Do You Know Your Retirement Number?

A 4-Part Plan for Building Confidence Before You Retire

By Swan Retirement Planning

Retirement planning isn’t just about reaching a finish line—it’s about knowing how to cross it with confidence and clarity. One of the most powerful steps you can take before you stop working is to assess your financial readiness from every angle, beginning with one crucial question:

Do you know your retirement number?

Understanding the income you’ll need and how to manage it effectively is essential to designing a retirement lifestyle you can sustain—and enjoy. This four-part guide will help you evaluate your needs, identify income sources, create a budget, and implement tax strategies that work for your retirement.

1. Know Your Retirement Number: The Foundation of Financial Confidence

Many pre-retirees focus heavily on growing their nest egg—but the real key is knowing whether that amount will be enough.

Your “retirement number” is the estimated amount of money you’ll need to fund your retirement lifestyle. It’s based on:

  • Your desired retirement age
  • Estimated monthly expenses
  • Life expectancy
  • Healthcare needs
  • Inflation
  • Social Security and pension income

Without this number, planning becomes guesswork. With it, you can:
✅ Set specific saving goals
✅ Adjust contributions, investments, or timelines
✅ Stay focused and motivated
✅ Avoid financial surprises later in life

📞 Let us help you determine your number. Contact Swan Retirement Planning at +1 805 570 3765 for a personalized consultation.

2. Know Where Your Retirement Income Will Come From

Once you know your number, the next step is figuring out how you’ll fund it. Retirement doesn’t mean income stops—it just means income changes.

Consider these retirement income strategies:

  • Bucket Strategy: Separate your assets into short-term (liquid), mid-term (moderate growth), and long-term (growth-focused) buckets.
  • Annuities: Provide reliable, regular income, and can be customized to meet your specific needs.
  • Social Security Optimization: Claiming benefits at the right time can significantly affect your total lifetime income.
  • Tax-Efficient Withdrawals: Smart planning can minimize taxes and stretch your savings.
  • Downsizing: Reducing housing costs or tapping home equity may free up additional cash flow.

📞 Explore your income strategy with an experienced advisor. Call us today at +1 805 570 3765.

3. Budgeting for the Retirement You Envision

According to a recent report, the average retiree spends over $52,000 per year—and that number can vary widely depending on your lifestyle and location.

Building a retirement budget helps you:
✅ Live comfortably within your means
✅ Track new spending patterns
✅ Plan for fun, travel, and hobbies
✅ Prepare for healthcare and emergencies

Start by reviewing all income sources and current expenses. Then separate needs from wants, and review your budget annually to ensure it still reflects your goals and circumstances.

💡 Tip: Think of retirement budgeting as a “reset.” You’ve been saving for decades—now it’s time to spend strategically and enjoy.

📞 Want help creating a retirement budget tailored to you? Contact +1 805 570 3765 and let’s get started.

4. Make Taxes Work With You, Not Against You

You may be retired, but taxes don’t retire with you.

Your tax landscape will likely change, and a smart tax strategy can help you preserve more of what you’ve worked so hard to build.

Tax optimization tips to consider:

  • Contribute to tax-advantaged accounts like Roth IRAs or 401(k)s
  • Consider Roth conversions for future tax flexibility
  • Use tax-loss harvesting to offset gains
  • Time your withdrawals to minimize your tax bracket
  • Plan for Required Minimum Distributions (RMDs)
  • Don’t forget about the potential tax impact of Social Security

📞 It pays to be proactive. Schedule a tax strategy session with us at +1 805 570 3765.

Final Thoughts: Your Number is the Beginning of the Journey

Knowing your retirement number is powerful—but it’s only the beginning. What truly builds financial confidence is having a plan: a plan that includes smart income strategies, realistic budgeting, and thoughtful tax planning.

At Swan Retirement Planning, we help you create a comprehensive roadmap so you can transition into retirement knowing your plan fits your lifestyle and goals—now and for decades to come.

📞 Call us today at +1 805 570 3765 and schedule a personalized consultation. We’re here to help you retire with clarity, purpose, and peace of mind.

Disclosures:

Investment advisory products and services made available through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. Investing involves risk, including the potential loss of principal. Neither the firm nor its representatives may give tax or legal advice. Consult with a qualified professional before making any financial decisions.

Sources:

Gabriel Swan is a Registered Representative with LPL Financial. Securities and advisory services are offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC

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