Retirement Planning

Retirement planning can feel big—especially when you’re not sure what you “should” be doing right now. Whether retirement is years away or getting closer, the best time to build a plan is when you’re ready to start asking questions.

At Compass Financial Services, our Des Moines‑based financial advisors help you bring the pieces together—your goals, your savings, your income, and your concerns—so you can make decisions with more confidence and less second‑guessing. We start by listening and making sure you feel comfortable discussing your finances, no matter where you’re starting from. (If you’d like to understand what that means to us, you can read our philosophy here.)

Ready to talk it through?

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What Retirement Planning Really Means

Retirement planning starts by getting clear on what you want your days to look like—and what it will take to support that. Your plan helps answer questions like:

How much income will you need each month?
When do you want to retire—and what do you want those years to look like?
Where will your retirement income come from (Social Security, investments, pensions, work, etc.)?
How will taxes, healthcare, and inflation affect your plan over time?

A good retirement plan doesn’t try to predict every twist and turn. It creates a clear starting point, practical next steps, and flexibility so you can adjust as life changes.

How Our Retirement Planning Process Works (The Compass Way)

We believe people make better financial decisions when they feel valued, heard, and respected. That shows up in how we plan for retirement: we slow down, listen, and explain options in plain language.

Here’s what you can expect:

1. We start with your story.

What’s on your mind? What are you hoping retirement looks like?

2. We review the big picture.

Savings, retirement accounts, investments, debts, and income sources.

3. We build a retirement income plan.

We talk through how your money may support you over the long term, including timing decisions (like Social Security) and required withdrawals.

4. We help you take practical next steps.

Some people want ongoing support, and others prefer to meet as needed. If hourly meetings are the right fit, learn more about hourly financial planning.

Common Retirement Accounts and How They Fit Together

A lot of retirement planning comes down to understanding the accounts you already have—and choosing a mix that matches your goals.

Employer-Sponsored Plans: 401(k), Roth 401(k), 403(b), and Pensions

Many people start investing through work. These accounts can be a powerful foundation, especially when there’s an employer match.

401(k)

A workplace retirement account funded through payroll contributions. Traditional 401(k) contributions are typically pre-tax, and your employer may offer matching contributions.

Roth 401(k)

Funded with after‑tax dollars, and qualified withdrawals in retirement may be tax‑free. Roth 401(k)s can also have required minimum distribution (RMD) rules.

403(b)

Often offered through schools, hospitals, and nonprofits. Similar contribution limits to a 401(k), and may offer Roth options and employer contributions.

Pensions

Some employers provide a monthly retirement benefit based on years of service, age, and compensation.

Accounts Outside of Work

If you’re self‑employed, changing jobs, or want to save beyond a workplace plan, these accounts can be part of the picture.

Traditional IRA

May offer tax advantages depending on income and filing status. Withdrawals are generally taxed as ordinary income, and early withdrawals may involve penalties.

Roth IRA

Funded with after‑tax dollars; qualified withdrawals may be tax‑free. Eligibility to contribute depends on income, and early withdrawals of earnings may involve penalties.

Taxable (Non‑Qualified) Investment Accounts

No special retirement tax treatment, but they offer flexibility (no required contribution schedule, and access to funds when needed).

Retirement Income Planning (What Most People Actually Worry About)

For many families, the real question isn’t “Can I retire someday?” — it’s “Will I feel okay once the paychecks stop?”

Retirement income planning often includes conversations about:

Social Security timing and strategy
Pensions (if available)
Investment withdrawals and required minimum distributions (RMDs)
Healthcare planning and Medicare transitions (general education; individual needs vary)
Tax-aware planning (how account types can affect future taxes)

We focus on helping you understand the tradeoffs, so you can choose what best fits you rather than giving you a "one plan fits all" approach.

If your retirement plan includes investment strategy and portfolio decisions, you can read more about our approach to investment management.

Retirement Planning for Real Life

People come to Compass at many different stages of retirement planning. Some are 10 or 15 years away and ready to take a closer look at whether they’re on track. Others are approaching retirement and want help making decisions about Social Security, retirement income, healthcare costs, or the right time to step away from work.

We also work with people who have retirement accounts from several employers, want a second set of eyes on an existing plan, or need help understanding how their savings may become income once regular paychecks stop. You don’t need to arrive with a specific retirement date or every detail figured out. We’ll start with what’s on your mind and help you make sense of the next steps.

If you’ve ever wondered whether you’ve saved enough or worried that you may be behind, you’re not alone. Our goal is to help you feel heard, grounded, and supported as you build a retirement plan around the life you want.

Ready for a Conversation?

If retirement has been on your mind, you don’t have to figure it out by yourself. We’re here to listen, answer your questions, and help you take a clear next step.

Reach out using the button below or you can explore our hourly financial planning.

Schedule Your Retirement Review Today

Frequently Asked Retirement Planning Questions

Retirement planning is the process of figuring out what you want retirement to look like, estimating the income you may need, and building a plan using savings, investments, and retirement accounts to support that goal.
The best time to start is when you’re ready to look at the big picture. Many people begin years in advance, but even if retirement is close, a plan can help you make clearer decisions about next steps.
It depends on your lifestyle, spending, and goals. We usually start by talking through when you want to retire, what you want those years to include, and what it costs to live the way you do today—then we build from there.
No. Retirement planning can be helpful at any age. Starting earlier often gives you more options, but planning later can still bring clarity and direction.
A 401(k) is usually offered through an employer. An IRA (Traditional or Roth) is an individual retirement account you can open outside of work. The tax rules and contribution limits vary, so the best mix depends on your situation.
Traditional IRAs may offer tax benefits now (depending on income and filing status), while Roth IRAs are funded with after‑tax dollars and may provide tax‑free qualified withdrawals later. Eligibility and withdrawal rules differ.
It depends on how you think about taxes today versus taxes in retirement, along with your income and goals. We help clients compare tradeoffs and choose an approach that fits their plan.
Social Security is often one piece of retirement income. Timing decisions can affect your monthly benefit, so it’s worth discussing your options as part of your overall retirement income plan.
RMDs are required withdrawals that can apply to certain retirement accounts once you reach a specific age. Planning ahead can help you understand how they may affect taxes and income in retirement.
Yes. Consolidating and organizing older accounts is a common part of retirement planning, and it can make your overall plan easier to manage.

Additional Retirement Planning Resources

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