Are you sure your 401(k) will give you enough money for retirement? With healthcare costs going up and people living longer, making sure you’re financially ready for the future is key1. The Fidelity 401(k) can be a great way to help you reach your retirement goals. Let’s look at how this retirement account can help you secure a good future.
Key Takeaways
- Plan for healthcare costs, which can be significant in retirement, with savings of up to $157,500 (single) or $315,000 (couple) needed1
- Expect to live longer, with potential for 30+ years of retirement income needed, and consider annuities for reliable lifetime income2
- Manage the impact of inflation by seeking cost-of-living adjustments and investing for growth potential
- Contribute the maximum to your 401(k) to take advantage of tax-deferred savings and potential employer matches3
- Work with a Fidelity professional to develop a comprehensive retirement income plan
Plan for Healthcare Costs in Retirement
Planning for retirement means thinking about the big healthcare costs you might face. Fidelity says a single person turning 65 in 2023 might need about $157,500 saved for healthcare4. For a couple, that number jumps to around $315,0004. Also, 69% of people over 65 will likely need long-term care, costing thousands a year.
Understand Retirement Healthcare Expenses
Healthcare costs keep going up, so knowing what you might pay is key. Fidelity’s 2022 report shows a 5% increase in costs for a 65-year-old couple retiring then5. Yet, many Americans guess these costs will be much lower, at just $41,000 for a couple6.
Consider Long-Term Care Insurance
Long-term care insurance can cover long-term care costs. The cost depends on your age when you buy it, so early is better. Some policies charge a yearly fee, others accept a single payment or a set number of payments.
Leverage Health Savings Accounts (HSAs)
If your job offers a health savings account (HSA), use it. An HSA lets you save before taxes, grow your savings, and withdraw it tax-free for medical costs now or later4. These accounts can help cover healthcare costs in retirement4.
“Health care is expected to be one of the largest expenses in retirement for most Americans, after housing and transportation costs.”4
Getting ready for healthcare costs in retirement is key. By understanding what you might pay, looking into long-term care insurance, and using health savings accounts, you can protect your future. This way, you’ll be sure your healthcare needs are covered in your retirement years465.
Prepare for Longer Life Expectancy
Thanks to medical advancements, people turning 65 today can live into their 80s or even 90s7. This means they’ll need retirement income for 30 years or more. If they don’t plan well, they might run out of savings7.
Understand Longevity Risk
Longevity risk is the chance retirees might live longer than expected and use up their savings. Without good planning, they might have to depend only on Social Security, which might not be enough7. Waiting to take Social Security at age 70 can increase their monthly payments by up to 24%. This can help reduce the risk of running out of money7.
Consider Annuities for Lifetime Income
Retirees might use some savings to buy an annuity to cover costs not covered by Social Security or pensions. Annuities offer a steady income stream for life, ensuring retirees have enough money for their needs7. This can be a reliable way to manage the risk of living a long life and keep up with expenses.
| Retirement Preparedness Measure (RPM) | Percentage of Households |
|---|---|
| Fair | 78% |
| Red Zone | 34% |
Fidelity’s Retirement Preparedness Measure shows most American households are doing okay, with 78% on track for retirement costs8. But, 34% are in the “Red Zone,” meaning they need to work on getting ready for retirement8.
“For every year Social Security filing is delayed past full retirement age (67 for many), there is an 8% increase in benefits, resulting in potentially 24% higher monthly benefits by delaying until age 70.”
Waiting until 70 to start Social Security can really increase a retiree’s monthly income. This helps cover their needs for a long life789.
Manage the Impact of Inflation
Inflation can really hurt the value of retirement income over time. Even a small inflation rate can slowly lower a retiree’s standard of living10. Fidelity uses a 2.5% inflation rate when planning for retirement, but the real inflation rate from 1926 to 2022 was 3%10. To fight inflation, retirees should look into strategies that keep their investments growing with the cost of living.
Seek Cost of Living Adjustments
One good way to beat inflation in retirement is to find income that goes up every year. Social Security, some pensions, and certain annuities do this, helping retirees keep up with rising prices.
