Whether you’re just starting to plan for your last day of work or are already living in retirement, it’s important you’re able to do it on your terms. Let’s make it happen.
Successful retirement planning requires knowing what you’re planning for. Play the video to learn what questions you should be asking yourself before retirement.
SECURE 2.0 Act: What you need to know about retirement rule changes
How do I know if I am on track for retirement?
Find out what you need to do one year before retirement
3 moves for catching up on retirement savings
Be sure your retirement plan includes:
1. Financial Planning: Create a basic financial retirement strategy to help manage finances effectively during retirement.
2. Organizational Planning: Establish directives, update beneficiaries in financial accounts, and keep important records and documents accessible to those close to you.
3. Emotional Planning: Explore new ideas, hobbies, and opportunities before retiring. Also, reconnect with family and friends to help with activities that may become more challenging as you age.
Learn more about retirement planning
10 ways to find meaning and purpose in retirement
The average American can now reasonably expect their retirement to last 30 years and require $1.3 million.* Take proactive steps today to help ensure the money is there when you need it.
Take the first step toward meeting your retirement goals (PDF)
Giving yourself permission to spend in retirement
*Source: 24/7 Wall St. Survey, 2023
Understand what your expenses may be in retirement and calculate the gap between those expenses and your guaranteed income.
See if you're on track for the retirement you want. MassMutual's Retirement Savings Calculator provides a look at your retirement nest egg and estimated monthly income.
A 401(k) allows you to contribute pre-tax income into a retirement account, which can help you build long-term savings while lowering your taxable income today. While 401(k) plans are widely used by U.S. employers, other options such as 403(b), 457, and 401(a) plans also exist, offering comparable features and benefits.
Get started with understanding your 401(k) statement (PDF)
What is a 401(k) and how does it work?
A 401(k) is a simple, automated way to contribute toward retirement—funds are deducted from your paycheck each pay period and placed into your account unless you choose to stop. Contributions are typically made with pre-tax dollars, lowering your taxable income today. Some employers offer Roth 401(k)s, where you contribute after-tax. Learn our tips for making 401(k) decisions.
Making 401(k) decisions
Explore how a tax diversification strategy can help you manage taxes now and in retirement
Over time, your 401(k) contributions can benefit from compounding—where earnings are reinvested and may generate even more earnings, helping your balance grow faster. While returns aren’t guaranteed, even a hypothetical 6% annual return can show how small contributions add up.
Make informed moves. Learn how borrowing from your 401(k) could impact your future
Most 401(k)s offer a variety of investment options. You have the opportunity to invest your money in options consistent with your risk tolerance and time-horizon. If you’re not sure of your risk tolerance, use our quiz to learn more about your investing style.
Social Security provides monthly income in retirement, but when and how you claim it can significantly impact your long-term benefits. Factors like age, health, marital status, and financial needs, all play a role—so understanding your options is key to making the most of it over what could be a 25+ year retirement.
Watch this video to learn how your long-term Social Security benefits can be impacted by when you file.
Learn more about how Social Security works (PDF)
Eligibility for Social Security retirement benefits depends on two key factors: the number of Social Security credits you've earned throughout your working life and your age at the time you apply for benefits. As you work and pay Social Security taxes, you accumulate credits toward your retirement. To qualify for benefits, you must have earned at least 40 credits. 1
How much Social Security will you get? The 4 big drivers
1 Social Security Administration, "Benefits Planner: Social Security Credits" www.ssa.gov/planners/credits.html
Before you begin receiving benefits, it’s important to understand how Social Security benefits work and the filing options that may be available to you. Taking benefits early can have an impact on you, your spouse, and on survivors benefits later in life. It can mean leaving money on the table in the form of a reduced monthly benefit—a reduction that is permanent.
Check out the full retirement age chart to see when you’re entitled to receive full Social Security retirement benefits. 1
Not sure when to apply? Learn more
1 Social Security Administration, "Starting Your Retirement Benefits Early" https://www.ssa.gov/benefits/retirement/planner/agereduction.html
2 Social Security Administration, “Benefits Planner: Retirement | Full Retirement Age,” www.ssa.gov/planners/retire/retirechart.html
Before you file, one of the most important steps you can take is to set up your Social Security account with the Social Security Administration. This is an easy and secure way to view your estimated benefits and earnings history. The Social Security Administration will use this information when it calculates your benefit, so be sure that it accurately reflects your work history.
If you’re wondering how Social Security works when you retire, rest assured you’re not alone. A financial professional can help you assess different filing strategies based on your marital status and your overall retirement income needs.
It pays to plan ahead and we're here to help. Even if you cannot use certain filing strategies, Social Security planning is still important. Depending on your particular situation, waiting even one or two years could result in a larger monthly benefit. Take the guesswork out of your Social Security filing decisions and consider making an appointment to discuss your options. When you’re ready, a financial professional can help you make an informed decision.
When to apply for Social Security
How to put the Social Security bonus to work
When you work with a financial professional, you’ll have an advocate in your corner, someone who understands your unique financial needs and family situation—and how to tailor a solution around both.
Find a financial professional Read more about holistic financial planning