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Retirement Checklist for Your 70s and Beyond

Make the most of your retirement by proactively managing your retirement finances. Here are some steps to consider.

1. Review your finances with a professional financial advisor

A financial advisor can help you manage your finances throughout retirement including:
  • Withdrawing the right amount from the right accounts. Be sure not to put yourself at risk of outliving your assets.
  • Making a 20- or even a 30-year retirement plan.
  • Making sure your investment and asset allocation strategy meets your long-term goals.

2. Make the most of your retirement income plan

Simplify your finances to better track your assets and manage your spending.
  • Consolidate your retirement savings by rolling over into one IRA.
    Please keep in mind that rolling over assets to an IRA is just one of multiple options for your retirement plan. Each of the following options are different and may have distinct advantages and disadvantages.
    1. Roll assets to an IRA
    2. Leave assets in your former employer's plan, if plan allows
    3. Move assets to your new/existing employer's plan, if plan allows
    4. Cash out or take a lump sum distribution
  • Tailor your finances by opening a Portfolio by Wells Fargo® relationship.

3. Re-evaluate your estate needs

  • Keep your will up to date.
  • Update the beneficiaries on your retirement accounts.
  • Examine your estate plan: You may wish to bequeath your full estate to your family, or give some to charitable organizations. Making charitable gifts may reduce the tax burden on your heirs.
  • Consider a stretch IRA strategy, in which naming a younger beneficiary (like a child or grandchild), may allow you to extend the advantages of tax-deferred accumulation to your heirs.
  • If you continue working after age 70½, and if accumulating wealth for your heirs is an important objective, consider contributing to a Roth IRA. After five years the investment earnings in the account are tax-free, even if withdrawn by heirs.
  • Converting pre-tax retirement investments to a Roth IRA (and paying the taxes at the conversion) is another strategy to consider to pass assets tax-free to your heirs.
  • Update your general durable, and medical powers of attorney.
  • Learn how Wells Fargo Trust Solutions can help you manage your wealth.
  • Plan for long-term care for yourself and spouse.

We are here to help you take the steps that are right for you to and through retirement. To get started, contact a Wells Fargo Retirement Professional today.

Need help with planning? Request a Consultation

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