To-do | Questions to ask | Action plan |
---|---|---|
Finalize your plan for covering expenses in retirement | Am I on track to meet my goals?
Do I know my expected monthly expenses and how I'll cover them—possibly for the next 30+ years? How much can I withdraw from savings each year and still have my money last? |
Develop a budget
Read: How long will your retirement savings last? Meet with a Fidelity representative to help develop your plan |
Revisit your investment allocation | Am I properly invested and diversified as I head into retirement? | Read The guide to diversification |
Decide when you will claim Social Security | At what age am I planning to claim Social Security?
How can I maximize my Social Security benefits? |
Find resources in the Fidelity Social Security Center
Go to www.ssa.gov Read How to get the most from Social Security |
Create your withdrawal strategy | Do I know which accounts/investments to withdraw from first to minimize income taxes?
How much can I afford to withdraw each month/year? |
Read Tax-savvy withdrawals in retirement
Read Special report: Taxes |
Learn how Medicare works and what it covers | Which Medicare option is right for me and my spouse/partner? | Read 6 key Medicare questions
Sign up for Medicare 3 months before to 3 months after reaching age 65 |
Take advantage of any employer retiree health care benefits | Does my employer offer any retiree health benefits? | Call your workplace benefits office to understand your options
Compare pricing and coverage with health care marketplace offerings |
Officially start the retirement process with your employer | Do I know who to contact at work when I am ready to retire? What's involved and how long will the process take? | Call your HR/Benefits office to understand all retiree benefits available to you (pension, retiree medical, other) |
Decide what to do with your 401(k) or 403(b) | Do I know the 4 options to consider with my old workplace retirement plan? | Read how to roll over a 401(k) to an IRA
Read Considerations for an old 401(k) |
Know your pension options | Would I prefer to receive a monthly pension check vs. taking a lump sum upon retirement? | Read Lump-sum payment or monthly pension? |
Know your required minimum distribution rules | Am I prepared to start taking my RMDs at age 70½? | Learn how to take RMDs from your IRA
Read Smart strategies for RMDs |
Retirement checklist: Less than 2 years from retirement
Questions?
Speak with Fidelity
Call us at 800-343-3548 to chat with an investment professional, or visit an Investor Center.