Retirement 101

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At SummitStone Retirement Partners, we believe retirement shouldn’t be confusing or overwhelming. Whether you’re starting out in your career, at the halfway point, or nearing retirement, the right plan helps you Save wisely, Plan confidently, and Protect what matters most—bringing you peace of mind and financial confidence.

This page is your comprehensive starting point—a plain-language guide to understanding retirement, the phases you’ll go through, and the tools available to help you succeed.

Too many hardworking Americans retire without enough income, or with savings that don’t last as long as they do. A strong retirement plan helps you:

• Save for the future you want.
   
• Plan for when and how to use your benefits.
   
• Protect your income and family from risks.
   

It addresses three major concerns:

• Longevity Risk – Outliving your money.
   
• Market Risk – Volatility reducing your savings.
   
• Healthcare & Inflation Risk – Rising costs eating into your income.
   

By tackling these risks early, you ensure more control, more confidence, and more options.

Retirement isn’t just one event—it’s a journey with three distinct stages.

This is where the foundation is built. You’re earning, saving, and investing toward the future.

• Key Accounts: 401(k), 403(b), 457 plans, IRAs, Roth IRAs.
   
• Questions to Ask: Am I saving enough? Am I using Roth vs. Traditional accounts effectively? How do I balance growth with protection?
   
• Common Mistakes: Not saving early, cashing out retirement accounts, or relying only on Social Security.
   

Here, your focus shifts from building wealth to using it wisely. This is where planning and protection matter most.

• Key Tools: Pensions, Social Security, annuities, systematic withdrawals.
   
• Questions to Ask: Should I take my pension as a lump sum or lifetime income? When should I claim Social Security? Do I have enough guaranteed income for monthly expenses?
   
• Common Mistakes: Drawing down too quickly, ignoring taxes, or being too exposed to market risk.
   

Now it’s about protecting what you’ve built and ensuring your loved ones are cared for.

• Key Tools: Life insurance, long-term care planning, estate strategies.
   
• Questions to Ask: Will my spouse have enough income if I pass away? Have I updated my beneficiaries and estate documents? What’s my plan for healthcare and long-term care?
   
• Common Mistakes: Overlooking legacy planning, ignoring tax impact on heirs, assuming Medicare covers all care needs.
   

At SummitStone, we help you navigate the essential building blocks to Save. Plan. Protect. effectively:

• Workplace Retirement Plans (401(k), 403(b), 457): Tax-advantaged accounts that often include employer contributions.
   
• Pensions: Critical for many in union, education, and public service roles. Choosing the right payout option is key.
   
• Social Security: A cornerstone for many families, where the timing of your claim can make a 20–30% difference in benefits.
   
• IRAs & Roth IRAs: Flexible accounts that complement workplace plans; Roths provide tax-free income in retirement.
   
• Annuities: Insurance-based tools for guaranteed lifetime income, principal protection, or growth without direct market risk.
   
• Life Insurance: Protects your family and, in some cases, can supplement retirement income.
   
• Healthcare & Long-Term Care: Often underestimated, but essential to plan for early to reduce financial stress later.
   

How much do I need to retire?
There’s no one-size-fits-all answer. It depends on your lifestyle, income sources, and family goals. A personalized review gives you clarity.

When should I start planning?
Today. Even if you’re close to retirement, strategies can maximize your benefits.

Can I retire without a pension?
Yes. IRAs, annuities, and other guaranteed income tools can replace or supplement a pension.

Should I pay off my mortgage before retirement?
Sometimes yes, sometimes no—it depends on interest rates, income flow, and your overall plan.

1. Relying only on Social Security.
    
2. Claiming benefits too early without a plan.
    
3. Taking pension lump sums without income protection.
    
4. Failing to prepare for healthcare costs.
    
5. Ignoring inflation’s impact on purchasing power.
    
6. Waiting too long to start saving.
    
7. Not updating beneficiaries on accounts and policies.
    

We specialize in insurance-based retirement solutions (not securities), with a focus on:

• Clarity – Straightforward guidance, no jargon.
   
• Planning – Strategies designed to maximize your income and protect what matters.
   
• Protection – Safeguarding your income and assets from unnecessary risks.
   
• Personalization – Tailored reviews of pensions, workplace plans, Social Security timing, and family goals.
   
• Partnership – Walking with you every step of the way, not just at the start.
   

We understand the challenges of union families, teachers, healthcare workers, and tradespeople—because we’ve lived them ourselves.

Here’s how to get started today:

• Schedule a Free Retirement Review – Walk through your pension, 401(k), Social Security, and insurance with us.
   
• Download Our Free Guide: “5 Steps to Retirement Confidence.”
   
• Sign Up for Our Newsletter – Get ongoing education and updates to keep your plan on track.
   

At SummitStone Retirement Partners, our mission is simple: Save. Plan. Protect.