Retirement Planning 101: How to Secure Your Financial Future After Work
Posted on September 8, 2025 by shieldsandboris
Many American adults do not have enough savings for retirement. According to data from the National Institute on Retirement Security, nearly three-quarters of people are currently not on the right path. Alarmingly, approximately 40 percent have effectively nothing saved at all. At The Elder Law Offices of Shields & Boris, we help people and families find peace and security through proper and proactive planning. Here, our Pennsylvania elder lawyer provides a guide to securing your financial future after work through proactive and comprehensive retirement planning.
Retirement Planning Always Starts With a Clear Picture of Your Finances
You cannot plan for retirement effectively without taking the time to understand your financial situation. Indeed, the first step to retirement planning is taking an honest look at where you are right now. That is one of the foundations of retirement planning 101. Many people feel anxious when they review their savings, debt, and income. It is normal to be stressed, even reluctant to take a look. Still, it is important: Facing the numbers is empowering. Among other things, you should gather bank statements, retirement account balances, Social Security benefit estimates, and any pensions or annuities. It is also a best practice to track your monthly expenses, including essentials like housing, food, and health care. Once you know your financial starting point, you can set realistic goals. Remember: you do not have to be perfect or “ahead of schedule.” Knowledge is power.
You Should Know the Role of Social Security and Other Retirement Benefits
For most families in Pennsylvania, Social Security will be a foundation of retirement income. For that reason, it is important to understand what you can expect from Social Security. At the same time, Social Security is rarely enough on its own. The age at which you start collecting benefits matters. Claiming early (which can happen as soon as age 62) locks you into smaller monthly payments for life. On the other hand, waiting until full retirement age (or even all the way until age 70) can increase your benefits significantly. If you are married, spousal benefits may also play a role. Beyond Social Security, look into whether you qualify for other programs, such as veterans’ benefits or long-term care insurance. Make sure you have a clear picture of the benefits.
Try to Get the Most Out of Your Retirement Savings
A strong retirement plan does not rely on just one source of income. In addition to Social Security, think about employer-sponsored retirement accounts (like 401(k)s), IRAs, and taxable investment accounts. One important thing to know is that diversification helps reduce risk: if one type of investment underperforms, others can provide stability. Even small, regular contributions can add up over time. For families in Pennsylvania, where healthcare costs and property taxes may eat into savings, having multiple “buckets” of retirement money is especially important. Spreading your assets also gives you more flexibility. For example, you may withdraw from tax-advantaged accounts in some years and taxable accounts in others. The specific situation always matters.
Prepare for Health Care Needs and Long-Term Care Costs (A Big One)
What will your expenses be like in retirement? The answer is “it depends.” Still, for all older Americans, medical expenses are one of the biggest concerns that they will face. Medicare provides important coverage starting at 65, but it does not cover everything. Out-of-pocket costs for prescriptions, dental, vision, and hearing care can add up quickly. In addition, long-term care (such as nursing homes or in-home assistance) can be financially devastating if not planned for in advance. A single year in a Pennsylvania nursing facility can cost more than $100,000.
One of the most overlooked aspects of retirement planning is long-term care planning. Indeed, this is where elder law and Medicaid planning intersect with retirement planning. By working with a knowledgeable Pennsylvania elder law attorney, you can explore strategies like long-term care insurance, trusts, and more comprehensive asset protection plans. You need a Pennsylvania elder attorney who has experience with long-term care planning.
You Should Review and Revise Your Retirement Plan on a Regular Basis
Retirement planning is not something you do once and forget. Life changes. A lot of things can happen that will impact your retirement plan, including health issues, career shifts, the birth of grandchildren, or even changes in tax laws. With that in mind, you should set aside time at least once a year to review your retirement plan. Ask yourself: Are you still on track to meet your goals? Do you need to adjust contributions, reallocate investments, or revisit your estate plan?
These are important questions. You need to make sure that your current retirement plan (and estate plan) is the best option for your goals and your needs. Staying proactive gives you peace of mind and flexibility. Even small adjustments can make a big difference over the long run. An elder lawyer can sit down with you and help you develop the best plan of action.
Why Trust the Pennsylvania Elder Lawyers at The Elder Law Offices of Shields & Boris
The sooner you get started with retirement planning, the better positioned you will be to secure your financial future. Proactive retirement planning can make a big difference. The right strategy will depend entirely on your specific situation. At The Elder Law Offices of Shields & Boris, we are solutions-focused advocates for seniors and near-seniors. Your initial consultation with our Pennsylvania retirement planning lawyer is fully confidential and without additional obligations.
Get Help From Our Pennsylvania Elder Law Attorney Today
At The Elder Law Offices of Shields & Boris, our Pennsylvania elder law attorney is a skilled, experienced advocate for people and families. Our firm has deep experience with retirement planning matters. Give us a call at (724) 204-5643 or contact us online today for a free, completely confidential initial consultation. We provide elder law services throughout Western Pennsylvania.
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