Don't rely on guesswork

Let's sort through the facts, figures and fiction to determine the best choices for you and your family.

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Retirement can raise many questions

  • What is the ideal age to retire?
  • How much should you save for retirement each year?
  • What amount should your nest egg be when you finally leave the work world?

Common recommendations include:

  • Save 15% of your gross income (or perhaps more).
  • Accumulate eight times your annual salary (or likely more).
  • Work until age 65 (or older).

There's lots of advice, many opinions, but no single, one-size-fits-all solution.

With average life expectancy now at 76 for men and 81 for women, it's important to begin saving early and increase your saving rate over time.

Run the numbers

A successful retirement plan includes your best estimate of how much you will need to spend and for how many years.

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Financial Planning

Use a comprehensive financial plan to consider anticipated expenses and income.

Income:

  • Company retirement plans or pensions
  • 401(k)s, IRAs or other retirement and investment accounts
  • Insurance
  • Cash reserves and possible inheritances

Expenses:

  • Mortgage
  • Food and clothing
  • Healthcare
  • Travel and entertainment

The plan then projects whether your nest egg—based on your projected income, expenses and life expectancy—is likely to last.

Home Stretch

If you're approaching retirement, you may have considered postponing or working part-time to make savings last longer. But there are other steps you can take to make your savings last. 

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Are you really ready?

Examine your financials, including all account balances, your income tax rate, average return on investments, current income, and current rate of savings. List your likely living expenses, such as housing, food, insurance, medical, clothing and entertainment. Estimate what you should put aside for unexpected costs. You can then project your likely income at your planned retirement date and determine whether you can afford the lifestyle you desire.

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Boost your savings

If your employer offers a 401(k) or another retirement plan, you may already save at least the amount of your employer match. But as you approach retirement, it's best to save as much as possible. Put any additional savings into IRAs, Roth IRAs or other retirement accounts.

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Leverage your pay raises

If you receive a raise, put all or some of it into your retirement savings, if possible. You won't miss the money and it builds your nest egg.

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Diversify

Stocks are important in building long‐term wealth, but you should diversify risk with other investments. As you near retirement age, consider a more conservative approach to compensate for shorter recovery windows for losses.

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Consider delaying Social Security benefits

Although most individuals can begin claiming Social Security benefits at age 62, you can increase your eventual Social Security income significantly by deferring.

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Test your plan

Consider potential unexpected occurrences and worst case scenarios to determine if you have the financial means to cover costs. For example, project whether you can handle a serious illness, the death of a spouse or a transition to assisted living or nursing home care.

We can help you get there

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Retirement & Financial Planning

As you get closer to retirement, we can provide you with a comprehensive proposal that evaluates your current financial plan in relation to your retirement goals. We will also provide a clear explanation of the various retirement plan options available so that your election will be appropriate based on your goals.

Learn More about Retirement and Financial Planning
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Investment Management

Managing portfolios guided by your goals, sound research and a prudent investment decision-making process. 

Learn More about how we manage portfolios and our investment solutions.
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Establish Your Legacy

Determine what story you want your wealth to tell about you and your family. If your financial plan indicates that you have more than necessary for a lifetime of financial independence, your wealth can be used now to create your legacy.

LEARN MORE about family wealth planning.
Kathy Ciszewski
Kathy Ciszewski, SVP Private Banking, Racine, WI

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This website may contain concepts that have legal, accounting, tax, and investment implications. It is not intended to provide legal, accounting, or tax advice and is not a recommendation to buy or sell any investment.