The journey to and through retirement is like climbing a mountain. Climbers must diligently prepare for every aspect of their voyage – the climb up, reaching the top, and coming back down. You want to approach retirement planning in the same way.

Joel Johnson, CFP® joins Better Money Boston with WCVB Channel 5 to explain how you can reach the retirement summit with a well-thought-out financial plan.

Ascending the Mountain: Building Wealth

For climbers, there is a lot of preparation and discipline that goes into ascending the mountaintop. The same can be said for retirement planning. In those critical years before you retire, you are fully invested in growing your savings and making sacrifices to reach financial independence. If you’ve been a diligent saver, you’ve likely put away funds into a 401(k) or other savings account to accumulate sufficient assets in retirement. Just like climbers who make the trek up the mountain, it can be a steady but sure journey to accomplishing your goals.

Reaching the Peak: Retirement

What happens when you finally reach the coveted peak – aka retirement? When you retire, your life fundamentally changes. Your objectives shift from accumulating savings and growing your wealth to generating income from personal savings, Social Security, and other sources. Achieving that goal requires a carefully planned strategy to provide income for the rest of your life. As you take in the view from the top of the mountain, you could be looking at a 20- to 30-year retirement on the way down. That is decades’ worth of income you’ll need to live comfortably in this new phase of your life.

The Way Down: Distribution Phase

The last thing you want to be worried about once you reach the retirement summit is running out of money, but the work is far from over. It may come as a surprise, but most tragic climbing incidents happen on the way down the mountain, not up. Mistakes can be amplified on the descent if you’re not careful, especially within your investment portfolio. A solid investment strategy is key to navigating market volatility and maintaining a dependable stream of income that will last as long as you do.

How to Protect Yourself

While it can be treacherous at times, there are ways to protect yourself as you make this climb. A financial advisor can help you create a personalized financial plan and subsequent investment portfolio that serves you throughout your retirement years. Having a financial plan can also provide reassurance during times of market volatility and prevent a quick reaction from derailing all the progress you’ve made.