Retirement is Near & You Feel Unsure
Are you close to retirement? Are you feeling less than confident that you may be financially prepared to retire when that time comes? It’s never too late to save or to increase your current contributions and we’re here to help. We have tips, tools, and educational materials to help show you what you can do to save a little more now, giving you some added confidence in your “later.”
Some materials and suggestions on what you can do now to help you understand how you can save more include:
Evaluating where you are now – Talk with an Education Consultant to start an account review to see where you really stand – once you have the facts and a plan in place, you’ll probably feel more confident about the future.
- Review the Retirement Checklist to see if you’re prepared to take payments.
- Learn about the Transitioning From Saving to Spending, to get a better idea of the shift of income in to spending.
Look at consolidating all your qualifying outside funds – If you have funds with various previous employers, you can consolidate them into the one deferred comp plan. This will consolidate all of your money in one place, making it easier for you to keep track of your investments now and provide a single source for payouts later.
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10 percent tax penalty if withdrawn before age 59 ½. Neither Nationwide nor any of its representatives give legal or tax advice. Please contact your legal or tax advisor for such advice.
Play catch-up – Take advantage of special rules for public employees that may allow you to invest more in your deferred comp plan in the years leading up to retirement.
- Learn about the Benefits of Waiting to Retire, specifically the 50+ Catch-Up Option and the Special 457(b) Catch-Up Option available to public employees.
- Read about How to Start Receiving Income – see what payout options may work best for your personal situation.
Discover ways to invest more – You can still enroll in your employer’s 457(b) plan. Learn more about Why Should I Participate.
- Get an idea of Quality of Life in Retirement by balancing risks you face against the cost of waiting to invested with deferred comp.
Remember, investing involves market risk, including the possible loss of principal.
We have additional articles and videos that may help you learn more about your options:
- Don’t Delay Getting Started With Deferred Comp – Learn what benefits your plan offers.
- Inflation - Learn more about how inflation may affect your savings
- Social Security Reform – Recent talk of reform may impact your investments.
- Longevity – Many public sector employees retire early and may need to live 30 years or more on their investment savings.
- Market Risk – The market is ever-changing. Learn how to manage volatility.
Get the help you need
We’re here to help you understand what steps are available to you, and how you may be able to save more now for your upcoming retirement. If you have any questions, or just want to talk about planning for retirement, call our Education Consultants today – they are happy to help you.
This material is not a recommendation to buy, sell, hold or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.