Resources

Overview

If you're getting close to retirement, look over this list to make sure you have all the bases covered. The key to a financially successful retirement is matching your expenses to your income. Seek out the assistance of a Financial Advisor if you are overwhelmed and would like help.

Congratulations! But Not So Fast, You Still Have a Job To Do...

Congratulations! You've decided to leave the working world. No more daily commuting, no more worrying about the boss, no more deadlines, and no more dreaming about how you can find the time to take that vacation. In fact, you're on your way to enjoying the best vacation you've ever had. But you've still got a job: it's called "managing your money." If you are just starting to plan for your retirement... read below, & educate yourself for the future. It's your hard earned money that will be put to work for the time that you no longer will be working hard. Plan Wisely- Starting NOW, Enjoy the FUTURE!

Know the Health Plan!

Work with your employer to transition from your current plan into any retiree health benefits provided. Plan for the conversion of medical and dental insurance after retirement. If you do not have coverage after retirement you will have to convert your current plans. Do NOT let coverage lapse. Schedule major medical and dental work to be done prior to retirement. There may be a waiting period for pre existing conditions if you switch companies. Have the work done before you leave.

Medicare and Me

Activate supplemental coverage you will need until you qualify for Medicare, as necessary. Work with The Centers for Medicare & Medicaid Services (CMS) (www.medicare.gov) to activate your Medicare coverage as soon as you are eligible. Estimate health care costs. Take into consideration family health history. Research insurance programs that will meet your needs after your company's health plan is out of the picture. Investigate Medicare and what it will cover.

Create a Budget

Review your retirement income and expenses. Establish a budget. Make a list of monthly expenses such as housing, food, transportation and utilities, as well as a list of annual or sporadic expenses such as medical bills, insurance, travel and education. Which expenses will go down, and which expenses will rise when you retire? Consider any compensation you may receive in retirement. Also factor in pensions, Social Security benefits, 401(k)s, IRAs, and other retirement plans and non-pension savings, as well as any inheritance. Click here to access our budget worksheet.

Hello Social Security, Do You Have Anything For Me?

Get Uncle Sam and others on board. Contact the U.S. Social Security Administration to obtain the necessary paperwork to file for your payments and start the income flow. Determine amounts due from Social Security (self and spouse) Personal Employee benefit statement (PEBS) is available free. 1-800-772-1213 or go to www.ssa.gov/retire2/.

My Employer Pension Plan and 401(k)

Nearing Retirement, do you know the payout options available to you (e.g. annuity or lump sum) with your employer-sponsored retirement account, and have you reviewed the pros and cons of each option? Select retirement payment and survivor options from retirement plan(s). There are usually several options available. These are important decisions and usually irrevocable once you begin retirement. Work with your employer and Financial Advisor to finalize all retirement account payout options and make arrangements for payments to begin according to your income plan.

Create a Paycheck For Life

Create your retirement "paycheck" by creating a retirement income plan. For many people, an immediate income annuity can be used to cover estimated expenses in retirement and the balance of retirement savings can be invested so that it keeps growing. Visit our Income Solutions® section to get this process started.

You Need a Will

Draw up a will if you do not already have one. Make or update your will and your spouse's will. Both you and spouse should have separate wills and instructions in the event of serious illness. Determine whether you'll be transferring any of your assets to family or other beneficiaries. If so, will it be during your lifetime or after?

Have you reviewed all your financial and legal documents to make sure beneficiaries are up-to-date?

Trusts

Consider setting up trusts for children, grandchildren, charities or others, if appropriate. Update beneficiary designations on all retirement accounts and other financial paperwork.

Organize Your Paperwork and Let Someone Know

Put your important legal paperwork in order. This includes wills, a living will, trusts, power of attorney and medical power of attorney. Also assemble information on key contacts in your life: your attorney, accountant, financial representative, doctors and dentist. Compile a list of account numbers you hold. Tell a trusted family member or friend where to find this information.

Click here to access our Personal and Key Document List.

If you are feeling overwhelmed and would like assistance, please talk to an expert.