10/08/2026
Retirement planning involves more than reaching a certain savings goal. It's about understanding how your money will support the life you want to live, how long it needs to last and what decisions you'll need to make along the way.
In a recent conversation, Brent Schafer, TPCP®, CFP® and Tyler Pearson, CFP® discussed five important decisions to consider before retirement:
• When can you afford to retire? Look beyond your account balance and consider what your savings can realistically support based on your spending and lifestyle.
• How will you create income? Think about how Social Security, pensions, investments and cash reserves will work together to replace your paycheck.
• When should you claim Social Security? Your timing can affect your retirement income, taxes, investment withdrawals and even your spouse's future benefits.
• How will your taxes change? The years between retiring and claiming Social Security may offer opportunities to make tax-planning decisions that affect your lifetime tax bill.
• What could disrupt your plan? Health care, longevity, family circumstances and unexpected changes can all affect your retirement. Your plan needs room to adapt.
The important thing is how these decisions work together. A choice that makes sense for one part of your finances can affect another, which is why looking at your entire financial picture matters.
Watch Brent and Tyler's full conversation on YouTube: https://www.youtube.com/watch?v=3hE84dJIjmw
