Already Retired Checklist

Congratulations on your retirement! A new chapter in your life is under way. While your financial efforts focus less on stashing away funds for retirement, there are still steps to take to ensure your continued financial security throughout your retirement years. Let's get started!

  • Review your withdrawal strategy. How is your withdrawal strategy working? Keep in mind that the early years of retirement are usually the most active—and most expensive, in terms of travel and entertainment. If the stock market isn't performing well, you may not want to sell stocks if you don't have to. Instead, look at your fixed-income holdings. Consider increasing your emergency fund to cover one to two years of expenses.
  • Evaluate your retirement budget. Whether you have six months or several years of retirement under your belt, it's a good idea to make sure your expenses are what you thought they would be and make adjustments as needed.
  • Determine the best time to take Social Security. You don't have to sign up for Social Security in the year you officially retire. "Full retirement age" (when you'll receive full Social Security benefits) depends on your date of birth, and benefits are reduced if you elect to take them before reaching full retirement age. You can boost monthly payments by delaying your claim until after full retirement age.
  • Review your investment performance. Continue to review and rebalance your portfolio annually, adjusting for more conservative investments as needed. You'll want to make sure your investments are on track to continue to generate the income you expect.
  • Be mindful of Required Minimum Distributions (RMDs). The IRS requires you to withdraw a minimum amount from both Traditional and Simplified Employee Pension (SEP) Individual Retirement Accounts (IRAs) as well as other retirement plan accounts like 401(k) or Thrift Savings Plan (TSP) accounts. Your age and account value determine the amount of your minimum distribution. In general, you must begin withdrawing money by April 1 of the year after you turn 70½.
  • Review your estate plans. Update your will and estate planning documents every couple of years or after any major life events, such as marriage or divorce. Review your beneficiaries for retirement accounts and life insurance policies, and make any necessary updates.

Want to maximize your retirement savings?

Work with a financial advisor to build a strategy.

Call 1-877-221-8108 to get started today.

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Navy Federal Credit Union is federally insured by the National Credit Union Administration.

Nondeposit investment and insurance products are offered through Navy Federal Financial Group LLC (NFFG) and through its subsidiary, Navy Federal Brokerage Services, LLC (NFBS), a member of FINRA/SIPC and an SEC registered investment advisory firm. Brokerage and advisory products are offered through NFBS. These products are not NCUA/NCUSIF or otherwise federally insured, are not guaranteed or obligations of the credit union, are not offered, recommended, sanctioned, or encouraged by the federal government, and may involve investment risk, including possible loss of principal. Products may be offered by an employee who serves both functions of accepting member deposits and selling nondeposit investment and insurance products. 1-877-221-8108. Trust Services available through MEMBERS Trust Company. 1-855-358-7878.

Investors should carefully consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing. This and other information about municipal fund securities is available in the issuer's official statement which can be obtained directly from the issuer, or if distributed through a broker dealer, may be obtained from a financial adviser, and should be read carefully before investing.

An investor should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

If a municipal fund security describes one or more of their investment options as having the characteristics of a money market fund, it is important to know that an investment in the security is not insured or guaranteed by the FDIC or any other government agency (unless such guarantee is specifically provided by or on behalf of such issuer) and, if the security is held out as maintaining a stable net asset value, that although the issuer seeks to preserve the value of the investment at $1.00 per share or such other applicable fixed share price, it is possible to lose money by investing in the security.