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 2018, 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.
As year-end approaches, it’s a good time to organize your paperwork and meet with advisors to evaluate your financial plan.
The end of the year is a good time to assess your financial plan and wrap up any loose ends before the tax year concludes. Here’s a checklist to help you get started.
The SunTrust Weekly Market Monitor provides a view of last week’s market events.
Private foundations and the next generation of philanthropy leadership are facing the challenge of geographic dispersion more than ever before. Consider these best practices to address it.
Women today are more educated, engaged and independent than ever before. As a result, fewer and fewer are willing to sit back and accept a passive role in the management of their family’s growing wealth.
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