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In Your 70s & Beyond? Here's Your Checklist

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

  • Set up a plan to withdraw the right amount from the right retirement accounts so you don’t put yourself at risk of outliving your savings
  • Make a 20- or even a 30-year retirement plan
  • Make sure your investment and asset allocation strategy meets your long-term goals

2. Make the most of your retirement income plan

  • Review your retirement income plan annually
  • Configure 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 70½
  • Simplify your finances to better track your assets and manage your spending by consolidating your savings into one account

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 leave your full estate to your family, or give some to charitable organizations. Making charitable gifts may reduce the tax burden on your heirs.
  • Consider converting pre-tax retirement investments to a Roth IRA (and paying the taxes at the conversion), which lets you pass assets tax-free to your heirs.
  • Update your general durable and medical powers of attorney.
  • Plan for long-term care for yourself and your spouse.
  • Share the location of important documents with loved ones.
 
Recordkeeping, trustee and/or custody services are provided by Wells Fargo Institutional Retirement and Trust, a business unit of Wells Fargo Bank, N.A. This information is for educational purposes only and does not constitute investment, financial, tax or legal advice. Please contact your investment, financial, tax or legal advisor regarding your specific needs and situation.