Quick Guide to Retirement Planning: Preparing for Retirement

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.

Income and expense planning

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. 

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. 

Need to save more? You can still catch up.

For 2019, 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.

Is an Encore Career in the Cards?

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.

Don’t forget to plan for healthcare costs

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.

For more information, read the article Nearing Retirement: The Big Question to Ask.

View Article >

The average 65-year-old couple can expect to incur the following lifetime healthcare costs.

The average 65-year-old couple can expect to incur the following lifetime healthcare costs.1

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.

Download Infographic > Link opens a new window


Contact the STIS Client Advisory Center

Find a SunTrust Location


Investing & Retirement Resource Center