Financial planning for retirement
Confident Retirement® approach
A comfortable, secure and meaningful retirement is most everyone's dream. Your advisor can help you plan for an income stream that can cover both your essential and lifestyle expenses. Your advisor will also help you reduce vulnerability from the unexpected, and help you leave the legacy you desire.
It's never too early — or too late — to start planning for a more confident retirement. By breaking it down into small pieces, retirement planning can be more manageable and simpler.
Choose and organize your accounts
Organizing your finances today is an important step for the peace of mind of you and your beneficiaries.
- Inform a beneficiary of legal or financial records, PIN numbers, passwords and other information
- Throw out old paper statements or bills. Shred the discarded documents to keep them out of the hands of identity thieves
- Identify all your accounts by looking through the statements you receive, both on paper and online
- Register for online account access and automate transactions whenever you can
Maximize your savings
Take advantage of key savings strategies to make the most of your current and future assets.
- Determine how much you need to save
- Establish retirement saving strategies
- Maximize your contributions
- Make your savings last
- If you're age 50 or older, make catch-up contributions to applicable accounts
- Determine an appropriate withdrawal rate for your assets with your financial advisor
- If you need additional income, consider working in retirement
Manage your investments
As you build your portfolio and into retirement, you have many choices to make about how your investments can continue to support you throughout retirement.
- Manage employer stock in retirement accounts
- Understand asset allocation, diversification and risk tolerance
- Stay invested for the long term
- Consider opening an IRA or a Roth IRA conversion
- Review your beneficiaries
- Adjust your financial plan as needed
- Review your risk tolerance and asset allocation
- Conduct an annual financial review to adjust your portfolio and ensure that it's still diversified
- Contact your financial advisor to help you with your investments
- Make sure your beneficiary designations reflect your wishes
Define your financial goals & expectations
It's important to continue to refine your goals and expectations both before and after you retire.
- Reflect on your retirement expectations or experience. Write down your goals for retirement and review it with your financial advisor
- Plan to talk to your spouse or family members about how you might handle unexpected events
- Explore options to volunteer or give back in retirement. Your advisor can help you create a plan to help others
Balance your retirement income and expenses
Managing your income sources and expenses in retirement can be tricky. You may need to make adjustments along the way.
- Balance your income and expenses
- Learn more about required Minimum Distributions (RMDs)
- Evaluate your expenses
- Plan for retirement health care costs
- Gifting opportunities
- Identify your sources of income and know when you can withdraw from the various accounts
- Track your expenses to be sure your retirement savings will last through a long retirement
- Take Required Minimum Distributions (RMDs) if you're age 70 1/2 or older