The magic question when planning for retirement has always been “How much will I need to save for retirement?” Well, the answer to that depends on what kind of retiree you plan to be and what you plan to do in retirement.

For some, retirement means having the time to travel the world while for others it might mean perfecting a hobby. To know how much money you will need for your retirement, you must first consider the type of retiree you’d like to be as that will indicate where your retirement savings is likely to be spent.

Do you plan to be:

• A home hobbyist who spends time doing home renovation projects or other hobbies at home like restoring cars, for example?
• An entertainer who spends a lot of time going out to eat with friends and family or attending various entertainment events?
• A world traveler who plans to spend much of their time vacationing around the globe?
• A “yes” retiree who lives by the motto of “you only live once” and is therefore willing to try anything, go anywhere, and spend significant amounts of money on experiences with family and friends?
• An average retiree who seeks to strike a balance in their retirement savings?

Regardless of which type of retiree you plan to be, your Local 26 Pension Plan and Individual Account Plan will be ready when you are. The Plans are well-funded and secure. To better understand how you can make your savings work with your retirement plans, you might consider meeting with a Fidelity advisor to talk about your Individual Account Plan.

While the Pension Plan is a defined benefit plan in which beneficiaries know exactly what they will receive in retirement, the Individual Account Plan is more fluid. You may need to adjust where your money is allocated in the Individual Account Plan in order to meet your retirement goals and make your savings last all throughout what will hopefully be a very long and healthy retirement.