10 Steps To Having A Successful Retirement

10 Steps To Having A Successful Retirement

Are you getting ready to enter into the next stage of your life and retire? Congratulations!

Retirement is an exciting time; it signals a period where you can take the time to relax, explore, or even return to some of your favorite hobbies.

But if you want your retirement experience to be as successful as possible, there are certain steps that could help make sure that happens.

Here are ten key tips for having a successful retirement!

Determine Your Guaranteed Income

As we consider our future in retirement, we all have hopes and dreams of what we want to do with our newfound free time. 

However, without proper planning, those aspirations could quickly crumble. 

Determining your base of guaranteed income is important to have a successful retirement because it helps set the foundation for your financial stability. This money does not fluctuate based on things like stock market volatility or interest rate changes.

Understanding where your money will come from, how much you can expect, and how long it will last is important to feeling more secure and confident in your retirement. 

Plus, with the unpredictability of life, having a guaranteed income can help provide a safety net to help protect against unexpected expenses and keep your retirement plans on track. 

So, take the time to assess your options and determine how much-guaranteed income you will need – it’s an important step towards a happy and worry-free retirement.

Determine The Right Pension Payout

If you’re fortunate enough to have a pension, determining the proper payout is an important step you can take to help secure a successful retirement. 

Why is it so important? Your pension will likely be one of your most significant sources of income during your retirement. So, getting it right is important. 

The proper payout can help give you the financial freedom to pursue the retirement of your dreams, whether traveling the world or spending time with family. 

However, making the wrong payout choice could be costly and leave you struggling financially. 

When choosing between your payout options, you should also consider what happens to the payout when you pass away. Most pensions offer joint-and-survivor options which allow your spouse to continue receiving a portion or even all of your pension payout after you pass away. Though selecting the joint-life option would lower your benefit amount, your spouse may need that income to live on if you pass away first. 

Taking the time to consider your options and make informed decisions today will be beneficial in the future. It will help provide you with peace of mind and the opportunity to enjoy your retirement to the fullest.

know your guarantied income as part of a Successful retirement

Determine When You Will Receive Your Guaranteed Income

As we all know, retirement can be a scary topic for many of us. However, there are many factors to consider and plan for, such as making sure that you have saved enough money to support yourself throughout your retirement. 

One important step to consider is determining when you will receive your guaranteed income. This may not be something we all think about right away. Knowing when this income will come in can help you plan your budget more accurately and give you peace of mind that you can cover your expenses on a monthly basis in the future. 

Social Security benefits are typically dispersed on a monthly basis, with the specific payment date determined by your date of birth, when you elect to begin taking payments and lifetime earnings. Pensions, on the other hand, may be paid out quarterly, monthly, or even bi-weekly, depending on the particular plan. Similarly, the payment frequency for an annuity can vary, offering different options for receiving payments.

Please don’t overlook this step in your retirement planning, as it could make a big difference in your quality of life once you retire.

Determine How Much You Will Spend

Do you know how much money you will spend in retirement? 

People assume they can live on a lesser percentage of their current income in retirement. However, having more free time can lead to more spending. 

You must determine how much you will spend in your golden years, as you don’t want to end up dipping into your savings to pay for your daily necessities. It’s important to consider all your future expenses, such as housing, healthcare, travel, and leisure. 

Sit down and create a budget to identify your expenses to help determine how much you need to save and invest to help achieve your retirement goals. Remember, the earlier you start saving, the easier it is to reach your targeted savings goal in the future.

Determine If You Have Enough Guaranteed Income To Cover Your Required Spending

As we approach retirement, many of us start to worry about whether we will have enough money to meet our expenses. And it’s not just a matter of having enough money in the savings account – it’s a good idea to have enough guaranteed income to cover your required spending. 

Guaranteed income sources from retirement accounts such as Social Security or a pension can help give us a sense of security, knowing that we have a certain amount of money coming in each month. 

If your guaranteed income exceeds your required spending each month, then you at least know you have enough money coming in each month to cover basic expenses to maintain your lifestyle. 

However, if your guaranteed income is less than your required expenses, you risk relying on your savings, which could be depleted more quickly than expected – especially if unexpected expenses come up. 

By taking the time to calculate your guaranteed income and expenses, you can make more informed decisions about how much you need to save and how you will manage your money in retirement.