Invest for Growth Potential
Investing too safely can let inflation eat away at your savings and slow down growth11. A mix of stocks, bonds, and short-term investments can help balance risk and growth12. During the Global Financial Crisis, saving and investing paid off, showing growth after 52 months12. A Fidelity expert can help pick investments that fight inflation and grow your money over time.
| Investment Type | Potential Inflation Hedging |
|---|---|
| Stocks | Usually do better against inflation than bonds11 |
| Commodities and commodity-producer equities | Good for fighting inflation11 |
| Value stocks | Good for fighting inflation11 |
| REITs (Real Estate Investment Trusts) | Good for fighting inflation11 |
| TIPS (Treasury Inflation-Protected Securities) | Great for fighting inflation11 |
| Shorter duration bonds | Great for fighting inflation11 |
| High-yield bonds | Great for fighting inflation11 |
| Gold | Consider it for fighting inflation11 |
| Real estate | Consider it for fighting inflation11 |
Fidelity’s Strategic Advisers Inc. made smart moves in 2022 by adding more commodities and high-yield bonds to fight inflation11.
Dealing with inflation means knowing how your investments are doing in different areas11. With an inflation rate of 2% a year, you need a portfolio that can earn at least 2% to keep up11. By choosing the right investments, retirees can keep their buying power and reach their financial goals101211.
Build a Diversified Portfolio
Building a diversified portfolio is key for retirement planning13. In the 2008–2009 bear market, a mix of 70% stocks, 25% bonds, and 5% short-term investments did better than an all-stock portfolio13. This mix showed how diversification can reduce risk.
The Fidelity recommended portfolio had 49% US stocks, 21% international stocks, 25% bonds, and 5% short-term investments13. It included a variety of stocks, sectors, and regions. This spread out investments across the stock market.
Understand Asset Allocation
Asset allocation means spreading your investments across stocks, bonds, and short-term investments based on your risk level and goals13. Within bonds, diversify by maturity, credit quality, and duration to handle interest-rate changes13. A 2000 to 2020 example showed that not rebalancing can lead to uneven risk levels.
Maintain a Balanced Investment Mix
13 Rebalancing is key to keep your investments at the right risk level. You can do this by choosing safer options or adding more risk to meet your target13. It’s advised to rebalance if an asset moves more than 10 percentage points from the target14.
Fidelity offers news and insights on investing and personal finance to help you make informed decisions15. Aim to save at least 15% of your income for retirement, including employer matches.
15 Target date funds and asset allocation funds make diversifying easy. Managed accounts offer tailored professional management for your financial goals14. Fidelity provides resources and tools to help you manage your diversified portfolio.
“With retirement likely to span 30 years or more, finding the right balance between risk and growth potential is crucial.”
Implement a Sustainable Withdrawal Strategy
Finding the right withdrawal rate for your retirement savings is key to making your money last16. Fidelity suggests taking out 4%-5% of your savings in the first year, then adjusting for inflation later16. This method is based on past studies to help your savings last 20-30 years16.
Spending too fast can risk your retirement income plan16. For a safe plan, aim to take out 4% to 5% of your savings in the first year, and adjust for inflation each year16. Past studies show that safe withdrawal rates varied a lot, from almost 10% in 1982 to over 4% in 193716.
For a 30-year retirement, a 4.6% withdrawal rate was safe 90% of the time16. For 25 years, a 5.0% rate was safe 90% of the time16. And for 35 years, a 4.4% rate was the safest16.
Thinking about how long you and your partner might live is important for retirement planning16. The mix of your investments, like stocks and bonds, also affects how long your money will last16. More stocks don’t always mean you can take out more money safely16.
Changing how much you take out when the market changes can help your retirement savings last16. Remember, spreading out your investments doesn’t guarantee you won’t lose money16.
Tax-Efficient Withdrawal Strategies
Your way of taking money out can affect your taxes in retirement17. The type of account you use can change how much tax you pay17. A smart plan could lower your taxes: take money from each account based on how much you have there17.
