“Retirement is wonderful if you have two essentials — much to live on and much to live for.” – Unknown

What Do You Need to Know to Retire?

If we’ve learned any lessons in recent years, it’s that every plan must account for the unexpected. Retirement is no exception. As you transition to this next phase of life, a carefully constructed plan can help minimize risk and secure the financial wealth you’ve built throughout your working years.

Download the 2023 Retirement Planning Guide

401(k) Rollover

There are many factors to consider when determining whether to roll your retirement plan savings into an IRA. Oftentimes this decision is triggered by a change in employment status or an impending retirement. When deciding what to do with your retirement assets, it’s important to be aware that IRAs are subject to different rules and restrictions than employer plans such as 401(k)s.

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Investment Choice
The universe of investment options in an IRA is typically much larger than those of employer plans.

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Retirement Income
IRAs typically offer more possibilities for generating income than employer plans, also generally providing freedom around the timing and amount of distributions (until age 72 upon the time that required minimum distributions (RMDs) begin).

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Account Consolidation
Consolidating your investments into a single IRA may provide a clearer picture of your portfolio’s asset allocation and simplify your ability to adjust holdings and calculate RMDs.

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Different Exceptions
There are specific circumstances that qualify IRA owners to withdraw money penalty-free prior to age 59½.

Government Employees

In many cases, typical retirement planning advice does not apply to government employees. Benefits for government employees can get quite confusing based on whether you are employed at the federal, state, county or municipal level.

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Retirement Check: Are You Ready?

As you’re nearing retirement, there are many important factors to consider. Pre-retirees wrestle with questions related to how much to save. There is no one-size-fits-all answer. If you have already retired, you might wonder whether you’re adequately prepared to withstand health issues that might impact changes in housing, or the need for long-term care.

No matter what stage of retirement you are in, it’s important to schedule reviews of your savings goals on an annual basis, as well as when life events occur. These check-ups ensure that your plan reflects your changing circumstances and accounts for fluctuating market and economic conditions. Incorporate the following practices within your routine to remain on pace to sustain your retirement goals:

  • Break down your goal.

    Calculate your anticipated monthly income need, assessing it alongside your estimated monthly Social Security benefit, income from retirement savings, and any pension or other income. This exercise can help identify your monthly income need and guide you on developing a plan to bridge gaps.

  • Stash extra cash.

    Build up your savings whenever possible by looking for financial opportunities—whether they are in the form of a tax refund, unexpected windfall, etc.

  • Reimagine retirement.

    Retirement does not necessarily equate to travel, golf and restaurants. Happiness can be achieved from everyday experiences such as socializing, reading a good book, taking a scenic drive, and playing with grandchildren. Manage your expectations.

  • Be flexible.

    While setting goals is important, don’t let those goals become overwhelming. Set your intentions, schedule regular reviews, increase savings whenever possible and take heart in knowing that you’re doing your best to prepare for your future.

When it comes to retirement, don’t leave anything to chance. Reach out to our team.