Retirement Planning
Discover our expertly curated articles, easy-to-use tools, and insightful videos: all designed to help you make smart decisions for your retirement future.
Retirement Planning Basics
Learn average retiree household spending, how not to run out of money in retirement, and so much more!
Featured Content
Biggest Expenses for Retirees & How to Minimize Them!
According to recent Bureau of Labor Statistics (BLS) data, retiree households spend an average of about $5k a month. Here are the biggest retiree expenses.
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Tips on How Not to Run Out of Money in Retirement
Worried you won’t have enough money to enjoy retirement? Here are some steps to minimize (or even avoid!) financial roadblocks in your later years.
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Preparing Emotionally for Retirement
Entering retirement is likely one of the biggest transitions you’ll face in life. Be sure to prepare as best as you can not only financially but emotionally as well.
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How to Better Prepare for Retirement in Your 50s
No matter how much (or how little) you’ve saved, check out these seven retirement savings strategies to better prepare for your golden years.
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Essential Pre- Retirement Advice Video
If retirement is in your near future, be sure to check out this video! Receive practical tips on topics ranging from retirement savings and tax diversification to navigating psychological and emotional aspects of your golden years.
How Ready Are You to Retire?
Browse our series of articles designed to help you ramp up your retirement readiness. Each installment offers practical tips and expert advice to help you prep for a confident and comfortable retirement.
7 Things You Can Do in Your 60s to Better Prepare for Retirement
Whether retirement is still one or a couple of years away, you can take a few strategic steps to better prepare and thus better enjoy your golden years.
Our “Am I on Track?” service will provide valuable insight into your likelihood of reaching your retirement goals and actionable steps to get you back on course (if applicable).
Saving for Retirement
Explore this section to unlock the full potential of your workplace benefits and master all things “IRA,” enjoying clear, practical guidance in doing so.
Roth vs. Traditional IRA: How to Choose
IRAs rank among the most versatile options for building retirement savings, but choosing between a Roth and traditional IRA is not so straightforward.
Want to meet with a CFP® professional to discuss your retirement challenges?
Retirement Planning Tools
On the hunt for in-depth retirement planning tips, including the best places to relocate? Dive into our comprehensive retirement guides, packed with insights and advice so you can make your next move with confidence.
Download our Retirement Planning Guide
Download this guide is to help spark new insight into the topic of retirement and provide you with some tips along the way to make your golden years a little more enjoyable.
Our “Am I on Track?” service will provide valuable insight into your likelihood of reaching your retirement goals and actionable steps to get you back on course (if applicable).
Retirement Calculators
Run some basic numbers with our free retirement and investing calculators.
Retirement Savings Calculator
Estimate your potential retirement savings based on your current strategy.
Investment Return Calculator
Estimate the growth potential of your money.
Net Worth Calculator
Quickly and easily learn your net worth (the difference between what you own and owe).
Retirement Planning Terms to Know & More!
Feel better prepared the next time you speak with a financial advisor or—at the very least—at your next social gathering.
Retirement
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The 4% rule is a strategy stating you should withdraw no more than 4% of your assets during the first year of retirement and then adjust withdrawals for inflation on an annual basis thereafter.
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An annuity is a type of insurance product giving investors a guaranteed stream of income, with money paid up front (via a lump sum or series of payments) then invested and later paid out per an agreed-upon time, amount, and timeframe.
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If you’re age 50+, you can save more money for retirement via “catch-up contributions” made to your 401(k) and IRA accounts above standard limits.
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The New Jersey Exit Tax is a misnomer as many people believe it’s an additional or special tax imposed when you sell your property and move out of the Garden State.
The truth is this is merely a prepayment of the estimated tax owed on the sale of your property, paid in advance (either before or at closing) and held in escrow. The tax is then settled when you file your state income tax return.
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A QCD is a direct transfer of funds from your IRA—payable directly to a qualified charity—and often used by investors seeking to avoid being pushed into a higher income tax bracket or prevent the phaseout of other tax deductions.
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Required minimum distributions (RMDs) are the minimum amount of money the IRS requires you to withdraw from specific retirement accounts, primarily tax-deferred accounts (e.g., traditional IRAs and 401(k)s) and generally beginning at age 73.
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A Roth conversion is merely a transfer of all (or a portion) of your balances from an existing traditional IRA, SEP, or SIMPLE IRA as you roll assets over into a Roth IRA.
