INDUSTRY INSIGHT
RETIREMENT
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Retiring?
Top Six Things to Consider Before You Leave Your Job
T here’ s no better time than the present to take a fresh look at your financial future – including how to strategize for retirement.
If you are one of the vast number of baby boomers approaching retirement age, preparing for the golden years may mean making several important decisions while still in the workforce to help ensure you will have enough money to live in retirement. As that time period looms closer, the overwhelming possibilities leave many people uncertain about where to start. Here are six important financial considerations to think about before retiring: 1. Define your retirement – Your vision will drive your strategy. You may decide to work part time, launch a completely new career, or perhaps go back to school, volunteer or develop new hobbies. Consider whether you will need to downsize, relocate or remain in your current residence.
2. Know where you stand financially – Take inventory of your assets and possible income sources, and understand how your retirement plan will help provide you with income during your retirement years. Save as much as possible while still working.
3. Estimate your expenses in retirement, especially for health care – Health care can be a significant expense category during your retirement years, so understanding what your health care plan covers in retirement is critical. Consider long-term care insurance * to cover expenses that may fall outside of your health insurance * if the need arises.
4. Manage asset allocation – Regularly monitor and review your investments to ensure they support your goals and to determine whether you should change how assets are allocated among different investment types; consider professionally managed investment products.
5. Plan for your beneficiaries – Create a will, choose a guardian if needed, and select who will manage your estate. Transferring wealth is a critical part of retirement strategy. Estate planning strategy, in particular, can be an efficient way to distribute the maximum amount possible to your beneficiaries at the time of your death. Added benefits like reducing estate taxes enhance the value of incorporating life insurance into your overall planning for retirement.
6. Explore options to create a retirement income – Research product strategies that can help generate a guaranteed retirement income stream,
including the new generation of variable annuities that can provide guaranteed streams of income for life while still affording degrees of flexibility and control. It may be advantageous to purchase these products while you are still working. It’ s never too early or too late to start taking these tips into consideration. Investors should consider the contract and the underlying portfolios’ investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectus, which can be obtained from your financial professional. Please read the prospectus carefully before investing. It is possible to lose money by investing in securities. A variable annuity is a long-term investment designed to create guaranteed income in retirement. Investment returns and the principal value of an investment will fluctuate so that an investor’ s units, when redeemed, may be worth more or less than the original investment. Withdrawals or surrenders may be subject to contingent deferred sales charges.
Variable annuities issued by Prudential Financial Companies are offered at a total annual insurance cost of. 55 % to 1.85 % with an additional fee related to the professionally managed investment options.
Insurance policies and annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. All guarantees, including optional benefits, are backed by the claims-paying ability of the issuing company and do not apply to the underlying investment options. Your licensed financial professional can provide you with complete details.
Prudential Financial, its affiliates, and their licensed financial professionals do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances. * Availability varies by carrier and state.
Variable annuities are issued by Pruco Life Insurance Company( in New York, by Pruco Life Insurance Company of New Jersey), Newark, NJ, and distributed by Pruco Securities, LLC. All are Prudential Financial companies and each is solely responsible for its own financial condition and contractual obligations.
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Megan Walsh Paull, RICP ®, LUTCF, FSCP ®, is a Financial Advisor with Prudential and is a member of Prudential’ s prestigious President’ s Council and Masters Council. She can provide assistance on a range of financial issues – from evaluating insurance needs to helping clients meet their financial needs. Megan has experience in building and maintaining close client relationships, founded on the basis of trust, respect, and integrity and she works tirelessly to help her clients achieve their goals.
No matter what stage of life you find yourself in, as a Prudential Financial Advisor, Megan can help you find solutions to your financial challenges. So whether you’ re“ Just Starting Out,”“ Settling into Retirement,” or somewhere in between, Megan would like to discuss your current financial situation, goals and challenges. She will help develop a strategy to help you find solutions to your financial challenges and meet your goals.
Megan Walsh Paull offers investment advisory services through Pruco Securities, LLC( Pruco)( Member SIPC), doing business as Prudential Financial Planning Services( PFPS), pursuant to separate client agreement. Megan offers insurance and securities products and services as a registered representative of Pruco and an agent of issuing insurance companies.
0289858-00001-00
“ Preparing for retirement is always important, but the 5 years prior are crucial. It’ s important to start planning as early as possible.”
Megan Walsh Paull RICP ®, LUTCF, FSCP ®
Financial Advisor
The Prudential Insurance Company of America 1001 Ardmore Blvd, Pittsburgh, PA 15221
t. 412-600-6952 | f. 412-731-6046 megan. e. walsh @ prudential. com prudential. com / us / megan. e. walsh
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