If you’re eligible for a 0% tax on capital gains, taking money from taxable accounts first might be smart17. Fidelity suggests starting with 4% to 5% of your savings in the first year17. Taking money from taxable accounts first, then tax-deferred, and lastly Roth accounts can help keep your taxes stable17.
Spreading out IRA withdrawals can be good if you expect big capital gains later17. Taking capital gains when you’re in a low tax bracket can also lower your taxes17.
By managing your retirement income plan and how you take money out, you can make sure your savings last181617.
Fidelity 401k: A Retirement Income Solution
The Fidelity 401(k) plan is a great way to secure your financial future. It offers many features and investment options. These help retirees create a diverse portfolio and plan for a steady income in retirement19.
One key feature is the “period certain annuity.” It lets participants get income for a chosen number of years19. Fidelity also has Managed Retirement Funds. These funds help turn your savings into regular income, making retirement more secure19.
But, remember, there’s no guarantee that any fund will give you enough money for retirement. The money you put in might not be safe19. The funds can also be risky, especially with investments in the stock market and foreign securities19.
The Managed Cash Flow option changes how much you can withdraw each year and might even return your initial investment19. Even with risks, Fidelity’s experts are there to help with retirement planning and finding steady income sources19.
Many workers worry they won’t have enough money for retirement, and most think employers should help more20. Fidelity’s services aim to help at every stage of retirement planning and income generation20.
With Fidelity’s help, you can make sure you have a steady income in retirement. Using the Fidelity 401(k), retirees can feel secure and at ease in their later years21.
Annuity payments are taxed as ordinary income and may have a 10% penalty if taken before age 59½19. Also, annuities from Guaranteed Income Direct come from insurance companies, not Fidelity. The safety of these annuities depends on the company paying claims19.
| Retirement Income Feature | Description |
|---|---|
| Lifetime Income Annuity | Provides an income stream for the entirety of the retiree’s lifetime19. |
| Period Certain Annuity | Allows retirees to receive income payments for a set number of years19. |
| Managed Retirement Funds | Helps convert accumulated assets into regular withdrawals over time19. |
| Managed Cash Flow | Aims to maintain a positive asset balance throughout retirement and keep pace with inflation21. |
Fidelity’s retirement solutions, like the Fidelity 401(k), offer many options for a steady retirement income. By using these options, retirees can feel financially secure and at peace in their golden years192021.
Understand Sequence of Returns Risk
Sequence of returns risk is a big deal in planning for retirement income. It’s about how early market performance in retirement affects your savings. This risk can make or break your retirement savings22.
Good early returns can help your savings grow, even when you’re taking money out. But, bad early returns and withdrawals can quickly use up your savings22. That’s why it’s key to plan for this risk to keep your retirement income steady.
Let’s look at two examples to understand this better. In one scenario, the portfolio grew by 7.64% a year, ending with almost $159,000 after five years22. In another, it grew by 10.65%, ending with over $182,00022.
Now, let’s see how taking money out affects things. In the first scenario, with a $10,000 yearly withdrawal, the portfolio was worth over $70,000 after five years22. In the second, it was worth just under $47,000, with a -12.21% growth rate22. These examples show how early market performance can change your savings’ future.
Rules like the “4% rule” aim to lessen sequence of returns risk23. This rule suggests taking out 4% of your portfolio each year and adjusting for inflation. But, research shows outcomes vary a lot based on early retirement market conditions23.
To tackle this risk, experts suggest diversifying your investments, adding more bonds before retirement, and using spending rules that change with the market2423. Knowing and planning for this risk can make your retirement income more secure.
| Asset Class | Average Annual Return | Volatility |
|---|---|---|
| Stocks | 9.97% | 19.19% |
| Bonds | 5.28% | 6.33% |
| Short-Term | 3.24% | 0.94% |
“Sequence of returns risk is a critical factor in retirement income planning that can significantly impact the longevity of your retirement portfolio.”
Manage Emotional Investment Behavior
Investing in the financial markets can be like riding a rollercoaster, especially for retirees. Emotional behaviors like overconfidence, loss aversion, and herding tendencies can affect how well an investor sticks to their plan. Studies in behavioral finance reveal that people often make choices based on feelings rather than facts, which can lead to poor investment decisions25.
