Connect retirement resources with spending needs
Begin with an inventory of workplace accounts, other savings and expected income sources. Separate essential spending from flexible goals and consider how housing, healthcare and family responsibilities might change.
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Retirement planning involves uncertain expenses, inflation and an uncertain planning horizon. Consider a range of circumstances rather than assuming that an investment account will provide a fixed or assured amount of income.
Review investments alongside access to cash
Money needed for upcoming expenses may call for different considerations from money intended for later needs. Review how cash availability, investment volatility and potentially selling investments during a market decline could interact.
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Moving toward retirement does not automatically mean choosing a particular investment mix. Consider your capacity for losses, other income sources and the role of each account. A more conservative mix can still involve investment and inflation risks.
Understand withdrawals and tax treatment before acting
Ask the plan administrator which distribution methods are available and whether there are restrictions or administrative charges. Compare keeping assets in the plan with other eligible arrangements before deciding whether to move money.
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Withdrawal eligibility, required distributions, withholding and tax treatment depend on the account and your circumstances. Rules and exceptions can be complex. Review the IRS guidance and consult a qualified tax professional rather than relying on a general article to determine your obligations.
- Request the plan's current distribution materials.
- Review how withdrawals would interact with other income.
- Discuss tax treatment before requesting a distribution or rollover.
Frequently asked questions
Do I have to move my workplace account when I retire?
Not necessarily. Whether you may remain in the plan and which withdrawal options are available depend on the plan's terms and applicable rules. Compare available choices before acting.
Should my investments change as retirement approaches?
They may need review, but a change is not automatic. Consider spending needs, other income, capacity for losses and the time horizon for different parts of your savings.
Can retirement income from investments be assured?
An investment portfolio does not assure a particular level of income. Market conditions, expenses, taxes and withdrawal decisions can affect the resources available for future spending.
Where should I check withdrawal and rollover rules?
Start with the employer plan's distribution materials and the IRS guidance linked on this page. A qualified tax professional can help apply the relevant rules and exceptions to your situation.
How does account tax treatment affect planning?
Pre-tax and designated Roth accounts can have different tax treatment when money is distributed. The treatment depends on applicable conditions, so review the account details and tax guidance before planning withdrawals.