Retirement Planning

Retirement Planning for the Life You’ve Worked Hard to Build

Retirement changes the financial questions you need to answer. Instead of focusing primarily on saving, you need to determine when you can retire, how to turn your savings into income, how taxes may affect your withdrawals, and how to make your money last while still providing for the people and causes that matter to you. Because there are so many factors that can impact your retirement, a one-size-fits-all approach doesn’t work. At Trust Point, our retirement planning services are tailored for your specific needs, finances and goals.

Are You 5 to 10 Years from Retirement?

You’ve spent decades saving and investing for retirement. But as retirement gets closer, the questions begin to change. It’s no longer just about how much you’ve saved, but also about how all the pieces of your financial life will work together when the paycheck stops. You may wonder:

Is my tax strategy optimized?
Am I prepared for healthcare expenses?
What should I do with my 401(k)?

Trust Point is here to help you transition to retirement, stress-free.

Preview of Trust Points Retirement Lifestyle Quiz

What's Your Retirement Lifestyle?

What do you want life to look like when the pace finally slows? Defining that vision is the first step toward making it a reality. Take our Retirement Lifestyle quiz to discover which retirement lifestyle fits you best: Explorer, Connector, Steward, or Seeker.

Take the Retirement Lifestyle Quiz

Try Our Retirement Calculator

How much money you will you have each month during retirement? Get an estimate in under a minute with our simple retirement calculator.

Try the Retirement Calculator

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Retirement Planning FAQs

When should I start retirement planning?

You should start planning for retirement as early as you can to take advantage of compound interest. However, it is never too late to start saving for retirement – whether you’re in your 30’s or 60’s, there are strategies you can use to save.

If your employer has an employer-sponsored retirement plan, start saving with it, and take advantage of the full match as soon as you can. If your employer doesn’t have a retirement plan, you can open an IRA savings account on your own. If you started later than you would have liked, you can start making catch-up contributions at age 50. Once you’re nearing your 60’s, a common decade for retirement, planning for your retirement with the help of a financial professional can help you determine how many years your savings will support.

How does Trust Point help clients prepare for retirement?

Planning for retirement can feel overwhelming and leave you with many questions – How much do I need to save? How long will my retirement last? Our team of financial professionals has years of financial and retirement planning experience and are here to guide you along the way. We look at your current financial situation, listen to your goals, and help you come up with a plan to achieve them. Additionally, we have tools like the Retirement Calculator and Retirement Lifestyle Quiz, and a blog full of resources to help guide you along your retirement-planning journey.

What factors should be considered when creating a retirement income plan?

When creating a retirement income plan, it’s ideal to consider five key steps:

Evaluate your current financial situation: Know your income sources, expenses for basic living needs, and prepare for potential healthcare expenses.
Set realistic goals: Where do you want to live in retirement? Do you plan to travel? Do you want to set aside money to save for your family?
Diversify your income sources: A combination can help you manage risk and potentially increase your overall income stability
Define a withdrawal strategy: Your planned withdrawal strategy will need to be sustainable, and you’ll want a plan to know where you will pull income from first – tax-deferred (401(k), 403(b), and traditional IRAs), tax-free (IRAs and Roth 401(k)s), or after tax accounts(brokerage, joint investment, and other non-retirement investment vehicles).
Avoid common mistakes: overlooking inflation, not creating a flexible retirement plan, counting on one income source, and considering a shorter retirement than expected are common retirement planning mistakes we see. Plan ahead today.

How does retirement planning connect with investment management, tax planning, and estate planning?

Investment management, tax planning, and estate planning are interwoven into retirement planning.

How you invest throughout your lifetime will have an impact on your total retirement savings. As you near retirement, your investment strategy and portfolio will likely change and become less risky as your investment timeline shortens.

Which accounts you choose to use for retirement planning ultimately revolves around tax planning. You will need to decide whether you will save through a tax-free, tax-deferred, or after-tax account.

When it comes to estate planning, your retirement funds are part of your total wealth that you build throughout your lifetime. Estate planning involves the preservation and transferring of your funds upon death. Ensuring your beneficiaries are up-to-date through your retirement planning journey helps ensure your assets are transferred to whom you wish as they can override what is stated in your will or estate plan.

How often should a retirement plan be reviewed?

It’s a good idea to review your retirement plan at least once a year when you are 5-10 years from retirement. An annual review also gives you the opportunity to evaluate your investment allocation, retirement income plan, tax strategies, beneficiary designations, and overall financial goals. Regular reviews help keep your plan aligned with your evolving needs and provide greater confidence as you move through retirement.

If you are farther from retirement, reviewing your plan every few years is okay. If you experience a major life event, such as retiring, changing jobs, receiving an inheritance, getting married, welcoming a grandchild, or experiencing a significant change in your health or finances, these can all affect your long-term strategy and prompt a retirement plan review as well.

Does Trust Point help clients who are already retired as well as those preparing for retirement?

Yes. Trust Point helps individuals and families both prepare for retirement and navigate retirement with confidence. For those approaching retirement, we help answer important questions like when you can retire, whether your savings will last, and how to create a sustainable retirement income plan.

For clients who are already retired, we focus on retirement withdrawal strategies, tax optimization, and preserving wealth for future generations. Because retirement planning is an ongoing process, we regularly review and adjust your plan as your goals and circumstances evolve.

Personal Service, Professional Expertise

As a fiduciary, we believe that doing what’s best for our clients is what’s best for Trust Point. For over a century, we have offered a full range of financial services to individuals, families, businesses and charitable organizations. Our goal is to prepare you for your retirement so you can live for today!