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Date
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Item
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Actions
Needed
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Taking
Action
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Articles
From
Library
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Estimate
your retirement income needs.
Many
advisors suggest that living expenses after retirement will average
60% to 75% of pre-retirement needs.
To have that
level of retirement income available, determine the level of assets
you will need to have accumulated by the time you anticipate retiring.
Determine how
much you need to save between now and your estimated retirement
to have accumulated the necessary funds.
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2.
3.
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Use the online
calculators to calculate your retirement needs.
Meet with a
financial advisor to review
your entire retirement planning strategy.
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Rethinking
Retirement |
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Employer
retirement plan.
Are
you participating?
Are you contributing
enough to "earn" the full employer match?
Review the vesting
schedule of your plan.
Do you have
the right investment mix within your retirement plan account?
Are current
contributions to your account being invested appropriately?
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2.
3.
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Meet
with a financial advisor to determine how the investments within your
employer plan fit within your overall investment strategy. |
Take
Full Advantage of Your Employer's 401(k) Plan |
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Individual
Retirement Accounts.
Are
you contributing to an IRA to get the benefit of tax-deferral on
those funds?
If age 50 or
over, are you making the full allowable "catch-up" contribution?
Have you considered
whether a Roth IRA is more appropriate for your situation?
Have you considered
converting your regular IRA to a Roth IRA to get more flexibility
for distributions and the opportunity for tax-free distributions?
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2.
3.
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There are several
types of IRA accounts. Whether it is a fixed income account (like
a CD) or a full self directed IRA account, a financial professional
can help you select the right plan.
Review the rates
on IRA Certificates of Deposit.
Meet with a
financial advisor to review
your entire retirement planning strategy.
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An
IRA Refresher
Maximize
the Value of Your IRA
IRA
or Roth IRA?
Can
$5000 IRA Contributions really add up?
New
Roth IRA Conversion Opportunity
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Social Security.
Review
your Social Security Statement when you receive it and make sure
it is accurate.
As you near
retirement, consider the feasibility of beginning to your benefits
at age 62 instead of the normal retirement age.
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1.
2.
3.
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Review
Your Social Security Record
Understanding
the Social Security System
What
Can I Expect to Receive From Social Security in Retirement?
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Retirement
plan and IRA beneficiaries.
Be
sure to designate the appropriate person. Your beneficiary form,
not your will, usually determines who gets the assets when you die.
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2.
3.
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IRA or Retirement
Plan distributions.
Be
aware that distributions before age 59 ½ will probably result in
a 10% tax penalty.
Distributions
from regular IRAs must be started at age 70 ½, but there are no
distribution requirements for Roth IRAs.
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2.
3.
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Taking
Money Out of Your IRA |
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Retirement
plan distributions.
There
are three major decisions to be made when receiving a lump sum distribution
on retirement or changing jobs.
- Do you want
to pay taxes currently on the distribution or roll it over and
continue the tax deferral? You must decide within 90 days of receipt.
- Where do
you want the funds? You may be able to leave it in the prior employer's
plan, move it to your new employer's plan or do a roll-over into
an IRA. Your decision should be based on costs, availability of
investment choices and the amount of control you want over the
funds.
- How do you
want to invest the funds? A retirement plan distribution may be
the largest amount of money you ever receive. Be sure to invest
it wisely and include it in your overall investment strategy.
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2.
3.
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Meet with a
financial planning professional can
help you evaluate your options and make the best decisions,
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Reviewing
Your Options for a Retirement Plan Distribution |
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