Preparing for retirement? Start with these three key areas
Ahhhh, retirement: It's what you've worked, saved, and planned for all these years. Now that it's approaching, have you thought through all the steps you need to take to transition into retirement? Here are three major planning areas to talk through with a Fidelity representative:
- Turning savings into income. To start your next chapter in life with comfort and confidence, you'll need to create a plan to turn the money you've saved into a steady stream of income. We can help you create a strategy for investments, withdrawals, taxes, and other factors.
- Timing your Social Security benefits. You're eligible at 62, but when should you start collecting Social Security? While there is no one-size-fits all answer, waiting could potentially increase your retirement income.
- Planning for health care costs. According to the Fidelity Retiree Health Care Cost Estimate,¹ an average retired couple age 65 in 2019 may need approximately $285,000 saved (after tax) to cover health care expenses in retirement. Of course, the amount you will need depends on when and where you retire, how healthy you are, and how long you live.
Hopefully this got you thinking about your own situation. Make sure you've covered all the details by calling one of our Fidelity representatives today. Whatever your vision of retirement, we'll help make sure you're well prepared to bring it to life.