Retirement Readiness Review
You’ve spent years working, saving and planning for retirement. But having money saved and being ready to retire aren’t always the same thing.
A successful retirement requires more than reaching a certain account balance. You need to understand where your income will come from, how long your savings may need to last, how much market risk you’re taking, and whether your current strategy is aligned with the retirement you envision.
What is a Retirement Readiness Review?
Think of a Retirement Readiness Review as a financial checkup for retirement.
Over the years, you may have accumulated several different retirement assets — a 401(k), IRA, pension, Social Security benefits, annuities, investments or savings.
But retirement isn’t simply about what you have accumulated.
It’s about how all of those pieces will work together when your paycheck stops.
Your Retirement Readiness Review helps organize the pieces so you can better understand where you stand today and what you may want to consider before or during retirement.
What Does Your Retirement Readiness Review Cover?
Retirement Income
Where will your retirement paycheck come from?
We’ll review your anticipated sources of retirement income, including Social Security, pensions, retirement accounts, annuities, investments and savings.
We’ll also discuss how those income sources may work together to help cover both essential and discretionary expenses throughout retirement.
Social Security
When you claim Social Security can have a significant impact on the benefits you receive.
We’ll discuss how Social Security fits into your overall retirement income strategy and the factors you may want to consider when deciding when to begin receiving benefits.
Market Risk
As you get closer to retirement, protecting the money you’ve accumulated can become increasingly important.
A significant market decline shortly before or during retirement can have a different impact than a decline earlier in your working years — particularly when you’re withdrawing money to pay expenses.
We’ll help you understand how much of your retirement savings may be exposed to market fluctuations and whether your current level of risk aligns with your retirement goals.
Retirement Income That Can Last
One of the biggest concerns retirees face is:
Will my money last as long as I do?
With retirement potentially lasting 20, 25, 30 years or longer, longevity should be an important consideration in your retirement strategy.
We’ll evaluate your anticipated income needs and discuss whether creating additional predictable or guaranteed lifetime income may be appropriate for your situation.
Inflation & Future Expenses
The income you need during your first year of retirement may be very different from what you’ll need 10, 20 or 30 years later.
Inflation can gradually increase the cost of housing, food, utilities, transportation, healthcare and everyday expenses.
Your Retirement Readiness Review considers not only what retirement may cost today, but how your financial needs could change over time.
Existing Annuities & Retirement Accounts
If you already own an annuity or have retirement accounts from current or previous employers, we’ll help you understand what you have.
Your review may include:
- Current account and contract values
- Income options
- Interest-crediting strategies
- Fees and expenses
- Surrender periods
- Income or death benefit riders
- Withdrawal provisions
- Beneficiary designations
- Existing guarantees
- How each account fits into your overall retirement strategy
How Retirement Ready Are You?
Consider these questions:
- Do you know approximately how much monthly income you’ll need in retirement?
- Do you know where that income will come from?
- Do you know when you plan to begin taking Social Security?
- Do you understand how much of your retirement savings is exposed to market losses?
- Would a major market downturn change when you could retire?
- Do you know how long your savings may need to last?
- Do you have income you can’t outlive?
- Have you considered how inflation could affect your retirement income?
- Do you understand the annuities and retirement accounts you currently own?
- Are your beneficiaries up to date?
- Do you have a plan for your surviving spouse?
- Have you reviewed your retirement strategy recently?
If you’re unsure about several of these questions, it may be time for a Retirement Readiness Review.
Who Should Consider a Retirement Readiness Review?
You don’t have to be retiring tomorrow to benefit from a review.
A Retirement Readiness Review may be especially helpful if you:
- Are within 5–10 years of retirement
- Plan to retire soon
- Recently retired
- Have an old 401(k) from a previous employer
- Are considering a 401(k) rollover
- Own an annuity you haven’t reviewed recently
- Are concerned about market volatility
- Want to create more predictable retirement income
- Are deciding when to claim Social Security
- Have experienced a major life or financial change
- Want a second opinion about your current retirement strategy
The earlier you identify potential gaps, the more time you may have to consider your options.
Moving From Saving for Retirement to Living in Retirement
During your working years, retirement planning is primarily about accumulation. You work. You contribute. You invest. You build your retirement savings. As retirement gets closer, the conversation changes.
Now the questions become:
How much can I safely spend?
Where will my monthly income come from?
What happens when the market declines?
How can I protect a portion of what I’ve accumulated?
How long does my money need to last?
What happens financially if I live into my 90s?
That’s the transition from simply having retirement savings to having a retirement income strategy. And it’s one of the most important areas addressed during your Retirement Readiness Review.
What to Expect During Your Retirement Readiness Review
Tell Us About Your Retirement
We'll start with your goals. When would you like to retire? What do you want retirement to look like? What are your biggest financial concerns?
Review Your Current Strategy
We'll look at your retirement accounts, anticipated income sources, annuities and other assets that may play a role in your retirement.
Look for Potential Gaps
We'll identify areas that may deserve additional attention, such as income needs, longevity, market exposure or existing retirement products.
Discuss Your Options
If there are opportunities to strengthen your retirement strategy, we'll explain the options available and how they may fit into your overall plan.
Make Informed Decisions
You'll have a clearer picture of where you stand and information that can help you decide what, if anything, you'd like to change.
Your Retirement Deserves a Second Look
You probably wouldn’t take a long road trip without checking the fuel, tires and route first. Retirement deserves the same preparation.
Even if you’ve been saving diligently for years, a Retirement Readiness Review can help you see whether your current strategy is prepared for the transition from earning a paycheck to creating one from your retirement assets.
Schedule your Retirement Readiness Review with At Heart Annuities today and take the next step toward a retirement strategy designed around your goals, priorities and future.