Financial Success Requires PlanningThe rules governing retirement can be complicated.
Arrange to have your periodic payments, such as Social Security benefits, directly deposited into your checking account.
Consult your financial advisor about whether to receive your 401(K) money in a lump sum or periodic payments.
Be extra-careful before taking on new debt, such as a home-equity loan or a reverse mortgage.
Most likely, this is is the stage of life where you are 100% reliant on your accumulated savings. Therefore, keep firmly in mind the potential for you to lose your principal in any investments you own. At this point, risk is probably not your friend!
Have Minimized Portfolio Risk?Your Early 60s (Late Career) Retirement Planning Suggestions:
Get educated on Social Security! There are actually many claiming strategies that you should consider. For example, there are numerous implications if you "retire early" or if you delay retirement.
Discuss with a financial advisor when to withdraw money from your tax-deferred retirement accounts, such as employer-sponsored retirement plans and traditional IRAs. After age 59 ½, you can withdraw some funds without penalty but all withdrawals are usually subject to income taxes.
Under IRS rules, you must withdraw a minimum amount from 401(K), traditional IRAs and certain other retirement savings plans by April 1 of the year after you reach age 70 Â½ and each year after that. There is an exception to the rules for someone still working for the employer who sponsors the plan.