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Getting Ready to Retire: Plan Your Vision

Picture your retirement

To fully understand your income needs, you need to know what a successful retirement lifestyle looks like to you. Making informed decisions at this stage can help you build a better retirement strategy.

Saving now can still pay off

Continue to save as much as you can—the money you save now still has time, maybe even decades, to work for you. For 401k plans and IRAs, if you are 50 or older, you may be able to take advantage of catch-up opportunities to potentially increase your retirement income.

  • Max out your 401(k) with up to $18,000 in annual pre-tax contributions, plus $6,000 in catch-up contributions for those over age 50.
  • Open an IRA to expand your savings potential, with up to $5,500 in annual potential tax deductible contributions, plus $1,000 in catch-up contributions for those over age 50.
  • Invest in a tax-deferred annuity with no IRS contribution limits* and let your investment grow tax-deferred.
  • Consider lifestyle changes to save even more now and better position yourself for a secure retirement.
  • Understand tax benefits and the most advantageous options for your retirement savings.

Next steps

Retirement Income Planner
If you're within five years of retirement or already retired, use this tool to create a comprehensive plan to help make your money last by projecting out your expenses against potential income sources in different kinds of market conditions.

IRA Checklist
Whether you're opening a new IRA or transferring an IRA from another provider to Fidelity, the process is easy and help is only a phone call away.

Additional Resources

Income Diversification (PDF)
Learn about creating a plan to support your lifestyle in retirement.

Roll over a 401(k)

Have an old workplace savings plan? Consider consolidating your retirement savings.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Call or write to Fidelity or visit Fidelity.com for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.
IMPORTANT: The projections or other information generated by Fidelity's Retirement Income Planning Tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
Retirement Income Planner is an educational tool.
*The issuing insurance company reserves the right to limit contributions.