Assess your current financial position for retirement readiness
Before you retire, it’s important to understand your financial needs in retirement and whether you have the savings and income necessary to meet those needs. Taking the time now to understand your financial situation will help you enter retirement with a clear financial plan. To see where you stand, use our retirement calculators.
Fill in the gaps
If you find that your current savings may not be enough to meet your needs in retirement, there are still things you can do to better prepare:
• Increase retirement savings as much as possible and take full advantage of retirement plan and IRA catch-up rules.
• If you’re not already maximizing your contributions to your employer-sponsored retirement plan, now is the time to do so.
• Consider contributing to an IRA in addition to your employer-sponsored plan.
• If you’re over age 50, you can take advantage of the "catch-up" provisions for your IRA and employer-sponsored retirement plan.
Develop a plan to eliminate all debt prior to retirement
Managing expenses during retirement is key to a successful retirement plan. A great way to minimize expenses during retirement is to eliminate your debt before you retire.
Work longer and delay Social Security
Many people are deciding to delay retirement for a few years or to continue working part time during their retirement. Each of these strategies may allow you to delay withdrawals from your retirement savings and defer Social Security payments – resulting in larger payments later in life.
Review your investment strategies
No matter where you stand relative to your retirement savings, as you prepare to retire, your investment strategy is more important than ever. You’ll want your assets to be there for you in retirement, but you also want to see your savings continue to grow. We have experts who can help you think through this important concern.