Do you know whether your retirement plan is on track, or are you simply hoping it is?

Whether retirement is years away or just around the corner, it’s wise to pause and take a closer look at your plan today. A retirement checkup can help you know where you stand, identify potential gaps, and make adjustments before small issues become major problems.

Many people know they should be saving, but they’re less certain whether they’re saving enough. That’s where a thoughtful review can bring clarity—not just about the numbers, but about faithful stewardship in the season ahead.

No single rule of thumb fits everyone. Your retirement goal depends on many factors, including when you retire, how long you live, your lifestyle, your health, your generosity goals, and whether you’ll have income from Social Security, a pension, rental property, or part-time work.

Still, benchmarks can be helpful. As a starting point, one common guideline is to aim for about 10-12 times your income by age 67.

The point isn’t to become discouraged if you’re behind. The point is to know where you stand. Once you have a clearer picture, you can make wise adjustments.

Your spending number may be even more important than your savings balance. A million dollars can be plenty for one household and not nearly enough for another because spending determines how much income your portfolio must produce.

Start with your current budget, then consider what may change in retirement. Will your mortgage be paid off? Will travel increase? Will transportation costs go down? Will you support adult children or aging parents? Will you downsize, relocate, or stay where you are?

Those questions help you see not only what retirement may cost, but also what kind of stewardship this next season may require.

It’s also important to think carefully about how much you’ll withdraw from your savings each year.

A common guideline has been the 4% rule, first developed by financial planner William Bengen. He has since updated his research, suggesting the number may be closer to 4.7% with a more diversified portfolio. Fidelity describes it more broadly as a 4%-5% sustainable withdrawal range.

So, if you retire with $500,000, you might begin by withdrawing around $20,000 to $25,000 in the first year, then adjust over time.

Of course, this is not a guarantee, and it does not mean you’ll never touch the principal. Your actual withdrawal rate should depend on your age, health, investment mix, inflation, market conditions, and whether your essential expenses are covered by guaranteed income.

The danger is assuming you can withdraw 8%, 10%, or even 12% from your portfolio every year without consequences. For most retirees, that’s not a plan. It’s a countdown.

Medicare is a blessing, but it doesn’t cover everything. Retirees may still face premiums, deductibles, co-pays, prescription costs, dental care, vision care, hearing expenses, and more.

Long-term care is a separate issue altogether.

Recent estimates suggest that a 65-year-old retiring today may need well over $170,000 for health care costs throughout retirement—and that does not include long-term care. For a married couple, health care becomes a major planning item.

That’s why it’s important to prepare in advance and not assume Medicare will cover every need.

For many retirees, Social Security will be one of the largest sources of guaranteed income.

You can claim benefits as early as age 62, but doing so can permanently reduce your monthly benefit by as much as 30%. Delaying past full retirement age until age 70 can increase your benefit by 8% for each full year you wait—up to 24% if your full retirement age is 67.

Of course, delaying is not always the right answer. Health, family history, income needs, marital status, and work plans all matter. But because this is often a permanent decision, it’s worth looking carefully before you claim.

As you approach retirement, your portfolio may need to become more conservative. But that doesn’t mean moving everything to cash.

Retirement may last 20 or 30 years, and inflation can quietly erode your purchasing power over time. A wise allocation should balance the need for stability with the need for continued growth.

This is one area where trusted counsel can be especially helpful. A Certified Kingdom Advisor® (CKA®) can help you think through your investments, income needs, and long-term stewardship goals through a biblical lens.

Finally, remember that retirement is not the end of stewardship.

Psalm 92 says of the righteous, “They still bear fruit in old age; they are ever full of sap and green” (Psalm 92:14).

That’s a richer vision than simply withdrawing from work and responsibility. Retirement is not about drifting. It’s about faithfulness in a new season.

So yes, check the numbers. Know your savings target. Build a realistic spending plan. Prepare for health care. Understand Social Security. Review your investments.

But also ask, “Lord, what fruit do You want to grow in this season of my life?”

If you’d like help reviewing your retirement plan with an advisor who shares your biblical values, visit FindACKA.com to connect with a Certified Kingdom Advisor® (CKA®).

Remember, you can call in to ask your questions every weekday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.

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