.

7. Reduce or Eliminate Debt

The less debt you carry into retirement, the more flexibility you’ll have. Focus on paying off high-interest debt first, such as credit cards and personal loans. If possible, aim to       reduce or eliminate larger debts like mortgages and auto loans before retiring.

8. Plan Ahead for Health Care

Health care can be one of the largest expenses in retirement. While Medicare covers many basics starting at age 65, it doesn’t cover everything. Consider supplemental insurance, and use a Health Savings Account (HSA), if available, to build tax-free savings for future medical costs.

9. Reevaluate Your Housing Situation

Your home may be one of your largest assets—and expenses. Consider whether it makes sense to stay put, downsize, relocate, or tap into home equity to support your retirement goals.

10. Create a Sustainable Withdrawal Strategy

Decumulation of retirement assets is even more critical than the accumulation phase. Plan when and how you’ll draw income from Social Security, retirement accounts, and   pensions. A strategic withdrawal plan can reduce taxes, extend savings, and protect against costly mistakes that can ruin a retirement plan.

BONUS Tip: Review and Adjust Your Plan Annually

Your life and financial situation will evolve. Revisit your retirement plan every year—or after major life changes—to stay on track and make informed adjustments.