As you approach retirement, you may feel anticipation, anxiety or a combination of both. Change is always difficult, and as life expectancies increase, it’s natural to want to make sure your retirement game plan is still valid.
Fortunately, SunTrust Investment Services advisors can help you take those important steps toward retirement. With their help, you can see whether you are on track toward meeting your income needs in retirement. You can plot your exit from the daily grind, explore income strategies and take steps to ensure your retirement planning won’t fall short of the finish line.
These are important questions because life expectancies are rising. Longer life expectancies mean longer retirements. A 65-year-old American male in good health has a 50 percent chance of living to 85 and a 25 percent chance of living to 92. A 65-year-old female has a 50 percent chance that she will live to 88 and a 25 percent chance of living to 94. Based on these findings, you’ll need a reliable income for a longer period of time than previous generations—for almost as many years as you spent working. A successful retirement income plan can help you feel confident that your assets will last through your extended lifetime.
Given the potential of a greater life expectancy, there are five questions to ask as you near retirement.
Do I need to catch up?
Even if you’ve saved diligently, you may still find that your retirement income falls short of your expectations. The good news: If you turn 50 before the end of the calendar year, you can play “catch up” by making additional before-tax contributions to your retirement plans. A SunTrust Investment Services advisor can walk you through the details.
Will I keep working in retirement?
Chances are that your idea of retirement differs greatly from that of your parents. Rather than suddenly exiting the work force, you may opt to step into a consulting role, explore a new field or start your own business. SunTrust's retirement experts can help you prepare for that transition by incorporating your encore career aspirations into your overall plan.
Is relocation in the cards?
For many people, retirement goes hand-in-hand with relocating to a sunny beach town or mountain hideaway. Before you make that move, consider its impact on your state, local and estate taxes. You’ll also want to weigh your options for selling your existing home and buying or renting a new one. Your SunTrust advisor, along with our home mortgage experts, can help you with a comprehensive plan for making a move.
Am I properly insured?
Now is a good time to start thinking about supplementary healthcare insurance or long-term care insurance. The earlier you start paying premiums, the less expensive they’ll be. SunTrust’s insurance and risk management experts can help find the solutions right for you and your family.
Is my income planning adequate?
For the better part of your working years, you have paid attention to increasing the size of your funds. As you approach retirement, however, you may want to consider slowly shifting that focus toward assets that maintain their value and produce income. A SunTrust advisor may be able to outline a strategy for making the move gradually.
To speak with a SunTrust advisor, call 800.786.8787.