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.