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UToledo Human Resources

Retirement Planning

As you approach retirement, there are many factors to consider. Experts advise that you will need about 80 percent of your pre-retirement income in your retirement years. The exact amount depends on your individual needs. If you have a financial advisor, talk to him or her about your plans. Here are some questions to ask yourself:

  • At what age do you plan to retire?
  • Will your spouse or partner retire when you do?
  • Where do you plan to live? Will you downsize, own, or rent your home?
  • Do you expect to work part-time?
  • Will you have the same medical insurance you had while working? Will coverage change?
  • Do you want to travel or pursue a new hobby that might be costly?

In addition to planning to maintain your lifestyle during retirement, you may need to purchase long-term health insurance or pay for assisted-living services. Take advantage of interactive tools and calculators that can help you plan your retirement. For example, at https://www.consumerfinance.gov/consumer-tools/retirement/before-you-claim, the Consumer Financial Protection Bureau offers a calculator to help you see how your Social Security retirement benefits will change based on factors like your age, life expectancy, or marital status. Also, use estimators, like the ones at https://www.choosetosave.org/ballpark, to learn how much, you need to save to retire comfortably. Your retirement plan vendor will also have a calculator to help plan your financial need.

For more information go to the following websites:

Last Updated: 2/28/24