Be retirement ready.
A step-by-step guide to help you prepare for retirement.
For some, retirement can be exciting. For others, it can be just a big change. Organized in a helpful timeline, this guide contains a list of actions you can take in the months preceding your retirement to help you maximize your benefits and prepare for this life event.
Your retirement will be here before you know it. Let this guide help you reap the rewards of this important and wonderful milestone.
Get a head start.
12 Months Before
Take stock of your goals.
Do you want to travel or volunteer? With savings in place, you can explore specific programs and organizations.
Share your goals with your spouse, partner, or other family members. If your ideas differ, this is a great time to look at ways to compromise.
Max out your 401(k).
If it’s feasible, this might be a good time to consider maxing out your 401(k) and IRA contributions to help boost your long-term security.*
Get health care squared away.
If you’re planning to use Medicare, you should know that there’s a seven-month enrollment window around your 65th birthday. Once you have Medicare established, you can determine if you’ll need additional insurance coverage.
$103,760 The estimated out-of-pocket health costs for individuals 65 and older, over 20 years.
Source: Bureau of Labor Statistics, 2015; not adjusted for inflation.
*$24,000 is the annual 401(k) deferral limit allowed for 2017. It’s comprised of $18,000 in elective deferrals and $6,000 in catch-up contributions. $6,500 is the annual deferral limit for IRAs.
This information is not intended to be a substitute for specific individualized tax, legal, or investment-planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, financial planner, or investment manager.
This example is hypothetical and provided for illustrative purposes only. It is not intended to represent any specific investment products and not intended to be reflective of the results you can expect to achieve.
Schwab Retirement Plan Services, Inc. provides recordkeeping and related services with respect to retirement plans and has provided this communication to you as part of the recordkeeping services it provides to the Plan.
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