Design Your Retirement in Five Steps

Mike thumb By Michael Morey, Financial Advisor, RJFS



How much money do I need in order to retire?

This is the question that many people struggle to answer when thinking about and planning for eventual retirement.

Unfortunately, there is not a fool-proof formula or crystal ball that shows the answer. There are, however, many steps and planning strategies that can help to ensure you will have enough money saved to meet your retirement goals.

Here are five steps to consider when designing your roadmap to retirement:



Although the word “budget” can seem like a four-letter word, this is one of the most vital steps to a successful retirement plan. Developing a budget based on today’s spending habits will help you determine your future spending (and retirement income) needs.

Tip: Break your current spending habits into categories, such as: mortgage, utilities, food. Then add in the future items you want to spend on, such as: travel, entertainment, and other goals. Finally, don’t forget to account for inflation, taxes or additional expenses like increased health care needs.


Where will the money come from? Common sources of retirement income include: Social Security, part-time employment income, spousal benefits, pensions, and retirement plans such as an 401Ks, IRAs or Roth IRAs. Social Security will typically replace about 40% of the average worker’s earned income. The remaining 60% of income replacement is up to you as the investor to come up with.

Tip: Take advantage of company retirement plans with their higher annual contribution limits than IRAs or Roth IRAs. This allows you to save significantly more over time, especially if an employer match adds additional money each time you contribute. If possible, contribute enough to capture the full amount of the match so as not to leave ‘free’ money on the table.


Your personal financial planner at Morey & Quinn Wealth Partners can help you choose from a number of investment options for your portfolio. Our financial planning services include guidance for selecting alternative investments, such as separately-managed and unified-managed accounts, managed discretionary accounts, wrap accounts, structured products and options, and other traditional offerings such as equities, fixed income, annuities, mutual funds and exchange-traded funds. The team at Morey & Quinn Wealth Partners can advise you on investment strategies and products to build a customized portfolio around your needs and goals.

Tip: Work with a registered financial advisor who can help optimize your investment portfolio for growth potential, capital preservation, retirement income generation and other factors.

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Before you know how much you will need to save, you will need to determine how much risk you are comfortable taking. There is no “one size fits all” when it comes to risk tolerance. An investor with a higher risk tolerance may potentially realize higher average returns over time and thus need to contribute less for retirement. Conversely, a more conservative investor could realize lower returns and may need to contribute more to their retirement accounts in order to compensate for these lower returns over the long term.

Tip: Discover your Retirement Planning Priorities with a no-obligation consultation at the Morey & Quinn Wealth Partners office in Omaha, Nebraska.

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Many of us simply do not have the time, resources or knowledge to properly plan for retirement without outside help. By enlisting a Financial Advisor, you can gain access to a multitude of resources, including planning software, to help design your customized retirement plan. A personal financial planner is there to help keep your plan on track, even through periods of market volatility, and can help you adjust to changing needs whenever life brings the unexpected.

Tip: It’s important to work with a financial advisor who you feel has your best interests at heart. Your advisor should ask what's important to you. Personal conversations about how you see your life in retirement will establish key foundations to help make your retirement goals a reality.

Your journey to a well planned life begins now.

No matter what stage of planning you’re in, we can help you pursue the retirement goals that matter most to you. Contact the Morey & Quinn Wealth Partners office serving the greater Omaha, Nebraska area. We have the answers to help get you on your way.

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Any opinions are those of Michael Morey, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Investing involves risk and you may incur a profit or loss regardless of strategy selected.

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