You’ve decided it’s time to get serious about retirement planning, but when should you start? How much will you need? Should you focus on saving or paying down debt?
The most successful retirees don’t start with numbers—they start with strategy. And the earlier you take the right first steps, the more flexibility and confidence you’ll have later on.
Let’s walk through five simple steps the team at Alperin Law & Wealth recommends you take before you start crunching the numbers.
1. Decide What Retirement Means to You
Retirement is a deeply personal transition that looks different for everyone. Some people dream of stopping work entirely and spending their days with grandchildren, gardening, or simply enjoying a slower pace of life. Others want to travel extensively—whether that means annual trips abroad, a cross-country RV adventure, or finally checking off a long bucket list. Some plan to downsize to a smaller home near family, while others imagine buying a second home at the beach or in the mountains.
Ask yourself:
- When do I want to stop working full-time?
- What kind of lifestyle do I want to maintain?
- What role will work, hobbies, or family play in my retirement?
The more clearly you define your personal version of retirement, the more accurately your plan can be tailored to support it.
2. Take Inventory of What You Already Have
Once you have a general sense of what type of retirement you’re hoping for, it’s time to assess your finances. You’re not trying to project the future yet. You’re simply trying to understand your starting point.
Make a list of:
- Retirement accounts (401(k)s, IRAs, and pensions)
- Non-retirement investment accounts
- Home equity or real estate assets
- Insurance policies (life, disability, and long-term care)
- Debts (mortgage, credit cards, and loans)
- Monthly spending and savings habits
This inventory helps you and your advisors identify gaps, risks, and opportunities to optimize your plan.
3. Consider Health Care Needs
Health care costs are one of the biggest (and most underestimated) retirement expenses. Don’t wait until your 60s to start planning, especially if you already have chronic medical conditions that will increase your care needs.
Consider:
- When you’ll qualify for Medicare—and what it does and doesn’t cover
- Whether you’ll need a supplemental plan
- If you have access to retiree health benefits from a past employer
- Whether long-term care planning (insurance or legal structures) should be part of your strategy
Early conversations around health coverage can protect your future income and provide much-needed peace of mind.
4. Review and Update Your Legal Documents
Your retirement plan doesn’t just need a financial roadmap. It needs legal safeguards to ensure your wishes are honored and your assets are protected.
You’ll need to have:
- Powers of attorney for finances and healthcare
- An updated will or trust
- Beneficiary designations on retirement accounts and insurance
- Guardianship nominations, if you have dependents
Even the best investment plan can be derailed if your legal foundation is outdated or incomplete.
5. Get Guidance From a Trusted Advisor
Retirement planning involves more than spreadsheets and savings targets. It’s about making a hundred interdependent decisions—each with financial, legal, and tax implications. Trying to navigate it all alone can lead to missed opportunities, preventable risks, and costly mistakes.
That’s why working with a fiduciary matters. Unlike traditional advisors who may earn commissions for selling financial products, a fiduciary is legally obligated to put your best interests first. Their guidance is driven by your goals, not by incentives or sales quotas.
As fiduciaries, the team at Alperin Law & Wealth helps clients build retirement plans that are:
- Strategic. We align with your goals, not just your numbers.
- Proactive. Our plans are designed to avoid future tax surprises and legal conflicts.
- Adaptable. With our help, you’ll be ready to adjust as life changes.
Start Your Retirement Planning With Confidence
Retirement isn’t just about having enough money. It’s about knowing every piece of your plan is working together. Schedule your discovery meeting with Alperin Law & Wealth today and take the first step toward a retirement that’s not just possible—but purposeful.
We serve professionals and families throughout Hampton Roads—including Virginia Beach, Norfolk, Suffolk, Chesapeake, and Portsmouth—and into Northeastern North Carolina, including Moyock and the Outer Banks.