What Do You Do If You Don’t Have Enough Guaranteed Income To Cover Required Expenses

Retirement can be a wonderful time that’s full of relaxation, hobbies, and exploration. But let’s be honest. It can also be worrisome if you don’t have enough guaranteed income to cover your required expenses. 

So, what can you do if you don’t have enough? Well, first and foremost, don’t panic. There are options you can explore depending on your situation. 

You can minimize your expenses by downsizing your living situation or cutting back on expenses you no longer need. 

Alternatively, you can consider generating more income and building wealth in retirement by turning your favorite hobby into a side gig or finding remote work opportunities. 

Talking to a financial professional could help give you more ideas on ways to help reduce expenses and/or generate more guaranteed income based on your current financial situation.

What To Do If Cutting Expenses Isn’t Enough

What do you do when trimming your budget isn’t enough to cover your required expenses? This can sometimes be a real concern for retirees. 

You may have already downsized your home, eliminated non-essential expenses, and even picked up a part-time job. But sometimes, these changes still don’t quite close the gap. 

This may be a good time to seek out the advice of a financial planner or retirement specialist. 

Financial planners can help you look for ways to boost your retirement income long-term, with a variety of income strategies and/or insurance vehicles that can generate guaranteed income. These strategies come with their own benefits and costs, so be sure to consider your options before committing.

reinvest extra money a part of a successful retirement strategy

What To Do With The Rest Of Your Nest Egg Once Expenses Are Covered

After years of hard work and dedicated savings, reaching the point where you can finally cover all of your expenses in retirement is a huge accomplishment. 

But once you’ve achieved that milestone, what’s next? 

It’s important to have a well-thought-out investment strategy in place for the rest of your retirement savings so that your money can continue to work for you throughout retirement. 

This plan should take into account longevity, inflation, and unexpected expenses such as medical expenses in the future.

Whatever your approach, it’s important to stay flexible and be willing to make adjustments as needed to ensure that your money lasts as long as you need it to. 

Talk to a knowledgeable securities licensed financial professional. They can help you determine your appropriate risk level and then recommend a strategy that meets your risk tolerance. They can also set up a distribution schedule to help you tap into your nest egg in a responsible and disciplined manner.

Determine What Happens If You Can’t Make Decisions For Yourself

Do you have a plan in place in the event you can’t make decisions for yourself? 

Although this is not a pleasant thought, it’s an important one. Failing to plan for such a situation could cause unnecessary stress on you and your family members. 

By planning for any such contingencies, you help ensure that your wishes are understood and followed, and your family members won’t have to make decisions they’re unsure about for you. 

Therefore, plan in advance and establish the appropriate legal documents that will help make it easier for your family to manage your affairs and make better decisions when you can’t.

Determining What Happens When You Pass Away

When planning for retirement, you’re usually not just planning for yourself. So, what happens when you pass away?

Again, it’s not the most pleasant of topics to consider, but it is an important conversation to have. 

If you have a spouse who will need financial support after your passing, it’s important to make sure your affairs are in order and that there is a plan for what happens to your assets and loved ones after you are gone. This will help provide peace of mind for you and your family. 


Achieving a successful retirement takes careful planning and disciplined execution. By following these 10 steps, you can help set yourself up for a financially secure and fulfilling retirement. 

Start early by setting clear retirement goals, creating a comprehensive savings plan and seeking professional financial advice when needed. It’s also important to stay flexible and adaptable, adjusting your plans as necessary to ensure a smooth transition into this exciting new chapter of your life. 

Remember, retirement is not just the end of a career; it’s the beginning of a whole new adventure. Start planning for retirement and building a more secure retirement plan by contacting Intelliplan Financial today!


Disclosure: Financial Planning and Advisory Services are offered through Prosperity Capital Advisors (“PCA”), an SEC-registered investment adviser.  Registration as an investment adviser does not imply a certain level of skill or training. Intelliplan Financial and PCA are separate, non-affiliated entities. PCA does not provide tax or legal advice. Insurance services offered through Intelliplan Financial are not affiliated with PCA.

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Financial Planning and Advisory Services are offered through Prosperity Capital Advisors (“PCA”), an SEC registered investment adviser.  Registration as an investment adviser does not imply a certain level of skill or training. Intelliplan Financial and PCA are separate, non-affiliated entities. PCA does not provide tax or legal advice.

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