Top Retirement Tips

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Show me the money-retiring is all about having enough to be comfortable. These tips make sure you do.

Sock Away as Much as Possible

For many retirement savers these are the highest income years of their careers. This is the time to contribute the maximum amounts possible to your employer’s retirement plan, IRA accounts, and the like.

Check Social Security

While there is some discussion as to the future solvency of Social Security, it’s likely that those currently in their 50s will receive their benefits. You can get your statement and check your benefits here. The Social Security Administration has also indicated that they will resume mailing statements, so keep an eye out for yours. I suggest saving them, and always check to ensure that you have received full credit for all of your earnings.

Gather Info for All Retirement Accounts

These days it is not uncommon for someone to have worked at five or more jobs over the course of their career. This can lead to a number of retirement plans with former employers. If you are married and your spouse works this number can easily double. This is of course in addition to your Social Security benefits.

Figure In Your Other Financial Resources

This is also a good time to get your arms around your other financial assets that are potentially available to support your retirement lifestyle. Here are a few items that you might have: taxable investment accounts; an annuity; life insurance with cash value; interest in a business; stock options from your employer. If your 401(k) account contains company stock you might benefit from the use of the Net Unrealized Appreciation (NUA) rules. Additionally, determine if your company offers retiree health insurance. Will you work full or part-time during retirement?

Determine How Much You’ll Need to Support Your Lifestyle

This is the time to start making some choices about how you will live in retirement, and more importantly, to put some dollar figures to this lifestyle. Will you be moving and/or downsizing your house? Will you be debt-free by the time you hit retirement? Will you have adult children to support?

Do a Retirement Projection

There are many retirement calculators available online, perhaps even through your company’s retirement plan provider. Some are better than others so do a little checking in terms of the methodology and the underlying assumptions. The better ones are great tools to give you an idea if your plans for retirement are realistic or not.

Most retirement projection tools will ask you to input your retirement plan assets, any pensions and Social Security, other investments, etc. Based on variables such as your investment allocation and other factors these programs will give you an idea of how much retirement cash flow your resources might be able to support. While you may not like the answer, it is far better to know you have a potential shortfall as early as possible prior to retirement.

This might be a good point to engage the services of a competent fee-only financial adviser to assist you. Besides their expertise, a qualified adviser can add a detached third-party perspective to your retirement planning.

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