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The rule of 55 is an IRS provision that allows workers who leave their job to withdraw funds from an employer-sponsored retirement account without incurring a penalty, though they must still pay income tax on withdrawals.
Social Security
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The Social Security Administration (SSA) is required by law to prevent inflation from eroding the purchasing power of benefits paid to recipients and does this via COLA, (cost-of-living adjustments), automatic benefit amount increases initiated by the SSA.
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You can begin receiving Social Security benefits at age 62 but aren’t entitled to 100% of them until you reach your full retirement age (FRA).
This number is based on your birthdate; if you were born after 1960, your full retirement age is (currently) 67. Knowing this number helps determine the overall impact any post-retirement employment will have on your Social Security benefits.
Healthcare & Medicare
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A health savings account (HSA) is an account you can use to pay for qualified out-of-pocket healthcare expenses including deductibles and copays, designed specifically to help people with high-deductible health insurance plans (HDHP) cover such expenses.
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IRMAA—which stands for “income-related monthly adjustment amount”—is the additional amount (surcharge beyond Medicare premiums) charged to higher-income beneficiaries.
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Long-term care (LTC) is defined as help you may need with “activities of daily living” (ADLs) for longer than three months due to injury, health, or cognitive impairment such as dementia, memory loss, or Alzheimer’s.
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Our country’s Medicare program consists of four parts (A, B, C, & D) that each cover specific services.
With Medicare Parts A and B (also known as “Original Medicare”), the government pays providers directly for patient services: covering patient care in a hospital or skilled nursing facility, in-home hospice, and limited home healthcare services (Part A) as well as medical services and supplies necessary to treat health conditions (Part B).
Key Age Milestones
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When you turn 50, the IRS allows you to make annual “catch-up contributions”: additional contributions you can make above standard limits to your 401(k)s and IRAs.
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As a general rule, you’ll trigger an IRS tax penalty of 10% if you withdraw money from your 401(k) (or 403(b)) account before age 59½. The rule of 55 allows anyone who’s been fired, laid off, or quits a job between age 55 and 59½ to pull money out of the most current 401(k) or 403(b) and skirt this fee (some public employees qualify even earlier).
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You can begin withdrawing money from 401(k) and IRA accounts without incurring a 10% early withdrawal penalty beginning at age 59½.
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While you can begin collecting Social Security at age 62, choosing to receive benefits before reaching full retirement age (the age at which you’re entitled to 100% of your benefits) means your monthly benefit will face a permanent reduction. The current full retirement age for those born after 1959 is 67.
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You generally qualify for full Medicare benefits upon turning 65—earlier if you have qualifying disabilities—based on your (or your spouse’s) employment record. Most people have a seven-month Medicare sign-up enrollment period, with this window beginning three months before you turn 65 and ending three months after your birthday month.
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At age 73 (age 75 beginning in 2033), you’re required to begin withdrawing funds from specific tax-deferred retirement accounts and must take your first required minimum distribution (RMD) by December 31 of that year (or by April 1 of the following year at the latest).
Top Financial Surprises in Retirement
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How exactly you withdraw funds from retirement accounts can significantly impact your tax liability. In choosing the right strategy, you can optimize your income and minimize taxes. Check out our article on tax-efficient retirement withdrawal strategies for more information about this.
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Medicare doesn’t cover all healthcare-related expenses and indeed has significant gaps, the most notable of which is long-term care as it provides only limited coverage for this in specific circumstances. Even if you qualify for Medicaid, for example, you may be restricted to facilities that accept payments from the program.
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The more money you make, the higher your Medicare Part B and Part D premiums.
What’s more, these surcharges, called IRMAA, are calculated based on tax returns reported from two years prior: meaning your 2026 income determines your IRMAA in 2028, your 2027 income determines your IRMAA in 2029, and so on.
The two-year lag can lead to unpleasant surprises when you first enroll in Medicare, especially if your income declines substantially post-retirement.
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While everyone has different reasons for downsizing later in life, many assume it’ll help finance a good chunk of retirement. Unfortunately, and as homeowners often reap less than what they initially anticipated when considering this plan, some are forced to make drastic changes to their envisioned retirement lifestyle accordingly. Here are some tips to ensure your downsizing expectations align more closely with reality.
