In retirement

Here are some things you can do right now to help you keep living retirement on your terms.

Choose and organize your accounts

Organizing your finances today is an important step for the future peace of mind of you and your beneficiaries.

Take action

  • 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 accounts and automate transactions whenever you can.

Maximize your savings

You may be living off your savings but there are still steps you can take to make the most of your current and future assets.

Take action

  • Become aware of any changes in tax laws — they may affect your portfolio if, for example, long-term capital gains rates rise or fall.
  • Make sure you have at least a six month cash reserve.
  • Determine an appropriate withdrawal rate for your assets with your financial advisor.
  • If you need additional income, consider working in retirement.1

Manage your investments

You have many choices to make about how your investments can continue to support you throughout a long retirement.

Take action

  • Review your risk tolerance and asset allocation.
  • Adjust your portfolio to 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 expectations

It's important to continue to refine your goals and expectations after you retire.

Take action

  • Reflect on your retirement experience with a friend or in a journal.
  • Write down goals that you have for the rest of your retirement and review it with your financial advisor.
  • Plan to talk to your spouse or family members about how you might handle unexpected events.

Balance your retirement income and expenses

Managing your income sources and expenses in retirement can be tricky. How can you continue to sustain your lifestyle?

Take action

Important Upcoming Dates

January – December 2017

  • 2016 required minimum distribution deadline for individuals born July 1, 1945 to June 30, 1946 (if initial RMD was not satisfied by 12/31/16)
  • Individual 2016 tax returns and tax payments are due
  • Deadline for funding a traditional or Roth IRA for 2016
  • Extended 2016 tax filing deadline for individuals who filed for an extension on form 4868 (application for automatic extension of time to file U.S. individual income tax return).Deadline for sole proprietors that filed for a six-month extension to establish and contribute to a SEP IRA for 2016
  • Deadline to recharacterize an IRA contribution or conversion from 2016
  • Deadline to take required minimum distributions (RMDs) for 2017 for individuals born June, 30 1946 or earlier.

  • Deadline for conversions to Roth IRA for 2017

  • Deadline for selling non-qualified securities to realize gain or loss in 2017, if appropriate.

  • Charitable giving deadline for 2017 federal income tax deduction.

Note: Taxpayers may need to start the process by mid-December to meet the December 31 deadline.