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Retirement Checklist for Your 70s and Beyond

Get more from 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. Avoid putting 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. Get more from your retirement income plan

  • Give your income plan a review and checkup.
  • Plan your withdrawal strategy to help ensure your income lasts as long as you do.
  • Understand the role guaranteed income , with annuities can play in your retirement income plan.
  • Take your required minimum distributions after age 72 (or age 70½ if prior to January 1, 2020).
Simplify your finances to better track your assets and manage your spending.
  • Consolidate your retirement savings by rolling over into an IRA.
    Please keep in mind that rolling over your qualified employer sponsored retirement plan (QRP) assets to an IRA is just one of multiple options for your retirement plan. You generally have four options for your QRP distribution:
    1. Roll assets to an Individual Retirement Account (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 and pay the associated taxes

Each of these options has advantages and disadvantages and the one that is most appropriate depends on your individual circumstances. You should consider features, such as investment choices, fees and expenses, and services offered. When considering rolling over assets from an employer plan to an IRA, factors that should be considered and compared between the QRP and the IRA include fees and expenses, services offered, investment options, when distributions are no longer subject to the 10% additional tax, treatment of employer stock, when required minimum distributions begin and protection of assets from creditors and bankruptcy. Investing and maintaining assets in an IRA will generally involve higher costs than those associated with employer-sponsored retirement plans. You should consult with the plan administrator and a professional tax advisor before making any decisions regarding your retirement assets.

3. Re-evaluate your estate needs

  • Keep your will up to date.
  • Beneficiary designations on any IRAs, QRPs, annuities, and life insurance policies supersede any instructions in your will or trust, so be sure they are up to date.
  • 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.
  • The Setting Every Community Up for Retirement Enhancement (SECURE) Act has changed the distribution options for certain beneficiaries who inherit an IRA on or after January 1, 2020. The beneficiary category will determine the options your named beneficiaries have for distributing the money.
  • If you continue working in your 70s and if accumulating wealth for your heirs is an important objective, consider contributing to a Roth IRA. After the Roth IRA has been funded for more than five years, any investment earnings in the account are tax-free, even if distributed by beneficiaries.
  • Converting pre-tax retirement amounts to a Roth IRA (and paying the taxes at the conversion) is another strategy to consider to pass assets tax-free to your named Roth IRA beneficiaries.
  • 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.

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