• Current and past income
• Number of years to your expected retirement
• Current amount in savings and savings rate
• Income sources (social security, military, state or company pensions)
• Current debt
• Upcoming expenses (children, college, special needs, aging parents)
• Current insurance
• Future salary increases
• Retirement Plan contributions
• What you want to do when you retire

We can help you determine what these factors mean and project the type of savings you need for retirement. 

A retirement needs analysis will help show you the difference between the income you can realistically expect to receive from Social Security, a company-sponsored pension, and personal savings/investments compared to the income you think you will need during retirement to maintain a specific lifestyle. If your combined income from these various sources does not balance, you could be faced with a retirement-income gap.

You need to think about your long-term goals and what you would like to do in retirement to start understanding how much you really need to save.

Start investing early and pay yourself first. Obviously, the longer you save, the more money you will have for retirement. Generally, the more time you have, the more aggressive you can afford to be with your investments. Pay off your debt and stay out of debt so you can afford to do the things you really want to do down the line. One of the best strategies for retirement planning is to start planning and saving early.

Social Security will not provide enough to maintain the lifestyle you want through your retirement years. Generally, it is only estimated to provide about 40% of the average retiree's income. Invest in your future and start participating in your company's or an individual retirement plan. With your employer's tax-deferred plan, use valuable pretax dollars to help build your retirement savings. This way, the full amount goes to work for you right away, which can help you build your savings faster. With a tax-deferred account — such as a traditional IRA, a nonqualified variable annuity or your workplace 403(b), 457(b), 401(k) plan — all taxes on interest and earnings are deferred until withdrawal, usually at retirement. Over time, the difference can be substantial.

Select investment options that are available and appropriate for you. Your employer's plan may offer a variety of mutual funds among the different asset categories and classes. We can help you create a mix of investments for your retirement plan goals.