How to plan for retirement so you can live your best life
LAKE CHARLES, La. (KPLC) – In honor of John Bridges’ big day, we’re focusing on tips to help you prepare for retirement. After all, it’s a major goal for most to leave the rat race of a full-time job and have an opportunity to kick back, relax, and live your best life.
Planning for retirement can be a job in and of itself. There’s a lot to consider, but experts say the best place to start is by defining what this stage of your life means to you.
Do you plan to travel?
Take up new hobbies?
Work part-time?
Each decision comes with a monetary component. Traveling, for instance, will require a bigger budget.
So, how much should you consider setting aside?
Financial analysts suggest aiming for 70 to 90% of your pre-retirement income. But, again, this can vary depending on your lifestyle.
You should consider creating a detailed retirement budget that accounts for both essential needs and desired extras.
The sooner you begin saving, the more time your money has to grow. And take full advantage of employer-sponsored plans like 401(K)s, especially if your employer offers matching contributions.
Remember, investing a little in yourself now can make a big difference in your future.
Sam Hebert is a financial planner who says, “You don’t decide how much taxes come out of your check. So go ahead and take 50 bucks and have it automatically go to your 401.”
Also, you should explore other retirement savings options such as IRA’s.
Take advantage of catch-up contributions: If you’re age 50 or older, you may be eligible to make additional contributions to your retirement accounts, helping you accelerate your savings.
Finally, automate your savings. Set up automatic payroll deductions or bank transfers to ensure consistent contributions to your retirement accounts.
Many online calculators and software programs can help you estimate your retirement needs and track your progress. You may also want to contact a financial advisor. They can help create a personalized retirement plan, assess your risk tolerance, and develop an investment strategy.
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