Living in Retirement

Now that you’re retired, you may be wondering how and when to withdraw money, where to keep your funds, and even how to keep your income lasting as long as possible. You’ve been planning for this moment for years and we’re here to help you understand what you may need to do next. Our Learning Center offers articles and tools to help you better understand your options, giving you confidence that you’re making the decisions that best fit your needs and wants.

Some things you may want to consider now that you’re retired:

Keep your funds in the Plan – Retiring employees may think they need to move money out of the Plan, but that’s not the case. By continuing as a Plan participant, you might avoid costs like front-load fees and commissions that sometimes come with new accounts. Do be aware that you’ll still have fees associated with your accounts.

Learn about the Possible Benefits of Staying in the Plan, including how to continue taking advantage of tax-deferred growth and potentially lower fees.

Consolidate funds – Have you left a trail of IRAs and other active retirement accounts with former employers? Perhaps you have more than one retirement plan in a few different places. You may want to consider consolidating your accounts now that you are retired. It will give you the convenience of having your accounts in one place to easily draw your income.

Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59 ½. Neither the Plan nor any of its representatives give legal or tax advice. Please contact your legal or tax advisor for such advice.

Prepare for payouts – You might be surprised at how many choices you have when it comes to receiving income in retirement. Whether it’s income you receive in a lump sum, partial lump sums, systematic withdrawals, or a rollover, we have information to help you better understand each of these options. Withdrawals are taxable income to you in the year the payments are made.

Review your Social Security coverage – The Social Security Administration website offers their Retirement Estimator tool to help gauge your retirement coverage and create “what if” scenarios.

Review medical coverage – Medicaid, Medicare, and employer insurance programs can have an impact on what expenses are covered and those that you’ll have to pay. Taking time to review your medical coverage will give you added insight into potential expenses, including long-term care. You can look into the costs of long-term health care by going to non-profit or government sites such as the National Clearinghouse for Long-Term Care Information.

Make an in-retirement checklist – Now is the time when you may want to think about creating an in-retirement plan that considers:

  • What you’ll do with your time to be happy and fulfilled.
  • What steps you’ll take to stay active and healthy.
  • Where you’ll live in retirement and how this decision will affect your current and future living expenses.
  • How you’ll use your pension, Social Security and accumulated assets to meet your income needs throughout your retirement years.

Here are some additional articles to help educate you on options:

Get the help you need

We’re here to help you understand what steps are available to you. If you have questions or just want to talk about retirement planning, call your Account Executive or the HELPLINE today. We’re happy to help you.

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