Money Management

Five-Year Retirement Countdown Checklist

The five years leading up to retirement are the ideal time to take stock of how prepared you are for the changes ahead. What will your lifestyle be like in retirement? How will you live within a different budget than during your working years? There's no one-size-fits-all solution for retirement, only a personalized strategy that works for you.

According to a 2013 study by Fidelity Investments on retirement readiness, 55% of Americans are in danger of not being able to cover basic expenses, such as housing and food, when they retire.* As you approach retirement, the assessment of your preparedness becomes even more important. Our team can help you anticipate, estimate, and calculate the retirement income you'll need, and determine how close you are to meeting that goal.

We'll help you answer these important questions:

  • Are you contributing enough to your retirement account so you receive the maximum employer match?
  • Have you identified all potential sources of income in retirement (part-time employment, rental property, etc.)?
  • Have you estimated what your cost of living may be in retirement, including healthcare costs?
  • At what age is it optimal for you to begin taking Social Security benefits?
  • What will your withdrawal strategy be once you are in retirement?
  • Will longevity be an issue that causes you to outlive your retirement money?
  • Have you chosen a target date for retirement?

Five, Four, Three, Two, One
Time is on your side when it comes to retirement planning, so the closer you get to retirement the more important it is to check items off your list. Not only will your money grow over time, but you'll also have the opportunity to pay down any lingering debt (auto loans, credit cards) that can have an effect on your retirement income stream.

Once you've figured out how much money you'll need to live on in retirement, you may want to consider a practice run living within your retirement budget. If the budget needs adjusting, we can help you identify appropriate strategies ahead of time so you can have confidence in your retirement years.

Not sure where to start? The experienced and knowledgeable team at Orange County's Retirement and Investment Services can provide trusted guidance for the important financial decisions in life. As you plan for retirement, we're with you all the way. To learn more, contact us at (888) 354-6228 ext. 7599.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/ SIPC). Insurance products are offered through LPL or its licensed affiliates. Orange County's Credit Union and Orange County's Retirement & Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Orange County's Retirement & Investment Services, and may also be employees of Orange County's Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Orange County's Credit Union or Orange County's Retirement & Investment Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency Not Orange County's Credit Union Guaranteed Not Orange County's Credit Union Deposits or Obligations May Lose Value