I’m retiring

No matter what your retirement will be, there should be a sense of accomplishment, as well as anticipation about what life can be from this point forward. Now is the time to put a plan in place that takes into account your specific needs, your unique goals, and your personal dreams.



Take stock of your assets – Develop a clear picture of all your accounts, policies, loans, and more.

Estimate your retirement income needs Understand what it will take to maintain various levels of lifestyle in retirement.

Understand your retirement income potential – Look at the number of years you’ll need an income, evaluate your current savings, and determine an amount your financial situation can support. You may want to look at options that provide a steady income source, such as an annuity.

Have a cash safety net – Rather than selling holdings during a down period, you should have a cash account you can tap into for short-term needs, like an emergency. A money market account or CD laddering strategy may be a good option for you.

Roll over a 401(k) – Take your 401(k) with you as you leave the work force. Rolling over your retirement savings into an IRA could result in more investment options and lower fees, while retaining the potential to grow your funds tax-deferred.

Allocate your investments – A financial advisor can help you determine the best allocation of your assets to help you optimize your earning potential. It’s a good idea to re-balance your portfolio at least annually, to ensure your investments are in line with your evolving needs.

Re-evaluating insurance* – Although you may no longer need an insurance policy to replace an income, consider other coverage such as a long-term care policy.

Make sure your wishes are honored – Periodically review and update your will to make certain your assets are distributed according to your wishes. Review all your account and policy beneficiaries to make sure they are current. If your needs warrant it, you may want to consider an estate plan to help reduce taxes and increase the amount you pass on to your heirs.

Reward yourself – Be sure to take advantage of the special accounts available to those over 50, as savings and extras can be quite rewarding.

*Insurance is not a deposit, not FDIC insured, not guaranteed by the bank or any of its affiliates and not insured by any federal government agency.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.