Want to feel confident in your ability to navigate retirement and prepared to begin your journey?
Click to enroll in our free Retirement Basecamp™ online course today.

What Should Be Included in a Plan for Retirement?

What to Include in Your Plan for Retirement 

Are you starting to plan for your retirement?

Ever wonder what goes into creating a good financial plan for retirement?

The key question your plan must answer is: “How much income can your resources sustainably produce for your entire life?

To find that answer, you will need to explore seven key areas.

Check out this week’s video with Chris Merchant, CFP® to learn what those are and explore some critical aspects you’ll need to include in your plan to be successful.

How to Create a Plan for Retirement 

There are a lot of different factors to consider when planning for retirement, and it can be difficult to know where to start.

In this post, we’ll explore some of the different aspects that should be included in a good retirement plan.

We’ll discuss things such as exploring different retirement scenarios, guidance on social security and pensions, investments, taxes, and more.

Whether you’re just starting out on your retirement planning journey or looking for a refresher course, read on for some helpful tips.


  1. What should be included in a retirement plan

To be most effective when creating a retirement plan, it’s important to cover a variety of aspects. Your decisions need to be made holistically and not in isolation. This means you need to take all aspects of your plans into account and make sure that they work together, rather than making decisions on them separately.

Therefore, it’s so important to have a comprehensive retirement plan that covers all the different bases. By considering all your plans and needs, you will create a roadmap that will help you achieve the retirement of which you’ve always dreamed!


  1. Exploring different scenarios for your retirement.

When planning for retirement, it’s important to consider all the different scenarios that may be available to you.

For example, you may want to retire sooner or later than you initially planned, or you may want to retire in a different location. You may also want to consider whether you’ll continue working in some capacity during retirement.

All these factors can have a major impact on your retirement planning, so it’s important to explore them all before making any final decisions.


  1. Guidance on Social Security and pensions

When planning for retirement, it’s important to consider all the different sources of income you may have available to you.

One of the most important of these is Social Security, which many retirees rely on for a significant portion of their income. It’s important to understand how Social Security works and how much you can expect to receive from it. The decision of when to start taking social security income is a difficult one that each person needs to explore for themselves. You shouldn’t make a decision based on somebody else’s opinion or what you’ve read in the news. Get all the facts for yourself first.

Another important source of retirement income is pensions. Pensions can be a great way to secure a steady stream of income in retirement, but it’s important to understand the rules and regulations governing pensions so you can make the most of them. Numerous elements of a pension must be carefully evaluated, including beneficiary survivor choices, inflation protection, and the option to take a lump sum payment.


  1. Investments

When planning for retirement, one of your main sources of income will come from your investments. Investments and savings can be a great source of income in retirement, and there are a variety of different options available to you. It’s important to understand what each type of investment entails and how it will fit into your overall retirement plan. When planning for your investments, it’s important to remember that there is always some risk involved.


  1. Taxes

One important thing to consider when planning for retirement is how your taxes will be affected.

Depending on the type of retirement income plan you choose, you may end up paying less or more in taxes. It’s important to understand how your tax situation will change once you retire and to make sure your retirement plan takes this into account. Different resources will be taxed in different ways. Therefore, it’s critical to know how each option affects your taxes.


  1. Other factors to consider

There are many other things to think about when planning for retirement, including healthcare costs, long-term care costs, and estate planning.

One important consideration is healthcare costs. It’s important to estimate how much you’ll need to budget for healthcare in retirement and to make sure your retirement plan takes this into account.

Another important factor to consider is long-term care costs. Many retirees find themselves needing long-term care at some point in their lives, and it’s important to have a plan in place for how you will pay for it.

Finally, estate planning is another critical part of retirement planning. You’ll need to make decisions about who will inherit your assets.


Final Thoughts

When planning for retirement, there are a lot of different things to think about. It’s important to consider all the different sources of income you may have available to you as well as how your taxes will be affected.

You’ll also need to make decisions about investments, long-term care costs, and estate planning. By taking all these factors into account, you can create a comprehensive retirement plan that will help ensure a comfortable future.



For those of you new to our content, my name is Chris Merchant, CFP®. I am the founder of Hunt Country Wealth Management. My firm and I are dedicated to serving the distinguished needs of today’s modern retirees nationwide. We strive to help YOU experience the freedom and independence of a well-planned retirement.

If you’re interested in learning more about starting your journey into retirement, we invite you to access our free getting started tools:

Thanks for reading!

Have questions about retirement, investing, or financial planning?


Hunt Country Wealth Management can help.
Click below to explore our services, or schedule a 15-Minute Discovery Call to talk with an advisor.

Hunt Country Wealth Management Logo

At Hunt Country Wealth Management we specialize in providing personalized financial services tailored for individuals aged 50 and above. From retirement planning to comprehensive investment management, our experienced team is here to guide you every step of the way.

Looking for Guidance? Schedule a 15-Minute Discovery Call

Discover the single most important shift you need to make before you retire...

Download your FREE Retirement Guidebook™: Understanding The Retirement Shift today!

By: Chris Merchant, CFP® 

Related Posts

Important Birthdays After 50

Important Birthdays After 50

Important Birthdays Over 50Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last. When you are older, “and-a-half” birthdays start making a comeback. >> In...

read more
We believe retirement should free you. It all starts with a plan.

Have Questions? Schedule 15-Minute Discovery Call