Pre-Retirement Playbook

Take stock of your goals.

Do you want to travel or volunteer? With savings in place, you can explore specific programs and organizations.

Start talking.

Share your goals with your spouse, partner, or other family members. If your ideas differ, this is a great time to look at ways to compromise.

Max out your 401(k).

If it's feasible, this might be a good time to consider maxing out your 401(k) and tax-advantaged savings account contributions to help boost your long-term security.*

Get health care squared away.

If you're planning to use Medicare, you should know that there's a seven-month enrollment window around your 65th birthday. Once you have Medicare established, you can determine if you'll need additional insurance coverage.

Know your income.

Calculate your Social Security, payout and other potential income sources. If you have a pension, you may need to decide if you're going to take a lump-sum distribution or an annuity.

Create a cash fund.

In addition to the income above, it's a good idea to keep enough cash in a bank account to cover 12 months of expenses, apart from your retirement plan account.

Recalibrate investments.

It's generally a good idea to take a more conservative investing approach as you get closer to retirement. You should consider rebalancing your current allocation, if necessary, as you transition into retirement.

Talk to a Participant Services Representative at 800-724-7526.

Map out expenses.

Once you have established your retirement income, it's a good idea to map out your living expenses in retirement to make sure your estimated income and expenses align.

Test-drive a tax return.

If you fill out a hypothetical tax return based on your first retirement year, you may decide to maximize deductions now while your income is higher.

Meet with Human Resources.

It's time to learn more about distribution options and get contact information for any questions you may have after you retire.

Decide on a Social Security start date.

If you'd like benefits as soon as you retire, you should consider signing up now at a local Social Security office. You can find locations online at www.ssa.gov, or by calling 800-772-1213.

Choose whether to roll over your 401(k).

Choose your rollover options. You can roll over your 401(k) into an IRA, you can keep your 401(k) in your current plan, or you can cash out your 401(k) (which may incur taxes and penalties).

Mark the start.

If you have accrued paid time off, you should check your company policy to maximize your benefits when you retire.

Double-check everything.

Although you may have already signed up for Social Security and Medicare, this is the time for a final check to make sure all your accounts are in order.

Plan the big day.

Many people nearing retirement anticipate a life with less stress and healthier habits. It's a good idea to pencil in new routines now so you can get the most from the days ahead.