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Medicare
A recent Harris Poll survey indicates more than 7 out of every 10 Medicare participants over age 50 wish they had a better understanding of the program! Our comprehensive library will help you navigate your Medicare options with confidence.
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Social Security
Did you know that among Social Security beneficiaries age 65+, 39% of men and 44% of women rely on Social Security for at least half of their income? Explore our library of Social Security articles for expert guidance and practical tips to help make the most of your benefits.
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Insurance
From life insurance to annuities and long-term care, we’ve got you covered.
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Popular Questions
Find answers to common questions people ask us about retirement planning.
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Unfortunately, a one-size-fits-all approach won’t work when trying to calculate how much you’ll need to save for retirement as the answer ultimately depends on income, goals, and preferred lifestyle. Several retirement rules of thumb can help guide you, however.
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Yes, many retirement benefits are indeed taxable, but it all depends on the type of benefit and your individual circumstances.
Social Security benefits are sometimes partially taxable based on total income, for example, while traditional IRA and 401(k) withdrawals are generally taxed as ordinary income. Qualified withdrawals from Roth IRAs and Roth 401(k)s are typically tax-free, whereas pension income is typically taxable at the federal level (with some states imposing additional taxes).
Be sure to review the specific rules for each type of retirement benefit and consider your overall income when planning for taxes in retirement.
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You can have multiple retirement accounts if you’d like, with no legal limit to the number you can own. You might contribute to a 401(k) or similar plan via your employer, for example, while also personally maintaining one or more IRAs (traditional or Roth). Annual contribution limits do apply across all accounts of the same type, meaning having more isn’t advantageous in this regard.
We’re an independent Registered Investment Advisor (RIA).
Here’s what makes our retirement planning firm a little different from our competitors:
A fiduciary standard of care
As fiduciaries, we are compensated by our clients—not products that pay high commissions. That means you’ll receive advice that’s always in your best interest and never about our bottom line.
The Vision experience
With dedicated technology and the support of our in-house team of professionals, our financial advisors have the resources they need to deliver a superior experience to every client.
An integrated approach
We quarterback your other fiscal partners—such as attorneys, accountants, and insurance agents—to help coordinate all aspects of your financial life.
Collaboration with a dedicated CFP® professional
No matter your engagement level with us, your financial advisor will possess robust expertise and top credentials in the industry: upholding the highest standards with respect to ethics, objectivity, and professionalism.
A variety of engagement options
A breadth of choices means it’s easy to work with our firm, regardless of whether you’re just starting out or have accrued significant assets.
Introducing our “Am I on Track” service.
If you’ve recently googled “retirement calculator” to learn whether or not you’re on track to enjoy the retirement you envision, you’re not alone; according to Semrush, a leading marketing insights company, web users perform over 100,000 monthly searches for this exact phrase.
If you’re like most people, however, you know a retirement calculator is far too simple a tool to answer specific questions such as “Can I retire at age ____ (fill in the blank)?” or “At what age can I confidently retire?”
This is precisely where our “Am I On Track?” service comes into play; we’ll collect your financials and gather insights on your retirement goals to churn out an actual score (from 0 to 100) indicating how likely you are to reach your retirement goals. Not on track after all? We’ll outline actionable steps to get you back on course.
Our “Am I On Track?” service comes fully loaded with the following benefits:
Find out if you’re on track to retire—or the age when you can do so comfortably!
Investment portfolio analysis
Our investment review will identify your risk score and compare your current investment allocation to your ideal allocation—arming you with the knowledge you need to make any necessary changes.
Tax-planning observations
We’ll analyze your most recent income tax return to identify potential tax-planning opportunities as they relate to your current situation. Some examples include tax-efficient investment recommendations, wealth-building strategies, and strategies to maximize your charitable giving.
Social Security review
We’ll assess the degree to which Social Security (vs. other sources of income) will meet your spending needs, determining the best time to claim so you can maximize SS benefits.
Retirement map
We’ll apply everything we know about you to determine whether or not you’ll achieve your retirement goals, providing retirement income projections and thus allowing you to take any corrective action to ensure you’ll enjoy a comfortable and stress-free retirement.
Pricing and Other Considerations
Recommended for investors aged 50+, our “Am I On Track?” service includes a one-time fee of $590 due upon engagement.
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