As retirement nears, not only will you likely have a much clearer idea of the lifestyle you desire, but also will be able to more accurately project both your expected savings and expenses in retirement.
Estimating your monthly and annual income and expenses in retirement can be a challenging endeavor. But with the resources of our SummitView planning approach, a SunTrust Investment Services advisor (STIS) can be an invaluable ally. The process is designed to align income sources to expenses – striving to ensure that all of your “needs” and some of your “wants” will be covered by guaranteed income sources (e.g., Social Security, pensions, annuities), while the rest of your “wants” and “wishes” can be funded by your retirement savings.
For 2017, the IRS lets workers age 50 and older make an extra catch-up contribution of $6,000 to their 401(k) accounts, and to save an additional $1,000 per year in a traditional or Roth IRA. To find out more, call 877.962.9032 to speak with to speak with an STIS advisor.
With increasing longevity and improved health, a growing number of pre-retirees are rethinking the idea of completely pulling the plug on work once they reach age 67. For many, the thought of working a few years past retirement age or pursuing a “second act” career doing something they love isn’t just appealing from a staying active and engaged perspective, it can offer some significant financial benefits like delaying the need to take Social Security or adding a secondary income stream.
For more information, read the article Nearing Retirement: The Big Question to Ask.
Savings Tip: If you’re nearing the time when your mortgage will be paid off, consider redirecting that payment each month into your retirement savings.
Many people assume that Medicare will cover the lion’s share of their medical costs in retirement. But the truth is that over the course of a 30-year retirement, insurance premiums, deductibles and out-of-pocket costs can really add up.
1 2015 Retirement Health Care Data Report, HealthView Services
Download our Planning for Healthcare Costs in Retirement infographic to learn more about how you can better prepare for these future costs.
Keeping fraud attempts at bay is increasingly important for small businesses. Automating certain financial tasks can help protect your business quickly and easily.
Isakson’s focus was to not only expand, but to upgrade the community’s health care services while improving operational efficiencies.
The SunTrust Weekly Market Monitor provides a view of last week’s market events.
As your lifestyle shifts in retirement, so will your spending habits. Learn what areas of your finances might increase or decrease as you look to retirement.
Diversification has introduced many new industries to Greater Washington, creating new opportunities for employment growth.
Investment and Insurance Products:
Are Not FDIC or any other Government Agency Insured Are Not Bank Guaranteed May Lose Value
© 2018 SunTrust Banks, Inc
SunTrust Bank is an Equal Housing Lender. Member FDIC
Equal Housing Lender. SunTrust Mortgage, Inc
SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.
Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.
SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.
"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.
SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.
SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.
SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.