Ideas to Help Build Confidence in Your Retirement Plan
July 9, 2025
Retirement isn’t just the end of a career—it’s the beginning of a new chapter. For many, it's the long-awaited chance to explore the world, spend time with family, dive into hobbies, or give back through volunteering. But achieving a fulfilling and financially secure retirement requires more than just savings—it takes planning, reflection, and a bit of flexibility.
While it's easy to get caught up in the numbers, the real key to retirement confidence lies in knowing your lifestyle goals and aligning your finances to support them. Here's how you can begin shaping a retirement plan that fits both your wallet and your dreams.
1. Know Where Your Money is Going
The first step toward future security is getting a grip on your present finances. To prepare for retirement, try to live on your expected post-retirement budget now. Doing this gives you a realistic sense of what you can afford and whether adjustments are needed.
If you haven’t already, create a monthly spending plan. Use budgeting tools or apps to categorize expenses and track your habits. Pay close attention to recurring charges, such as streaming services or unused subscriptions. Cutting back on unnecessary costs can free up money for savings and increase your financial flexibility down the road.
Review your budget regularly—quarterly is a good rule of thumb—to make sure you’re still on track and adapt to changes in your life or income.
2. Plan Beyond Your Needs
No two retirements look alike. Some people dream of world travel, others want to relocate to a quieter or more affordable area, and many plan to spend more time with children and grandchildren. Start by asking yourself what you want your retirement lifestyle to include.
How often do you hope to travel? Will you stay in your current home or downsize? Do you anticipate new hobbies or volunteer work taking center stage?
Answering these questions helps determine the level of income you’ll need. And don’t forget: your lifestyle will likely evolve over time. Early retirement years may be more active and costly, particularly with travel and recreation, while later years may bring increased medical expenses.
Research from the Center for Retirement Research shows that medical costs can consume over 10% of retirees’ income, so it’s wise to build healthcare planning into your strategy.
3. Plan for a Longer Life
One common mistake is underestimating how long retirement might last. While you can’t predict the future, it’s wise to err on the side of caution and plan for a longer lifespan than expected. If your family history suggests you might live to 80, it’s smart to prepare for the possibility of reaching 90 or beyond.
Planning for longevity reduces the risk of outliving your assets. And if you don’t use all your savings, you’ll have a financial cushion that can be passed on to loved ones or used to support causes you care about.
4. Get Professional Guidance
Navigating retirement planning can feel overwhelming, especially when dealing with investment strategies, tax implications, and income projections. That’s where a trusted financial advisor comes in.
A financial professional can help you define realistic goals, evaluate your savings progress, and adjust your plan as circumstances change. They can also help manage risks, such as inflation, market fluctuations, and healthcare costs, ensuring your plan stays viable for the long term.
Even a few sessions with an advisor can give you greater clarity—and confidence—in your financial future.
5. Rethink What Retirement Means
Today’s retirement often looks very different from previous generations. Thanks to longer lifespans and more flexible work opportunities, many retirees choose to keep working in some capacity—whether part-time, remote, or as a consultant.
A recent study from Bain & Company found that over 40% of workers plan to continue working past age 65. This shift reflects both financial considerations and a desire to stay mentally and socially engaged.
You don’t have to count on income from post-retirement work in your initial plan, but being open to the idea can expand your options and enhance your lifestyle.
6. Don’t Let Fear Be the Driver
It’s natural to feel uneasy when thinking about aging or financial uncertainty. But the best antidote to anxiety is action. The earlier you start planning, the more control you’ll feel.
Consider this: a 25-year-old earning $40,000 annually needs to save around 6.5% of their income each year to have a good shot at funding retirement. If that same person waits until age 40 to start saving, they’ll need to contribute over 16% annually to reach the same goal. That’s the power of early and consistent action.
Remember, good planning doesn’t mean depriving yourself now—it’s about creating balance. Enjoy today while setting yourself up for a fulfilling and secure tomorrow.
Final Thought
Retirement confidence doesn’t come from hitting a magic number in your savings account. It comes from having a thoughtful plan, understanding your needs and goals, and making steady progress toward them. With clarity and proactive steps, you can shape a retirement that brings peace of mind and joy in equal measure.
Sources:
https://www.firstcitizens.com/personal/insights/retirement/feel-more-secure-about-retirement-funds
Disclosure:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This material is provided as a courtesy and for educational purposes only.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.