Retirement Income Planning

Put our insights into practice to help your clients meet their retirement goals

Your clients need to prepare for a retirement that may last longer than they ever expected.

Understand the factors that impact retirement income plans, including Social Security and Medicare.
  1. Retirement Planning

    Consider the Five Key Risks of Retirement

    Before your clients can embark upon building a practical road map to financial security, they need to understand five key risks that can potentially derail a lifetime income plan.

    From clients' ownsavings or othernonretirementsources*Social Security& pensions*62%38%
    • Source: * Social Security Administration, Income of the Aged Chartbook, 2014 (released April 2016), based on highest quintile of $72,129. For illustrative purposes only.

    Learn about the five key risks and access resources you can use to help clients effectively plan for retirement.

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  2. Health Care Costs

    Understand the Cost of Health Care in Retirement

    Health care expenses represent the No. 1 threat to retirement savings and are one of the most important parts of a retirement income plan.

    Out-of-pocket health care expensesfor a couple retiring in 2019.Health care represents one of the largestretirement expenses and must be factored intoan overall retirement savings plan.$285K
    • Source: Fidelity Benefits Consulting estimate; 2019. Estimate based on a hypothetical couple retiring in 2019, 65 years old, with life expectancies that align with Society of Actuaries' RP-2014 Healthy Annuitant rates with Mortality Improvements Scale MP-2016. Actual expenses may be more or less depending on actual health status, area of residence, and longevity. Estimate is net of taxes. The Fidelity Retiree Health Care Costs Estimate assumes individuals do not have employer-provided retiree health care coverage, but do qualify for the federal government?s insurance program, Original Medicare. The calculation takes into account cost-sharing provisions (such as deductibles and coinsurance) associated with Medicare Part A and Part B (inpatient and outpatient medical insurance). It also considers Medicare Part D (prescription drug coverage) premiums and out-of-pocket costs, as well as certain services excluded by Original Medicare. The estimate does not include other health-related expenses, such as over-the-counter medications, most dental services and long-term care.

    Despite Americans' high concern about health care in retirement, many underestimate their medical costs.

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  3. Social Security

    Help Clients Maximize Their Benefits

    Waiting to claim Social Security is often the better option. But those without adequate savings could risk running out of money too soon and might have fewer options.

    AGE 62 AGE 66 AGE 70

    Waiting to collect Social Security benefits until age 70 can add up.

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  4. Retirement Savings

    Review Fidelity’s Retirement Savings Assessment

    This Fidelity study finds many families are at risk of not meeting retirement savings goals. Consider six steps to get your clients on track.

    RPM Needs Attention     Fair    Good  On TrackRetirement Preparedness Measure0150+

    Find ways to help clients accelerate progress toward their retirement goals by understanding the Retirement Preparedness Measure (RPM).

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Recent Viewpoints

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Tools & Calculators

  • Conversion Analyzer

    Help your clients determine if converting from a Traditional IRA to a Roth IRA is right for them.

  • RMD Planner

    Help your clients determine their required minimum distribution (RMD) options.

 
 

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