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living in retirement
Guidance to help you navigate retirement with confidence. Learn strategies for managing income, timing Social Security, and making informed withdrawal decisions.
making your money last
we're here to help at any stage
The key to a comfortable and confident retirement is not outliving the money you’ve saved by creating a budget. Be careful with credit cards and new debt. Claim that senior citizen discount wherever it’s offered. Read the fine print about taxes on all your investments. You can also ask a Financial Advisor to help you determine which distribution option is right for you.
Be strategic about Social Security
Social Security is available to you at age 62, but it’s great if you can wait. Take it early, and you get 25% less than if you wait until full retirement age of 66 at which time you’re entitled to 100%. If you can wait until 70, you get 35% more. People often coordinate Social Security benefits with spouses who are also eligible. Maybe one of you takes benefits early, and the other waits. Visit ssa.gov for more information about social security.
Tapping your retirement plans
You may have a defined benefit pension plan from a former employer. Your 401(k) and perhaps IRAs will also likely play a central role. It’s your choice when to withdraw funds from these accounts. If you want to begin tapping them or simply want to roll them over somewhere else, make sure you understand all your options and the ramifications of every decision as well as the minimum distribution amounts. Distributions from traditional IRAs and 401(k) plans are required as you reach age 72.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (memberFINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. United Federal Credit Union and United Investment Planning are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using United Investment Planning, and may also be employees of United Federal Credit Union. These products and services are offered through LPL or its affiliates, which are separate entities from, and not affiliates of, United Federal Credit Union or United Investment Planning. Securities and insurance offered through LPL or its affiliates are:
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