Retirement is Near & You Feel Confident
Congratulations on nearing retirement. When you do, you might consider employment in another field or simply will follow new dreams. Even though you are confident you have taken the right steps and prepared for retirement, you might be concerned with how your income could last or what options might be available to you before you do retire.
Here are tips, as well as helpful links to our learning center materials, to help you stay on track with added confidence:
Stay where you are – You can keep your Savings Plus account. Often, employees think they may need to move money out of Savings Plus once they leave their employer. In fact, you can keep your plan right where it is. By staying in your Savings Plus plan, you might avoid costs like front-load fees and commissions that sometimes come with new accounts.
Learn about the Benefits of Staying with the Plan, including how to continue taking advantage of tax-deferred growth and potentially lower fees. Neither Nationwide nor its representatives offer tax or legal advice. Consult your own counsel before making any decisions.
Re-evaluate your investments – Talk with a Retirement Specialist to request an account review. They will take you through all the steps you should consider when preparing for retirement. You can gain understanding to either keep or update your current plan.
- Review the Retirement Checklist to make sure you are prepared to take payments.
- Read more about the Benefits of Consolidation to make money management a little easier.
Prepare 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 as a partial or total distribution, installment payment, supplemental payment, required minimum distribution or rollover, we can help you better understand each of these options. Distributions made prior to 59½ may be subject to a 10 percent penalty tax. All taxable distributions at any age are subject to ordinary income tax, and surrender charges may apply.
- Get tips on How to Start Receiving Income. Consider all the options to help make your investments last and possibly pay less tax overall.
- Learn more about withdrawal options in Transitioning From Saving to Spending.
- Get more info on How to Take RMDs, or Required Minimum Distributions, when you reach age 70½.
Additional articles you can use to learn more:
- The Cost of inflation – Learn more about how inflation may affect your savings.
- Social Security – Recent talk of reform may impact your investments.
- Living Longer in Retirement – Many public sector employees retire early and may need to make their nest egg last 30 years or more.
- Market risk – The market is ever-changing. Learn how to manage volatility.
Get the help you need
Even with confidence, there are likely changes ahead. We are here to help you through this transition – if you have any questions or would like to just talk about retirement, call one of our Retirement Specialists today.