If you're like many people, you've spent the past year wondering what to do about your retirement. Whether you are planning to retire in the next few years or in the distant future, now is the time to review whether you need to readjust your retirement plans to meet the new reality. In any economy, there are specific steps and strategies you can take to help rebuild and refocus your retirement.
What now?
While it is tempting to stash the remainder of your money under lock and key or under the mattress, a far better plan is to stay positive and take action. Fortunately, you don't have to tread this uncertain path yourself. We're here to help, with products and tools designed to help get you back on the road to a secure retirement.
Steps to help rebuild your retirement
- Assess your situation
Take a deep breath and open those 401(k) statements. Knowing the current value of your portfolio will help you determine how much you have to save going forward. The Wachovia Free Retirement Consultation can help you evaluate your retirement readiness. Once you have all of the facts, you'll be able to determine how much you'll need to save to meet your retirement goals.
- Pump up your portfolio
Continue to make regular contributions to accounts such as your employer sponsored retirement plan and Individual Retirement Accounts (IRAs). IRAs are tax-advantaged accounts created to encourage saving toward retirement. Traditional IRAs allow for tax-deferred account growth¹. Roth IRAs can offer tax-free savings opportunities². Rollover IRAs can be established with funds from a former employer's retirement plan or funds from another IRA.
- Create or adjust your plan
Before you make investment changes or decisions, it is important to understand where you are today and where you need to be to achieve your investment goals. That's why Wells Fargo Advisors developed Envisionsm. This unique interactive planning process can help you identify what your investment priorities are in light of current conditions and then help you make adjustments in the future as your life and the markets change. Best of all, Envision is free of charge to Wells Fargo Advisors' clients.
- Work a little longer
If you were planning on retiring sooner, rather than later, keeping your job a few more years means you can put off drawing on Social Security, setting yourself up for a larger monthly check when you do retire. You'll also be giving your investment portfolio more time to grow.
- Rethink your expectations
The magnitude of the economic challenges may mean that no matter what you do, you may fall short of your retirement goals. However, with careful planning, money management and advice from a trusted advisor, you may still be able to enjoy a comfortable retirement.
With your planning and our help, you can rebuild your retirement portfolio to help ensure your money lasts as long as you need it.
