By Matt D’Amico
Successful professionals dedicate their careers with the goal of financial stability and independence. And while your golden years may still seem far off, it’s never too early to start retirement planning. For those who’ve delayed planning, now is the perfect time to take action and accelerate your efforts.
This guide outlines key steps and strategies for retirement planning, regardless of your career stage. Discover how to take action today to set yourself up for a fulfilling retirement.
Define Your Retirement Planning Goals
The first step in retirement planning isn’t about money—it’s about your aspirations. You may want to travel the world. You may want to devote time to charitable causes. You may want to pursue projects you’re passionate about.
There are also practical matters to think about. Perhaps you want to downsize your home or join a retirement community.
Take time to envision the retirement you want to experience. Remember to factor in the possibility of inflation in the future. But at this stage, it’s still fair to dream.
Review Your Current Finances
After you’ve created a picture of your retirement, it’s time to assess where you stand financially. Along with retirement accounts, this process should take savings, investments, real estate, and any supplemental income into account. Try to find any gaps that stand between your current responsibilities and your future needs.
With this information in hand, you can begin adjusting to maximize your retirement planning. This may include scaling back your spending habits or reallocating capital to diversify your portfolio. Find ways to take advantage of both short-term growth investments and those with long-term, steady value.
Max Out Your Retirement Contributions
The closer you are to retirement, the more necessary it is to maximize your contributions to your 401(k) or IRA. The Internal Revenue Service (IRS) adjusts its limits on annual contributions every year. In 2025, you can contribute up to $23,500 to your 401(k) account and $7,000 to IRAs. If you’re starting late, you may qualify for higher contributions to catch up under the SECURE 2.0 Act of 2022.
Maxing out your contributions is especially beneficial if your employer matches your funds—that’s basically free money. Additionally, look into plans that come with tax advantages, like Roth IRAs or health savings accounts (HSAs).
Retirement Planning Must Account for Healthcare Costs
Older citizens have more healthcare needs. Some of them aren’t covered by Medicare, so it’s necessary to look into other options to fill the gaps. Supplemental insurance, long-term care plans, and HSAs can go a long way toward paying future medical costs.
Also, think about what living options best fit your health profile. They might include in-home care or assisted living facilities. Factor in those expenses in retirement planning now. You may not end up needing them, but it’s better to be over-prepared than caught off guard.
Look Into Supplemental Income Streams
Planning to live entirely off your retirement account can be risky. Consider generating more income streams in retirement. These may include annuities or investment dividends. You could own rental properties, do consulting, or start a side business. The more diverse your income stream, the better chance you have in market downturns.
Tailored Retirement Planning Strategies With Networth Advisors
You’re now familiar with some foundational steps in retirement planning. Taking action on just a few of these can have a major impact on your retirement readiness.
Having a financial partner by your side serves as an invaluable asset. At Networth Advisors, LLC, we collaborate with professionals from all fields to strengthen their financial positions.
When you reach out, our advisors will carefully assess your unique circumstances to create a tailored, efficient retirement plan. To schedule a meeting, call (800) 822-3639 or email schedule@networthadvisorsllc.com.
About Matt
Matt D’Amico is a registered Investment Adviser Representative and financial advisor at Networth Advisors, LLC, a financial planning and wealth management firm in Canonsburg, PA. The firm is dedicated to helping clients enjoy a successful retirement, specializing in income planning and legacy preservation for pre-retirees and retirees. Matt excels at simplifying complex retirement concerns to help clients make smart financial decisions.
Matt discovered his passion for finance in college, inspired by a trusted mentor, and earned a degree in finance and business management from Saint Vincent College. Before joining Networth Advisors, he gained valuable experience at New York Life and MassMutual, where he obtained his Life, Accident & Health Insurance Licenses. Matt is also a CERTIFIED FINANCIAL PLANNER® professional.
Outside of work, Matt is a sports junkie and music enthusiast. He enjoys spending time with friends, embarking on adventures with his wife, Kayla, and their mini labradoodle, Nellie. He is also the co-author of Networth for Retirement: Mapping Out Your Journey. To learn more about Matt, connect with him on LinkedIn.
