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Retiring

Make your money last as long as you do

Retirement is the financial goal that everything else builds toward. After decades of saving, investing, and sacrificing, you finally get to flip the equation — drawing down instead of building up. But making that transition successfully requires careful planning to ensure your money lasts as long as you do.

The retirement landscape has changed dramatically. With pensions largely replaced by 401(k)s and IRAs, you're now the portfolio manager of your own retirement. Decisions about when to claim Social Security, how to manage Required Minimum Distributions, and whether to convert to a Roth can add — or cost — tens of thousands of dollars over a 20-30 year retirement.

Retirement planning is deeply personal. Your target savings number, your withdrawal strategy, and your income sources all depend on your lifestyle, health, and goals. The calculators below help you model different scenarios so you can retire with confidence, not uncertainty.

Your Financial Checklist for Retiring

1

Calculate your retirement savings target

How much do you actually need? Model your target based on expenses, income sources, and life expectancy.

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2

Optimize your Social Security timing

Claiming at 62 vs 70 is a massive decision. Model the break-even and optimize for your situation.

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3

Understand Required Minimum Distributions

Once you hit 73, the IRS requires withdrawals from traditional accounts. Plan for the tax impact.

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4

Decide on Roth conversions

The years before RMDs begin are often ideal for Roth conversions. Model the long-term tax impact.

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5

Maximize your final working years

Catch-up contributions let those 50+ save more. Make the most of your highest-earning years.

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Calculators for This Life Event

Each tool is free, instant, and built for exactly where you are right now.

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Retirement Savings Calculator

See if you're on track to hit your retirement number based on your current savings rate and timeline.

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RMD Calculator

Calculate your Required Minimum Distributions and plan for the tax implications starting at age 73.

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Social Security Optimizer

Find the optimal age to claim Social Security to maximize your lifetime benefits.

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Roth vs Traditional IRA

Compare pre-tax vs post-tax contributions to determine the best account for your tax situation.

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401(k) Contribution Calculator

Maximize catch-up contributions in your final working years to boost your retirement nest egg.

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Common Financial Mistakes to Avoid

  • ⚠Claiming Social Security too early — every year you delay past 62 increases your benefit by 6-8%, and waiting until 70 can increase it by 32% vs age 67.
  • ⚠Not planning for healthcare costs — many retirees underestimate healthcare expenses before Medicare eligibility at 65.
  • ⚠Ignoring RMDs until they hit — large traditional IRA balances can trigger significant tax bills starting at 73.
  • ⚠Withdrawing from retirement accounts in the wrong order — sequence matters for minimizing taxes over a multi-decade retirement.
  • ⚠Underestimating longevity — with average life expectancy at 78+, a 65-year-old couple has a high probability of at least one partner living to 90 or beyond.

Frequently Asked Questions

How much do I need to retire?▼
A common guideline is 25x your annual expenses (the 4% rule). If you spend $60,000/year, you need ~$1.5 million. But this varies based on Social Security income, pensions, health, and risk tolerance. Use the retirement calculator to model your specific situation.
When should I claim Social Security?▼
If you can delay, waiting pays off for most people. Benefits grow roughly 8% per year from 62 to 70. If you're in good health and don't need the income immediately, waiting typically results in significantly higher lifetime benefits.
What's a Roth conversion and should I do one?▼
A Roth conversion moves money from a traditional IRA to a Roth IRA, paying taxes now to enjoy tax-free withdrawals later. The sweet spot is typically between retirement and age 73 (when RMDs begin), especially in low-income years.
What are Required Minimum Distributions (RMDs)?▼
Starting at age 73, the IRS requires you to withdraw a minimum amount each year from traditional IRAs and 401(k)s. The amount is calculated based on your account balance and life expectancy factor. Failing to take RMDs results in a steep 25% penalty.

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