Ready To Retire

In the last 50 years, retirement has become less of a date certain event and more of an extended period that may last for 20–30 years. So, careful planning and decision making are necessary. You may need to consider working longer than you initially intended to if your retirement savings aren’t what you expected.

Extending your working life just a few more years may enable you to achieve your goals and retire comfortably. This gap analysis tool takes complicated issues like projected Social Security benefits and earnings assumptions on savings, and turns them into language and math that are easy to understand. 

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Shortfall or surplus? Making the transition from work to retirement can be a major life change filled with new possibilities and important decisions. Find out if you have enough saved to retire and how long your savings may last during retirement.

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Waiting a few years to claim Social Security can increase your monthly benefit. Calculate a rough estimate and the advantages of delaying your Social Security benefit. This tool shows how your monthly benefit changes depending on the age at which you claim. 

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When you start taking distributions, you’ll begin turning the money in your employer-sponsored retirement savings plan into income. When to take distributions from your plan is up to you, but required minimum distributions (RMDs) must be taken each year beginning with the year you turn age 72.

Learn the steps you need to take to create an income strategy that can last. 

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You may be offered a choice between a lump sum payment, installment distributions, and a guaranteed stream of income — sometimes known as an annuity. For individuals participating in a workplace retirement plan, the decision of your method of distribution is typically — but not always — made at the point of retirement.

If presented with a choice between a lump sum payment, installment distributions, an annuity, or some combination of the three, you have a number of important considerations. How will you utilize any retirement savings you have amassed in an employer-sponsored retirement plan, and/or how will you manage your accrued defined benefit pension benefits, if you participate in this type of pension plan? Determining how your retirement savings or pension benefits should best be distributed can be one of the most important and impactful decisions you can make regarding your retirement income security. 

Annuities vs. Lump Sums Infographic

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Taxes don’t go away with retirement. Income taxes assessed on retirement plan distributions are generally taxed as ordinary income and may even be your most expensive obligation in retirement. Ordinary federal income taxes generally apply to taxable distributions. State income taxes may also apply. Always consult your tax advisor or investment professional about the income tax consequences of any withdrawals.

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With life full of uncertainties and our needs, circumstances, and personal priorities changing, ongoing decision making, assessment, and updating plans are essential throughout retirement. It’s a good idea to revisit the tasks and activities involved in preparing for retirement to determine if anything needs to be changed, updated, or revised in order to ensure you’re making the best decisions for you.

Find out how working after receiving retirement benefits can lead to increases or decreases in benefits. 

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