If you need some tips to plan your retirement, who better to ask than people who are already going through retirement? That’s why we compiled this guide of 10 tips on successful retirement planning and why we asked those who can give first-hand advice.

Ten retirement planning tips.

1. Become mortgage-free.

Owning your home outright means that you can effectively live rent-free. However, you will not only benefit financially from being mortgage-free but emotionally too. 

Knowing that you will always have a roof over your head will provide you with considerable peace of mind during your retirement. Therefore, concentrate on becoming mortgage-free as soon as possible.

2. Keep an eye on your investments.

The money you will need 5 to 10 years into your retirement is the most vulnerable to overspending. If you lose this money, it will be much more challenging to recover it over time.

Therefore, you should focus your investments on those that would provide a predictable income. Of course, the more predictable the income, the lower your return is likely to be.

3. Accept that inflation is inevitable.

Inflation is inevitable, and it will erode your retirement fund’s buying power over time. Therefore, you should factor inflation into your plans when planning for your retirement. Avoid financial mistakes, make use of regulated financial advisors such as Portafina before you jump in to big decisions that could affect your future.

4. Discuss your retirement plans with your partner.

Just as you have discussed other major financial decisions and plans with your partner, you should do the same regarding your retirement. You must be both on the same page as far as retirement aspirations, and spending goes. Therefore, discuss plans early, so you’re both aligned.

5. Concentrate on becoming physically healthy.

One thing many people fail to include in their retirement planning is the high cost of healthcare. Paying for your health could significantly affect your retirement plans. Therefore, concentrate on becoming physically healthy to reduce the risk of unexpected healthcare costs.

6. Create a retirement budget and adhere to it.

To create a realistic budget, you first need to know how much money you have available to spend. Unfortunately, many people do not understand what their retirement income will look like. Therefore, it is challenging for them to create a retirement budget.

If you struggle to calculate your retirement income, you should consider consulting an investment professional for some assistance. These experts have access to tools and insights to help you create a budget and help you stay on track.

7. Find an excellent investment professional.

You want to receive the best advice regarding your retirement investments. Therefore, you should find an excellent investment professional to help you. Ask friends or family for recommendations if you do not know of any. Referrals from satisfied customers are always the best way to find a good service.

8. Avoid expensive travel.

As you get older and less mobile, travel expenses tend to rise. Therefore, you should consider getting any expensive travel out of the road before retiring. Also, when you do travel during your retirement, try to adopt the same spending habits as you have budgeted for at home.

9. Continue working for a few more years.

An excellent way to increase the amount of money you’ll have for retirement is to continue working for a few more years beyond your planned retirement date. Of course, this may not fit with your initial aspirations, but it could be significantly beneficial in the long run. Extending your working life for a few extra years will considerably boost your retirement funds.

10. Expect to spend above your budget.

Regardless of the amount of financial planning you do for your retirement, overspending is likely. Therefore, you should budget for unexpected expenses, tax increases, and the rising cost of living.


You can undoubtedly get the best advice on retirement planning from those going through the process themselves. Hopefully, these 10 top tips for retirement planning will help you achieve the post-working life you desire and deserve.