When it comes to retirement planning, individuals need both a map and directions, along with someone to help them on their journey. Particularly for those who may have been greatly affected by the market swings in the last few years, creating a reliable income stream in retirement may be the furthest thing from one’s mind. However, taking a few small steps now can lead to large rewards in the future.

For years the team at Centennial State Financial, An Office of MetLife has been helping people in a number of different financial situations discover happier, healthier and more productive lives through financial planning services*.

Below are some of their tips for getting your retirement plan on track.

Save, save and save

Start off with the basic principle of money-management saving. Whether you’re saving for a car, a new home, college or a vacation, saving for retirement is no different. Take advantage of the retirement plans offered by your employer and any matching contributions they may offer.

Take steps to create reliable income

There is no magic number, but 60 percent of pre-retirement income before tax is often a good starting point for income to cover essential expenses in retirement. Social Security and pensions are great sources of dependable income, but most people will need additional sources as well. To that end, you may want to consider putting a portion of your savings into an annuity and adding to it over time, or purchasing an income annuity when you retire to cover any remaining expense gaps. Through annuitization, these products can provide a guaranteed income stream during retirement that will help supplement your other income sources.

Plan for liquidity AND growth

Having cash on hand for the unexpected is smart. You could have an unexpected expense, such as a health need, a job loss or a change to your income—perhaps from an earlier-than-planned retirement date. Too much cash in the bank earning little interest can be detrimental to your retirement savings, but there are a number of financial products that can enable you to access cash when it’s needed and still keep your money working hard for you. For a list of the options, as well as what makes sense for you, consider speaking with a financial professional who can suggest products and services to help meet your needs.

Know what you want your retirement to look like

Many of us know that we may need to work longer in order to save for retirement. For some, the idea of retirement may be spending time traveling or fulfilling a lifelong urge to go back to school for higher education. For others, it may be spending days working part-time or volunteering at a non-profit that’s close to their heart. Figuring out what you want your retirement to look like, will help you take the steps necessary to get there.

Centennial State Financial is dedicated to providing comprehensive client focused financial services.  Offering on site consultations, they can work with you and your tax and legal advisers to help you discover the appropriate product solutions. 

The team at Centennial State Financial are experts at recognizing the right financial strategies to help their clients achieve the financial success they are aiming for. 

For more information on Centennial State Financial and their products and services, please visit Centennial-State.com or call 1-866-511-1882.


*Financial Planning offered through approved Financial Planners

MetLife and its representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for such guidance.

Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities products and investment advisory services offered by MetLife Securities, Inc. (MSI) (member FINRA/SIPC) and a registered investment adviser, 1095 Avenue of the Americas, New York, NY 10036. MLIC and MSI are MetLife companies.  L0715429075[exp0816][CO]