In this month's AskSusan - Financial Advice Column, Susan answers the question, "Dear Susan, I need to explore what my retirement looks like. When, where & which path do you recommend?"
In the print publication, Susan talks about starting your retirement exploration in your 50's, and concrete decisions being made early into your 60's. The most important aspect of all your Retirement planning, however, is to start young - with your first job, and be consistent throughout your earning years.
If you clicked the QR code, it took you to her video where she explained in more detail. CLICK HERE to see the video.
Below is the full script so you can read it as well. Don't forget to keep an eye out every month in Minneapolis Lakes Lifestyle and Minnetonka Lifestyle magazines for a new question that Susan answers for you. And if you like to stay up on new, relevant financial topics, then subscribe to our weekly Financial Flash video series on our homepage. Thanks for watching.
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Transcript: Ask Susan: July "Explore"
Susan:
Hi there— I’m Susan Stiles Founder and President of Stiles Financial Services. Welcome to another episode of Ask Susan, where we take your real-life financial questions and unpack them with insight, strategy, and a human touch.
This month’s column in City Lifestyle Magazine featured a question that many of us, at some point, wrestle with:
“Dear Susan: I need to explore what my retirement looks like. When, where, and which path do you recommend?”
It’s such a good question. And today, I want to expand on that answer and offer some practical ways to prepare for the retirement you imagine—before it becomes a last-minute scramble.
A good starting point is to have a vision that can then be anchored with reality.
When we talk about retirement, people often jump to the dream: maybe it’s a beach house, more travel, time with family and grandkids, more golf, reading for pleasure or giving back to the community. Its important to think about this stuff. But how do you actually get there? The best way is to pave the way over time with intentional planning. Realistically, not everyone has the mindset or wherewithal to plan for retirement decades in advance. Competing priorities can easily take preference. At the very least you should be diligently saving some money every year in some kind of retirement account, either one you set up or preferably available through your employer.
Typically, serious planning should start in your 50s. That’s when it’s time to run the numbers and make concrete decisions. But the truth is—the foundation is poured much earlier, during your 20s, 30s and 40s, especially when you’re in your peak earning years by regular saving habits and having the discipline not to touch your retirement savings along the way.
Try to maximize your savings as soon as you can and revisit and fine-tune your investment strategy periodically. Make sure you’re capturing all available employer benefits and matches. It’s not just what you save, it’s also the time that your savings has to grow. So, it’s never too early to start.
One thing I really want to underscore is the importance of reviewing your investment strategy. The more time you have, the greater your allocation should be in equities, stock. If you don’t understand how to properly allocate your retirement savings portfolio, then seek professional help. Sometimes this help is available through your employer plan vendor or an advisor that works with your plan on behalf of your employer. Many plans offer Target Maturity Funds which are usually dated the year an investor would turn 65. The allocation in these funds are deemed to be appropriate based on the length of time before age 65. Many plans may also offer asset allocation risk-based portfolios. Your other option is to put together your own grouping of funds. You can also seek guidance form an independent advisor or may already work with one to help you effectively manage your retirement accounts.
If you are doing it on your own, don’t just assume that if you save all along the way you will have enough for retirement when that time comes. Besides the discipline of regular saving, you also need the discipline to review what you have accumulated and how its invested along the way. Take the time to project how much you expect to have and how that matches with your vision and goals. You may need to tweak both along the way if your dreams are too lofty.
An annual check in or when major life changes occur like a job move, new child, home purchase, or inheritance—can help you adjust your plan before you drift too far off path.
A good way to approach this is to look at your age decades:
In your 20s and 30s, the focus should be on consistency—automating savings, starting retirement accounts early, and resisting lifestyle inflation. This is where we build momentum.
In your 40s, it’s about maximizing—increasing contributions, possibly paying down high-interest debt, and diversifying investment vehicles. You’re likely welk established in your career path and earning accordingly so use that leverage while you have it.
By your 50s, it’s time to refine and commit. We take a magnifying glass to your goals: Are you on pace? Do we need to adjust your risk tolerance? Can you afford that early retirement or relocation? Are you optimizing tax strategies? Children may be out fo the house and launched and you may be able to save additional money in preparation for your upcoming retirement.
Here’s the beautiful part: when you start early, plan with intention, and make space for check-ins, you open the door to real possibilities.
Retirement doesn’t mean stepping away from life—it means stepping into the next version of your life. Whether that’s part-time consulting, philanthropic work, traveling with freedom, or even starting a business you never had time for before—retirement is about choice.
Be realistic with your expectations around retirement and the cost associated with your vision by making sure it is in parody with your earnings and lifestyle.
And our job at Stiles Financial is to help make sure those choices are available to you when you get there.
So, if you’re wondering what your retirement might look like—don’t wait for the perfect moment to figure it out. Its never too early. Start now, with a conversation, a check-in, or a commitment to plan forward. And if you’re not sure where to start? We’re here to help.
Also, make sure to join our Financial Flash Email List—where every week, our experts share short, insightful videos on timely topics to keep you informed and focused on what matters most.
And don’t forget to look for the next “Ask Susan” column in next month’s issue of City Lifestyle Magazine, where I continue to answer your big questions and keep you on the right pathway to a retirement reality that fits your personal goals.
Thanks, I’ll see you soon.