Plan for Retirement

Evaluate what your portfolio and budget will look like and consider additional ways to save.

Plan for Retirement

Evaluate what your portfolio and budget will look like and consider additional ways to save.

To prepare for your life in retirement, it’s critical to create a plan to help you evaluate your current situation and maybe even re-align your expectations moving forward. For example, when you begin mapping out your retirement withdrawal strategy, will your expenses outweigh your savings? How will Social Security and Medicare fit in your retirement budget? With most retirees living 20-30 years beyond retirement, are you prepared for investing in your retirement years?

To help answer these questions and more, use these steps to get started:

Consider Social Security

While you can draw Social Security as early as age 62, you might want to wait to begin your benefits until you reach your full retirement age. If your unique circumstances require you to take Social Security earlier than expected, your payments will be much less than if you wait until your full retirement age.

Sign up for your my Social Security Account and then you can estimate your payments on their site.Social Security for Ministers Article

Enroll in Medicare

At 65, you are now Medicare-eligible. You’re required to enroll in certain parts of Medicare, so don’t put it off — if you don’t take timely action now, you could incur premium penalties. GuideStone can help you with Medicare decisions.

Find out if you are eligible for Medicare with the Medicare Eligibility Tool Medicare FAQs

Plan a Retirement Withdrawal Strategy

You have spent your entire working life saving for retirement. With your crucial income-earning years now coming to a close, it’s time to create a retirement withdrawal strategy. To help your retirement savings last a lifetime, calculate your income need, determine your surplus or shortfall and choose your retirement income solution by using this resource.

Retirement Withdrawal Strategy Retirement Income Estimate Tool

Evaluate your Portfolio

Just because you are on retirement’s doorstep doesn’t mean your investing years are over! In fact, you very likely have an additional 20 to 30 years to invest. Continuing to invest for the long-term with a well-diversified portfolio is a critical part of maintaining a retirement income stream that meets your needs.

Need some help to ensure your portfolio is properly allocated? Schedule an appointment with an advisor to increase your confidence in your plan.

Learn more about investment approaches

Additional Resources

Love and Money: During Your Retirement Years

Over the years, you and your spouse have probably learned how to communicate about finances, but what about your finances during retirement? You can take some simple steps to help ensure you're on the same page and headed for success.

Retirement Income Calculator

Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement. Your annual savings, expected rate of return and your current age all have an impact on your retirement's monthly income. View the full report to see a year-by-year break down of your retirement savings.

Social Security and Medicare in Retirement

Did you know that there are action steps you can be taking right now toward a healthy retirement?
Give us 45 minutes, and we’ll empower you with the information you need to proactively prep for Social Security and Medicare in retirement.

Need help with retirement planning?

Book Call with Advisor

Advisory services offered through GuideStone Advisors^®, a SEC Registered Investment Adviser. GuideStone Advisors is a controlled affiliate of GuideStone Financial Resources. For more information about the firm, products and services, please review the GuideStone Affiliate Form CRS.