Nearing Retirement

Getting close to retiring can be both exciting and scary, but by checking to see if you’re still on track, you can alleviate any fears and give yourself enough time to make any necessary adjustments.

To begin assessing your progress, consider the following:

- What are your retirement goals?
- Do you plan to stay where you are or will you move?
- How will not working affect your lifestyle and mood?
- What happens if you decide not to retire now?

Answers to these questions will help you judge your current investments and help you decide if you’re really ready for retirement. Additionally, you’ll want to think about personal and financial aspects such as health, inflation, asset allocation, and withdrawal rate when estimating and evaluating your current assets. Estimate how much you may need to retire using our tool below:

Retirement Calculator

Being this close to retirement, you’ll want to be sure to carefully evaluate any debt in order to maximize your potential returns consistent with your risk profile. You’ll also want to watch your spending, and create an emergency cash fund for unexpected events.

As you evaluate the money you’ve invested and watch your expenses, you should also think about the money that will be coming in once you retire. Income from Social Security, pensions, and savings should all be factored in to your evaluation.

If you’re 50 or older, you’re allowed to make larger, catch-up contributions to your IRA or Roth IRA retirement account, to help boost your investments. The additional contribution amount allowed is $1,000, so the total you can invest is $7,000.

After assessing your investments, evaluating your cash management, and utilizing the allowed additional contribution, it’s time to revisit your strategy and make any adjustments. Meeting with a New Account Representative or using our tools & calculators can help you identify and implement any necessary changes to your strategy.