speaking, retirement planning should begin with the end in mind (Stephen Covey’s
Seven Habits of Highly Effective People)
and work backward.
you’d begin by envisioning the things you plan to do in retirement, when you’d
like to retire, how long you’re likely to live, what it’s going to cost, and so
forth. You need to know what your target is before you put a strategy in place to
Then you run projections combining your resources—the estimated pension in your question, Social Security, retirement accounts, savings and investment,
and other items—to see if you’re on track to meet your retirement goal or if adjustments must be made. These
projections should also tell you if you need to save in addition to your
pension and how much.
planning software is usually best to help with the projections and I generally
encourage people to tap the expertise of a (genuine) financial planner. But if
you decide to do all the planning yourself, just beware of the flaws and weaknesses of most online
I hope that helps. All the best!
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