Preparing for Retirement
Guidance to help you feel confident and ready for the next chapter
Preparing for retirement is an important milestone. It brings together financial planning, personal reflection, and the excitement of imagining what comes next. Whether retirement is a few years away or just around the corner, thoughtful preparation can help you make informed decisions and feel more confident about your future. Wespath provides tools, guidance, and steady support to help you understand your benefits, consider your readiness, and prepare for a smooth transition into retirement.
This section introduces the steps and considerations that often shape the retirement journey. Also find resources to help evaluate your financial picture, explore your retirement income options and plan for your evolving needs as you approach this significant moment.
Understanding Your Retirement Readiness
A helpful first step in preparing for retirement is understanding your current financial situation. Reviewing your projected retirement income, considering your long-term goals and reflecting on your financial needs can provide clarity as you move toward retirement.
Participants can explore retirement readiness through tools available in Benefits Access. This includes retirement benefit projections for plans administered by Wespath (such as Compass, CRSP, MPP, PIP, or other legacy plans). These tools help you estimate how your savings, employer-provided benefits and personal contributions can support you throughout retirement.
Areas to reflect on:
- Your anticipated monthly income needs
- Your projected retirement income from Wespath-administered plans
- Social Security benefits and the age you may begin collecting
- Personal savings outside Wespath
- Your comfort with investment risk as retirement nears
Explore What Comes Next
As you learn more about your retirement options, you can take a closer look at LifeStage Retirement Income. LSRI helps eligible participants receive predictable monthly payments throughout retirement while maintaining a long-term investment strategy.
Steps to Help You Prepare
As retirement approaches, several thoughtful steps can help you feel ready—financially, emotionally, and logistically. While the timing and details differ for each person, these actions offer a helpful starting point.
Consider when you hope to retire and whether you prefer to transition gradually or enter retirement at a defined date. Reflecting on your desired timing helps guide many other decisions.
Log in to Benefits Access to check your account balances, review your investment choices and explore projections for future retirement income. Understanding how your current retirement savings may translate into monthly income can help you determine if adjustments are needed.
Building Confidence Through Planning
Preparing for retirement isn’t just about numbers; it’s about envisioning the life you hope to enjoy. Many participants take this time to revisit personal goals, consider where they want to live, reflect on their ministry or career journey and think about how they want to use their time in meaningful ways.
Thoughtful planning today can help ensure you enter retirement with a sense of security, clarity, and purpose. Wespath is here to support you with resources, guidance, and a commitment to helping you care for your financial well-being—both now and through retirement