5 Tips for Planning for Retirement

Key takeaways

  • Retirement planning may not be as easy as watching a funny comedy movie, but it doesn’t have to be stressful.
  • Although there’s more to making sure you have enough during retirement than any short list of tips can give you, keeping a summary list in mind can help you avoid overlooking important details.
  • When planning for retirement, consider: your desired lifestyle and the additional costs it may require; rising healthcare costs; a possible reduction in overall expenses, but with caution; having both a financial and estate plan in place; and investing for total return by looking at your overall portfolio.

Remember the 1981 comedy movie, The History of the World – Part I, starring Mel Brooks? In it, Brooks plays Moses and in one scene we see him coming down from Mount Sinai with three stone tablets. He then says something like, “God has given us these 15…” [He loses grip on one tablet and it smashes and breaks] “Oy, 10 commandments for all of us to obey.”

I just happened to be thinking about that funny scene when I saw an article about the 10 commandments for retirement planning. I’m not going to cover all 10 because I made it shorter by summarizing them into five.

5 tips for planning for retirement

  1. Lifestyle stays the same. You’re likely going to do more—more travel, more hobbies, more of what you didn’t have time for before—when you’re retired. You’re going to need the money to allow that to happen. It’s probably best to assume expenses are the same when planning for these new activities.
  2. Healthcare costs will probably rise. In fact, we’ve seen them rise over the long-term and people are living longer than ever before. Living longer results in additional healthcare expenses. It looks as if rising healthcare costs will likely continue in the future, at least for now.
  3. Overall expenses actually do get reduced. This happens because you’re no longer putting money away in your 401(k), no longer paying into Social Security, and it’s probable you’re not having to pay as much in federal and state taxes. These factors create an overall expense reduction. Take caution because this sometimes throws people off during the planning process—which brings us to number four.
  4. Have a financial and an estate plan. Having a financial plan in place is essential, but don’t forget the estate planning side of things. You’ll want to ensure that if something happens to you or your spouse, everything flows smoothly so as not to add difficulty to already difficult times.
  5. Invest for total return. Many people make the mistake of thinking they need to invest totally in bonds because they need all this income for support. But, actually, the way to do this is to look at your overall portfolio. Consider the overall return and then draw what’s necessary to live going into the future.

These are five little tips for you to think about. Hopefully, these will help you when you’re thinking through your retirement planning going forward. Until next time, enjoy.



Gary Klaben serves as a Financial Advisor, and visionary for Coyle Financial Counsel. He has over 30 years of experience and is the author of Changing the Conversation, Wealth of Everything and co-author of The Business BattlefieldWhether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.

Learn more about The Coyle Process, approach designed to get your arms around the big picture, so you can make informed financial decisions. Ask Gary about The Coyle Process and schedule a complimentary consultation and start living the Good Life Managed Well™.
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All information is from sources deemed reliable, but no warranty is made to its accuracy or completeness.   This material is being provided for informational or educational purposes only, and does not take into account the investment objectives or financial situation of any client or prospective client.  The information is not intended as investment advice, and is not a recommendation to buy, sell, or invest in any particular investment or market segment.  Those seeking information regarding their particular investment needs should contact a financial professional.  Coyle, our employees, or our clients, may or may not be invested in any individual securities or market segments discussed in this material.  The opinions expressed were current as of the date of posting but are subject to change without notice due to market, political, or economic conditions. All investments involve risk, including loss of principal.  Past performance is not a guarantee of future results.

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