Retirees need to watch out for these emotional biases to keep their investments on track. Fear and anxiety might make people sell too soon, while being too confident can lead to taking too many risks26. To keep a steady hand, it’s key to have a diverse portfolio and manage your investments with a long-term view, not just reacting to short-term changes27.
By understanding and controlling these emotional behaviors, retirees can keep their eyes on the prize and make better investment choices. Tools like regular portfolio checks, automating investments, and getting advice from experts can help investors stay on track. In the end, managing emotional investment behavior is key for retirees to reach their financial dreams25.
“Emotions such as sadness and financial stress can lead to impulse buying, contributing to a cycle of poor financial decisions and mental health challenges.”
– Scott Rick, associate professor of marketing at the University of Michigan
Mitigate Longevity Risk with Annuities
As Americans live longer, the risk of outliving their savings is growing. Annuities can help by offering a steady income for life28.
Lifetime Income Stream
Annuities with Guaranteed Lifetime Withdrawal Benefits (GLWBs) give retirees a steady income for life. This ensures a stable income, and they can also gain from market increases2829.
Guaranteed Income
Annuities with GLWBs keep their income steady, even if the market drops. They also let retirees gain from market rises. These benefits protect against market falls, giving retirees a steady income and more growth potential28.
Upside Growth Potential
Variable annuities with GLWB let retirees grow their money while ensuring a steady income. This mix of growth and stability is great for those wanting balance in retirement29.
Adding annuities to retirement plans makes retirees more confident about their future. They can keep their lifestyle, even with longer lives282930.
https://www.youtube.com/watch?v=XezlpQTrwdM
“Annuities can provide a reliable income stream that can help retirees worry less about outliving their savings and focus more on enjoying their retirement years.”
Evaluate a Secured Income Strategy
Planning for retirement? Consider a secured income strategy. It uses part of your savings for a deferred variable annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB)31. This can protect your savings from risks like market ups and downs and ensure you have money in the future.
Potential Benefits
This strategy can give you a steady income for life31. It also keeps your savings safe during market lows. The GLWB feature ensures your income stays steady, even when the market is down.
Plus, you could see your money grow over time. Putting some savings into a deferred variable annuity means you could gain from market increases. The GLWB feature keeps your income safe, so you don’t lose out if the market drops31.
Important Considerations
A secured income strategy isn’t right for everyone31. Think about your current income, how you handle uncertainty, and the strength of the insurance company31. Taking more money out than allowed or before age 59 1/2 can reduce your benefits and lead to extra fees31.
Deciding if this strategy fits your retirement plans requires expert advice31. A financial advisor can guide you, considering your specific situation. They’ll help you see the good and bad sides of this approach.
Mind the Retirement Gender Gap
Women face a big financial challenge as they plan for retirement – the retirement gender gap. This gap shows that women usually need more money for retirement but often have less saved than men32.
Factors Contributing to the Gap
Several factors lead to this gap. The main one is the gender pay gap, which means women earn less than men in similar jobs33. This leads to smaller retirement savings over time.
Women often take time off work for family care, like for children or elderly parents33. This break affects their retirement savings and Social Security benefits.
Women also live longer, on average, by five years than men33. So, their retirement savings must stretch longer, making it harder financially.
Women spend more on healthcare in retirement, especially for long-term care, which can quickly use up their savings33. With lower Social Security benefits due to the pay gap and caregiving, women face a big financial challenge in retirement.
To fix the retirement gender gap, we need to tackle several issues. We should work on closing the pay gap, help women invest more, and support caregiving. By understanding these issues, women can better plan for a secure retirement3233.
Maximize Retirement Savings Vehicles
To secure a comfortable retirement, women should make the most of tax-advantaged savings accounts34. This means taking part in employer-sponsored plans like 401(k)s and using employer matches. These can really boost their retirement savings35.
Contribute to Employer Plans
Women should aim to put in the maximum allowed to their 401(k) plans. For 2024, that’s $23,000, with an extra $7,500 for those 50 and older36. By doing this, they get the benefit of tax-deferred growth and possible employer matches. This can really help prepare them for retirement35.
