7 Steps to Create a Financial Plan for Retirement

1. Set Clear Goals

Determine when and how much you need to retire comfortably.

2. Estimate Expenses

Calculate your expected retirement expenses accurately.

3. Calculate Income

Include Social Security, pensions, and other income sources.

4. Assess Risk Tolerance

Decide how much investment risk you're comfortable with.

5. Plan Investments

Develop an investment strategy based on your goals, expenses, and income.

6. Regularly Review and Adjust

Continuously monitor and adapt your plan as needed.

7. Seek Professional Advice

Consider consulting a financial advisor for personalized guidance.