- Create your retirement “paycheck.” This phase of retirement planning includes finalizing your withdrawal strategy, and how much
income will be drawn from retirement assets each month to cover your expenses.
Determine which sources you will withdraw from first for retirement income.
For most individuals entering retirement, Fidelity recommends withdrawing from taxable accounts first, and allowing tax-deferred accounts to keep growing. Online tools and in-person consultants can help you with retirement planning to help you build a tax-advantaged retirement plan.
- Activate your health care coverage. Work with your employer to transition from your
current plan into any retiree health benefits provided.
Activate supplemental coverage you will need until you qualify for Medicare, as necessary. Work with The Centers for Medicare & Medicaid Services (CMS) (www.medicare.gov) to activate your Medicare coverage as soon as you are eligible.
- Make the transition… out of the workplace and into the next phase in your life, knowing that
you did your retirement planning ahead of time, and that you have taken the crucial steps needed to ensure retirement readiness.
Note: Seek your own financial advisor to get retirement planning advice that is tailored for your finances and lifestyle.
Source: Fidelity Investments
