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STEP 1

Create a list of financial accounts

The list should include bank accounts, insurance policies, annuities, pensions and brokerage accounts as well as all 457(b), 403(b), 401(k) and IRA plan accounts with current and former employers. Include with each item the account or policy number as well as contact and login information.

Create my list

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STEP 2

Update all beneficiary designations

Make sure the designations on file with the providers of your life insurance, annuity, pension and 457(b), 403(b), 401(k) and IRA plan accounts with current and former employers align with your current wishes.

Update my beneficiaries

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STEP 3

Establish a personal Social Security account

Creating an account gives you the ability to check your Social Security statement, change your address, verify your reported earnings, estimate your future benefits, and much more.

Create my account

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STEP 4

Estimate your retirement budget

Make a list of your estimated income from pensions, Social Security, investments and retirement accounts such as Savings Plus. Add to that list your routine living expenses. Be sure to consider potential out-of-pocket health and long-term care expenses.

Review my budget

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STEP 5

Reduce your debt

Many financial professionals recommend finding ways to pay down debt while continuing to save for retirement.

Check out this approach

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STEP 6

Optimize retirement plan contributions

While your retirement date may seem to be fast approaching, you may still have time to boost the resources you have available for retirement income.

Consider my options

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STEP 7

Create your initial retirement income plan

Use My Income & Retirement PlannerSM to start building a detailed income plan that shows all assets that could be converted into income and how those assets could be distributed over time. The Planner can reveal where shortfalls or surpluses may occur, and allow you to print a report to take as you meet with a financial professional or Savings Plus Personal Retirement Consultant.

Go to the Planner

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STEP 8

Consult a financial professional

Get guidance on establishing a retirement budget, developing an estate plan and how to leave a legacy for heirs or causes that you support. Consult your own professional or contact one of our Personal Retirement Consultants (PRC) for no-extra-cost financial planning.

Schedule appointment

Explore these other stages of retirement planning:

Months to go to retirement

Get more information

Already in retirement

Things to consider