Planning for retirement is never a “set it and forget it” activity: There are unexpected disasters, market drops, and changing laws that invariably cause retirees to reevaluate their plans. Diseases, natural disasters, or political instability are examples of things that can cause market downturns or drops. Such occurrences are difficult to predict, and their consequences can cause people to make hasty decisions with their finances. However, you can prepare yourself for a downturn by having a solid financial strategy in place. The most recent bout of “market panic” likely won’t be the last one you’ll see in your lifetime, so why not have a plan to address future market drops? If you’re concerned about your financial security as you near and enter retirement, assessing your risk tolerance, reevaluating your portfolio, and seeking professional advice could be a good idea.

Social Security planning is one of the most important elements in any retirement plan, but getting the most from your Social Security benefit can also feel complex and frustrating. In our guide, “Optimizing Your Social Security in Today’s World,” you’ll uncover practical tips and easy-to-understand steps to get the most out of your Social Security benefits.

We believe it’s important that you look to employ “tax diversity” in your retirement plan. Different types of investments can impact your taxes differently. Having accounts that receive varying tax treatments is a key strategy. You should work with a qualified professional to help determine exactly how much you should have in each tax “bucket” to help minimize your overall tax burden in retirement.

While the tax code can be incredibly complex, you still need to stick to the basics when it comes to filing and preparing your tax returns. So, here are our 5 tips to help you better prepare for tax filing this year.

Here’s proof that funding retirement has changed. In 1970, 45% of private-sector employees were covered by a pension plan. Now, 4% are covered. If workers do receive their pension, they may have to decide between receiving larger payments over their lifetime or receiving smaller payments over their and their spouse’s lifetimes.

In 2023, we saw a continuation of market turbulence, loosening of labor markets, and lighter inflation due to economic tightening from the Federal Reserve. Compared to a couple of years ago, you may have noticed higher prices on the items you buy every week and may be wondering if we’ll continue to see high inflation. Nobody can predict the future, so if you’re nearing or in retirement, you should aim to protect yourself from the eroding effects of inflation.

Your 401(k) provider is required to disclose all fees to you, as per a 2012 mandate of the U.S. Department of Labor. They will likely be stated in the prospectus you receive when you enroll in a plan. If you opened your 401(k) years ago and don’t remember seeing this prospectus, you can check in the updates you most likely receive annually. Look for categories or line items like “Total Asset-Based Fees,” “Total Operating Expenses As a %,” or “Expense Ratios,” which all measure fees.

For many years, you’ve been the captain of your ship. Running your own business hasn’t been easy, and success was never guaranteed. Retirement planning is the next uncharted waters for you, and there’s no one-size-fits-all map. Ultimately, when you own your own business, you must create your unique retirement strategy. This means setting up a succession plan for your business and a retirement income plan for yourself. This starts with figuring out the who, what, and when of your business succession plan.