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Many people with a retirement time horizon of five to 10 years or who have been retired less than 5 years are facing their future with a combination of excitement and angst. Today’s retirees are confronted with the challenge of creating ample lifetime income in the face of painfully low interest rates and increasing stock market volatility. Planning a lifetime income strategy is no longer as simple as hitting your number and changing your mix of assets.
Most soon to be retirees are unaware of the many retirement planning options and strategies available to them. For example, one strategy many experienced 401k participants are not aware of, with most 401k/403b plans, they have the option to roll their plan balance with their current employer into an IRA if they’re over age 59 ½ while they're still working. Doing so opens up many more options for constructing a more efficient portfolio and managing risk more effectively as well accessing income strategies not typically found in most company retirement plans. This is just one of a number of options that an aspiring retiree should consider and discuss with their financial advisor that may help better prepare them for their retirement.1
It's never too early to be proactive in planning your retirement income and investment portfolio strategy. Although no one can predict the future, understanding all of your options and their advantages and disadvantages now, before you retire, can give you the confidence you need as you approach retirement.
1 Participants may consider up to 4 options, 1) Keep their retirement account money in their plan, 2) Rollover their retirement account money to an IRA, 3) Transfer their retirement account money to their current employer's plan, if applicable, 4) Take distributions of their retirement money which may be subject to taxes and penalties.