Four steps to living well in retirement

Living well in retirement means something different for everyone. What does it mean to you?

Your retirement is here, or on the horizon. And while everyone’s idea of retirement is unique, we all need a plan to help make that idea a reality. The good news is that planning for retirement starts with 4 easy steps.

Step 1: Set your retirement goals

First and foremost, you have to cover the basics. That’s paying for everyday expenses like food and housing.

You’ll also want some money set aside for emergencies, like home repairs or a big health expense.

Now move on to the fun stuff and set some goals for the lifestyle you want.

You may also want to consider putting money aside for loved ones or your favorite charity.

Step 2: Prepare for risks

Not everything is in our control. We all need to expect the unexpected. From medical bills to stock market ups and downs, a little bit of planning can help you face those financial risks with confidence.

Step 3: Determine your resources

You’ve dreamed about retirement. To see about making it real let’s look at your financial resources.

These can include things like Social Security benefits, your employer’s retirement plan, an IRA, and other savings. You’ll also need to think about how to invest and grow some of that money in retirement, and how you’ll access it.

All your resources can help to support your goals and reduce your risks.

Step 4: Make a plan

So, get going! Make your plan by setting your goals, preparing for the unexpected, and determining your resources. Living well in retirement means something different for everyone—find out what it means to you.

To get started now, log in to your retirement plan account at vanguard.com/MyRetirementRoadmap.

Whenever you invest, there’s a chance you could lose the money.

Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.