Chances are you know how you want to live in retirement. But there may be a lot of things you don’t know about what goes into a retirement plan and why a sound plan matters. Some of them may surprise you.
It all starts with a plan
Wondering what retirement could look like for you? You're not alone. But consider this: 78% of people who have a plan for retirement feel like they have a clear understanding of the kind of lifestyle they'll be able to enjoy and how they're progressing toward that goal.1
Find the right mix of accounts
There are at least 9 common account types that you could use to save for retirement.2 Knowing which ones may be right for you, and how to take advantage of the benefits each offers, can be a challenge for investors planning on their own.
Ensure the essentials are covered
Saving for retirement is only one part of a smart plan. How you spend what you've built can be just as important an ingredient of your success. To help provide peace of mind in retirement, we generally suggest that 100% of essential expenses be covered by predictable sources of income, such as Social Security, pensions, and guaranteed income annuities.3
Common retirement account types
| Workplace | Personal | |
|---|---|---|
| 401(k) |  |
|
| 403(b) | |
|
| 457(b) | |
|
| Pension | |
|
| Roth 401(k) | |
|
| Health savings account (HSA) | |
|
| Traditional IRA | |
|
| Roth IRA | |
|
| Rollover IRA | |
We can provide guidance that can help you start early, stay disciplined, save tax efficiently, and develop a clear sense of what you may need to retire on your terms.
A coordinated approach
For clients who enroll in Fidelity® Wealth Services, we can help you create a coordinated approach across all your accounts, even those you're managing on your own or are held at different firms. This can help ensure that you're taking on the appropriate amount of risk over your entire portfolio.
It's not just what you save, it's where
We can then help you understand the pros and cons of each type of retirement account, based on your age, tax bracket, and financial situation, working with you to help choose which accounts make sense for you, then applying a range of tax-smart strategies4 on behalf of clients enrolled in Fidelity® Wealth Services.
You can have a paycheck and a "playcheck"
When it's time, we can help you develop a plan to turn a portion of your nest egg into guaranteed sources of income to help ensure that your essential expenses will be covered. This can help you stay organized as you pay for discretionary expenses.
What comes next on your retirement journey is a conversation with an advisor. Here are just a few of topics we can work through:
Have you thought about how transitioning from accumulation to funding your lifestyle in retirement could impact your plan? This could include an estimate of how much income your savings could potentially generate.
Have you thought about how different types of retirement accounts can contribute to a tax-efficient investment plan?
Does your plan give you the confidence to stay invested during challenging conditions? Or are you more likely to head for cover when markets fall?
Are you working with multiple investment firms? Have you ever thought about how all your various accounts are working together to create a cohesive investment strategy?
Have you considered how the potential costs of health care in retirement could impact your plan? And does your plan account for these costs?
I'm ready to discuss your needs around retirement planning and a range of other topics. Let's talk about your plan.
Additional resources
Insights and perspectives
Learn more about what both Fidelity and outside professionals are saying about preparing for and living in retirement.
Planning tools
Even if you're working with a Fidelity advisor,3 there may be some aspects of planning you want to explore on your own. Our suite of tools and calculators can help you find ways to potentially complement the planning you and your Fidelity advisor do together.
Retirement Calculators & Tools Overview
We offer a suite of calculators and tools designed to take the guesswork out of saving for and living in retirement.
View tool overview
Learn more
Take a moment to see how Fidelity can help bring your retirement plan to life, the types of resources we offer, and all the ways we can work together.
