Are Your Retirement Savings Really On Track?

Why Regular Reviews And Adjustments Are Essential To Building Confidence In Your Financial Future

At Heritage Financial Planning, we understand how overwhelming retirement planning can feel. Many people come to us unsure if they’re truly saving enough for their future. With inflation, rising healthcare costs, and the unpredictability of Social Security, it’s no surprise that questions about retirement readiness are becoming more common.

The good news? You don’t have to figure it out alone. Our team helps individuals and families across all stages of life gain clarity and direction when it comes to retirement. It starts with reviewing where you are now—and making sure your plan adjusts as life evolves.

Step One: Assess Your Current Savings

A solid retirement strategy begins with understanding what you’ve already saved. Take time to review your 401(k)s, IRAs, and other investment accounts. One important metric to consider is your savings rate as a percentage of your income. Financial professionals typically recommend saving 15–20% of your annual income, including any employer contributions.

A common guideline is the retirement savings multiple rule, which helps you determine if you’re pacing appropriately:

By Age 30: Save at least 1x your annual salary
By Age 40: 3x your annual salary
By Age 50: 6x your annual salary
By Age 67: 10x your annual salary

Keep in mind, these are general benchmarks. Your actual targets may vary depending on your desired retirement lifestyle, health expectations, and other personal factors.

Step Two: Project Your Future Needs

Once you have a handle on your current savings, it’s time to estimate how much income you’ll need in retirement. A popular approach is the 4% withdrawal rule, which suggests you withdraw 4% of your savings each year over a 30-year retirement.

For example, if you expect to need $50,000 annually in retirement income, you’ll need roughly $1.25 million saved.

However, that figure should be adjusted based on expected expenses such as housing, healthcare, travel, and inflation. While online calculators can provide helpful estimates, working with a financial advisor can give you a more accurate and tailored projection.

Step Three: Make Strategic Adjustments

If your current savings fall short of your retirement goals, don’t panic. There are several ways to realign your strategy:

Increase Contributions: Max out tax-advantaged accounts like your 401(k) or IRA.
Delay Retirement: Working longer can help grow your savings while shortening the time your nest egg needs to last.
Revisit Your Investment Strategy: Ensure your portfolio is properly diversified and aligned with your risk tolerance and time horizon.
Cut Expenses: Trimming non-essential spending today can boost your savings tomorrow.

Even small adjustments can make a big impact over time. But the most powerful step you can take is to review your plan regularly—and that’s where we come in.

Our Proven Path: The HFP S.T.A.R. Strategy

At Heritage Financial Planning, our proprietary HFP S.T.A.R. Strategy was designed to provide a structured and proactive approach to your financial goals. We work closely with you to simplify your financial life, track progress toward your goals, align your plan with your values and lifestyle, and realign as needed when life changes.

If you’re unsure whether your retirement savings are on track—or if you’re simply ready for a second opinion—contact our office today to schedule a consultation. Our team is here to help you plan with purpose, clarity, and confidence.