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NEAR RETIREMENT COMMUNICATION CHECKLIST

Checklist for Plan Administrators

-          Have you explained discretionary and mandatory distributions (i.e.  April 1 required minimum distributions)?

-          Have you explained the benefits available regarding distribution and possibly consolidating assets in the plan?

-          Have you provided adequate information on Social Security and Medicare?

-          Do your participants know how to contact you if they have questions?

-          Do you have a process in place to communicate with participants who are nearing retirement?

 

Checklist for Participants

-          Have you reviewed and updated your plan beneficiaries recently?

-          Do you understand your plan’s fees?

-          Do you understand how to invest your account?

-          If you are considering a rollover, have you thoroughly researched these options to your current plan?

-          Do you understand all of your plan’s withdrawal options?

-          Do you understand the rules regarding Required Minimum Distributions (required withdrawals beginning at age 70 ½)?

-          Do you understand the advantages/disadvantages of keeping your assets in your employer plan after retirement?

-          Do you know how to withdraw your Roth 457 and pre-tax funds in a tax efficient way?

-          Have you developed a budget for your retirement?

-          Have you contacted a financial planner?  (should we qualify this or add a link to a reputable site, e,g., http://guides.wsj.com/personal-finance/managing-your-money/how-to-choose-a-financial-planner/)

-          Do you have a clear vision/strategy of retirement income?

o   Personal savings

o   Investments

o   Pension

o   IRA

o   Deferred Compensation

o   Social Security

-          Do you know how to contact your plan if you need consulting or have questions?

 

 
 
 


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Phone: 859.514.9161
Email: nagdca@AMRms.com
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