Living in Retirement

Now that you are 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. Our Learning Center offers articles and tools to help you better understand your options, giving you confidence that you are making the decisions that best fit your needs and wants.

Some things you may want to consider now that you are retired:

Keeping your funds with us – Your money can stay with Savings Plus. You may think you need to move money out of your Savings Plus account, but you don’t. By staying with Savings Plus, you might avoid costs like front-load fees and commissions that sometimes come with new accounts. Learn about the benefits of staying with Savings Plus, including how to continue taking advantage of tax-deferred growth and potentially lower fees.

Consolidating funds – Have you left a trail of active retirement accounts with former employers? Perhaps you have more than one retirement plan in a few different places. Your plan allows you the ability to either roll your outside assets into the account or leave them where they are currently invested. There are key factors to consider when evaluating whether you might roll your assets into the plan. Contact your Retirement Specialist for more information.

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rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10 percent tax penalty if withdrawn before age 59½ from your 401(k) plan.

Preparing for payouts – You might be surprised at how many choices you have when it comes to receiving income in retirement. Whether it is income you receive in a lump sum, partial lump sum, systematic withdrawal, or rollover, we have information to help you better understand each of these options.

Reviewing 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. Many public sector workers have a pension for work that is not covered by social security, and their benefits are adjusted based on the Windfall Elimination Provision (WEP). You can estimate your benefit using the WEP-version of the Retirement Estimator tool.

Reviewing medical coverage – Medicaid, Medicare, and individual insurance programs can have an impact on what expenses are covered and those that you will 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.

Making an in-retirement checklist – Now is the time to think about creating an in-retirement plan that considers:

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

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

  • The cost of inflation - There are things that are out of your control. Learn more about how inflation may affect your savings in the future.
  • Social Security – Recent talk of reform may impact your investments.
  • Living longer in retirement – Many public sector employees retire early and may need to live 30 years or more on their investment savings.
  • Market risk – The market is ever-changing. Learn how to manage the volatility.

Get the help you need

We are here to help you understand what steps are available to you. If you have any questions or just want to talk retirement planning, call our Retirement Specialists today, they are happy to help you.

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