Plan for the Unexpected in Retirement

On the road of life, there can be bumps from time to time. From extensive car repairs to funding a new furnace or a family illness, one thing remains true – unexpected expenses will arise.

If you’re close to or in retirement, your budget is likely tighter than ever. What can you do to be more prepared? We’re here to help. Here are some tips:

• Use the tools & calculators – Manage your account and spending needs with tools like the Payout Calculator. Experiment with the numbers to see if withdrawal amounts could be adjusted to cover emergency situations.
• Create an emergency fund – Choose a low-risk investment or savings option for an emergency fund, where you can easily access your money without delay or penalty, like the Plan’s Stable Income Fund or a savings or money market account. Remember, the Stable Income fund and money market funds are not insured or guaranteed by the FDIC or any other government agency. Although the goal of the Stable Income Fund and a money market is to preserve the value of an investment at $1 per share, it is still possible to lose money.
• Re-evaluate your retirement income investments – Reallocating your investments into more conservative options may help you better prepare to handle expenses. Review the profiles and prospectuses to learn more about your investment options.

In addition, review the articles on retirement in the Financial & Retirement Library for more tips to help you manage expenses in retirement.

Get the help you need

Talk with your Account Executives – we’ve answered thousands of questions about how to help you make retirement income last throughout the years.