There are many opportunities and challenges associated with retirement planning, and this is the starting point of this module. Why is retirement planning so important? And why do so many individuals put off saving for retirement? There can be various sources of retirement income and some of the main sources are discussed, including personal savings, IRAs, employer-provided retirement plans, and deferred compensation. How do traditional and Roth IRAs work? What are the phaseouts for deductibility and eligibility? Social Security plays a big role in retirement for many retirees, and the basics and benefits, along with some of the more important and helpful Social Security retirement income strategies, are discussed. What are “file and suspend” and “restricted application,” and why can these be extremely valuable alternatives for some retirees? How can Social Security help with the challenge of longevity risk? The module ends with a look at some of the pitfalls one can face while saving for retirement and while in retirement.

Author: Jim Pasztor, MS, CFP®

Jim Pasztor, vice president of Academic Affairs at the College for Financial Planning is also involved with several of the College’s investment courses and the white paper series. He is a CFPM® practitioner, and has an MS degree in personal financial planning and an MSF degree in financial analysis, both from the College for Financial Planning. Jim was the recipient of the Edward D. Baker III Journal Award from IMCA in 2014 for his article Endogenous Risk and Dangers to Market Stability. You can reach Jim at

Complexity Level: Overview