How to create a better — and more flexible — plan for your retirement

A quick look at the weather app on my phone tells me the coming week will most likely be full of beautiful fall weather. Right away, I make some plans. I can spend some time in my garden over the weekend, we can get out for a hike, and there is no immediate rush to pull out my sweaters and turtlenecks just yet. I feel happy.

I think about this question a lot when I consider retirement planning, which is all about making decisions now that will shape your life once you stop working. That’s no easy task. It’s hard enough to think about what life will be like a year from now, let alone a decade or more out.In a recent Schwab survey of 401 savers, we found that many people are uncertain about how much they need to save for retirement.

In addition to asking and answering questions like these, get actual numbers. Workplace retirement programs typically provide free tools and calculators to help you understand how your specific situation might play out in real dollars in your retirement future. There are also many online resources that will do the same thing. Take the time to make these calculations and then consider the projections in the context of the ‘ideal retirement’ picture you are painting for yourself.

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