Planning for retirement can be stressful, and it is only natural that you worry that you are making the wrong decisions, or that your plan won’t work the way you hope it will. Those that don’t have a lot of money do have reason to worry when it comes to retirement, but if you create a step-by-step plan to follow, it can seem a lot less stressful.
Take Inventory of What You Have
- Make a list of all of your assets, including your retirement savings, 401K, and any other money that you have tucked away.
- Next you’ll want to create a list of any non-liquid assets that you have, such as real estate and business interests.
- Make a list of your risk protection strategies, such as your health insurance and long-term care insurance. You will need risk protection at some point in time, so if you don’t have it you should get it as soon as possible.
Determine How Much Money You Still Need to Retire
- Now that you know what you have, you will need to make an estimate of what your retirement income will be, as well as your expected expenses. The income you’ll want to include will be money you get from Social Security, investments, pensions, and annuities.
- Now you will need to compare your future income to living expenses you expect to incur during your retirement. If you come up short, now is the time to change your investment strategy to ensure that you have more retirement income. Contact a financial advisor that can help you do what is needed to improve your retirement portfolio.
- Keep your retirement plan updated; evaluate your status at least once a year, more often if you are getting close to retirement. If you keep track of what you have it will be easier to make any adjustments that are needed to improve your retirement funding.
Larry Parman
Attorney at Law
Founder and Owner at Parman & Easterday
Larry Parman's dad died at 56 in a farm accident with no estate plan. His family spent two years fighting the IRS and nearly three years in probate. That experience became Larry's life work.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
Latest posts by Larry Parman, Estate Planning Attorney, Author, Speaker (see all)
- Choosing the Right Successor Trustee: Key Considerations - October 8, 2026
- Aging in Place: A Medicaid Waiver Can Fill the Gap - October 6, 2026
- Does Every Estate Go Through Probate? - September 29, 2026
