Explore Retirement Pension Plans - Discover Useful Information

 These materials are intended for educational and informational purposes only. They are not intended to be specific to anyone's particular circumstances. This information should not be considered investment advice and it does not recommend that anyone take (or refrain) from taking any particular action. Securian Financial Group and its subsidiaries have a financial stake in the sale of its products.

Securian Financial Services, Inc. Securities Dealer, Member FINRA/ SiPC. Variable products are available from Securian Financial Services, Inc. 400 Robert Street North St. Paul, MN 5512098. 1-888-237-1838

Securian Financial offers qualified retirement plans through a group variable contract from Minnesota Life Insurance Company.

Minnesota Life Insurance Company and Securian Life Insurance Company are New York-authorized insurers that issue insurance products. Minnesota Life is not an approved New York insurer. It does not carry out insurance business in New York. Both companies are located in Saint Paul, MN. Products and features can vary from one state to the next. Each insurer is responsible for any financial obligations arising from the policies or contracts they issue.

Securian Financial is the marketing term for Securian Financial Group, Inc. and its subsidiaries.

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Questions to ask when you are planning for retirement in your 50s and 40s.

Retirement is closer at this stage. This means that you will have more freedom and time to do the things you love.

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It doesn't matter what your vision of the next phase is after your working years. It's time for you to maximize the savings you have made and not to jeopardize your retirement plans.

In your 40s and 50s, it is a great time to start thinking about how you will live when you retire. Also, take stock of your financial situation. You should consider the following:

• Your current portfolio mix
• Current assets
• Your future assets vs. your income
• How to get Social Security
• How much you will pay for your health care costs
• Tax implications of reducing your assets over time

Are you ready to retire when you want? You have plenty of time to catch up if you are not. Let's talk about how to create a solid financial plan for retirement.

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What will you do with your retirement time?

Your retirement financials will be affected by how you spend your time. While you may have already started to think of ideas, now is the time for you to plan your retirement.

What lifestyle would you prefer? It doesn't matter if you want to spend summers fishing, or go on an annual trip to Jamaica. Now it is time to start thinking. While you may not have all the answers, you can always revisit them over time to add more information.

Here are four questions that you need to ask yourself in order to be ready for retirement.

1. What are you going to do with your retirement years?

You can make retirement a rewarding time by pursuing your passions or other pursuits like volunteering. What is your average day like? It can be costly to travel and pursue hobbies. It is important to ensure that you have sufficient income to afford the lifestyle you desire. Inflation will make it more expensive to live a basic life.

2. What will you do in retirement?

Retirement may not seem like a clear line between work and retirement for many. Perhaps you enjoy the sense of purpose and social interaction associated with working. Part-time work could be an option to transition into retirement. What about the income?

3. Who can you rely on for financial and personal support?

Consider how your adult children and grandchildren may depend on you financially if you have them. Do you care for an elderly parent now or in the future? This could have a negative impact on your financial situation. Consider the time and dollar costs of this support and add it to your retirement plan.

4. Where will you retire?

Your income and well-being in retirement will be affected by where you live. Are you going to move? You might move closer to your family. Downsize? Make sure you research the impact of income taxes on where you intend to live. You should consider how your living environment and location will adapt to your changing needs. Is it better to have a single-level home or a multi-level one?

What amount of income will you be able to make in retirement?

Social security should not account for more than half your future income. Your retirement plan, pension plan, and savings will have to cover the remainder.

• Have you recently checked the balance of your 401(k), account?
• How recent is your Social Security estimate?
• Inflation is an important aspect of your retirement income strategy. The inflation rate average has been around three percent.

This is the best time to assess your ability to earn enough money to support your retirement lifestyle.

To determine how much you should save each year, you'll need to calculate the potential retirement income requirements, keeping in mind your retirement goals.

What if you start retirement savings late?

Perhaps you haven't been saving enough up to now. It's never too late! You should consider investing as much money in your 401(k), either before or after taxes. Also:

• You might consider opening a Traditional or Roth IRA.
• Be aware of how much debt you have and make sure to pay it off before retiring.
• You might need to consider whether you require the assistance of a financial professional.
• Diversifying your assets is a good idea.
• Don't take additional risk to make up the time lost. It is important to get started. You can increase your savings over time. This can really pay off. Don't panic if you aren't where you need to financially be right now. There is still time to make changes.

What can you do to prepare yourself for retirement?

These are the three steps that you can use to assess your financial situation and make a plan for retirement.

• Talk to a financial professional about:
  • Your age, risk tolerance, and investment objectives will all be considered when assessing your investment portfolio.
  • Take stock of where you are financially and make the right decisions.
• Consider your long-term health
  • Keep healthy by eating right, and doing regular exercise
  • Consider long-term care options
• Smart money management is key
  • If you have extra income, you should direct it to your savings.
  • Consider the implications of a large purchase on your retirement plans before you make that big purchase.