Leverage Health Savings Accounts (HSAs)
Women should also look into Health Savings Accounts (HSAs). These offer a triple tax advantage and can cover healthcare costs in retirement34. For 2024, the limits are $4,150 for single coverage and $8,300 for family coverage, with a $1,000 catch-up for those 55 or older36. Putting extra money into HSAs can prepare for future healthcare costs in retirement36.
Contribute to IRAs
Adding to Individual Retirement Accounts (IRAs), like Roth IRAs, traditional IRAs, and rollover IRAs, can give more tax benefits beyond employer plans34. For 2024, the IRA limit is $7,000, with an extra $1,000 for those 50 and older36. Mixing different types of retirement accounts can help women plan better for taxes and growth35.
Consider After-Tax 401(k) Contributions
If their employer allows it, women can add after-tax money to their 401(k) over the limit. This is called the “mega backdoor Roth” and can help them save more for retirement34. It also lets them enjoy tax-deferred growth and tax-free withdrawals later35.
Invest in Brokerage Accounts
After using all tax-advantaged accounts, women can keep saving and investing in regular brokerage accounts34. These accounts offer flexibility and can grow over time. They work well with the tax benefits from employer plans and IRAs35.
Using employer plans, HSAs, IRAs, and brokerage accounts together can make a strong retirement savings plan35. This approach can help women overcome the retirement gender gap and reach their financial goals34.
| Retirement Savings Vehicle | Contribution Limits (2024) |
|---|---|
| 401(k) | $23,000 (plus $7,500 catch-up for 50+) |
| IRA | $7,000 (plus $1,000 catch-up for 50+) |
| HSA | $4,150 individual / $8,300 family (plus $1,000 catch-up for 55+) |
Conclusion
Fidelity 401(k) plans are a great way for women and others to secure their financial future. They offer many features and investment options. These help create a diverse portfolio and plan for a steady income in retirement37. Also, adding to employer plans, HSAs, IRAs, and brokerage accounts can help women bridge the retirement gap and reach their financial goals373839.,,
Dealing with 401(k) distributions and retirement planning can seem tough. But getting advice from a financial advisor can make it easier. They can guide you on the best choices for your situation37. Experts can explain how vesting, distribution rules, and cash withdrawals work. This can help you make the most of your Fidelity 401(k) plan373839.,,
A Fidelity 401(k) can be a strong tool for reaching retirement goals. By being proactive and using the available resources, you can set yourself up for a secure retirement. Making smart choices with your Fidelity 401(k) can lead to a financially stable future373839.,,
FAQ
What are the key tips to help keep retirement on track with a Fidelity 401k plan?
Fidelity Viewpoints suggests a few key tips. First, plan for healthcare costs, which can be high. You might need 7,500 saved if you’re single or 5,000 if you’re with a partner.
Second, think about living a long life, possibly 30+ years in retirement. Annuities can help ensure you have steady income for life. Lastly, consider inflation’s effect on your money. Even small inflation can reduce what you can buy over time.
How much do retirees need to save for healthcare expenses?
For healthcare costs in retirement, a single person aged 65 in 2023 might need about 7,500 saved after taxes. A couple in the same situation could need around 5,000 saved.
What are the risks associated with longer life expectancy in retirement?
Thanks to medical advances, people are living longer. This means you might need 30 years or more of retirement income. Without planning, you could run out of savings and rely only on Social Security, which might not be enough.
How can retirees manage the impact of inflation?
Inflation can lower the value of your retirement money over time. Investing in things like stocks and real estate can help keep up with inflation. Also, look for income sources that adjust for inflation, like Social Security and certain pensions.
What is the recommended withdrawal rate for retirement savings?
Fidelity suggests a safe withdrawal rate. Start by taking 4%-5% of your savings in the first year, then adjust for inflation later. This approach is based on history to help your savings last 20-30 years.
How can Fidelity 401k plans provide a comprehensive retirement income solution?
Fidelity 401k plans offer many investment options. By diversifying your portfolio and using a smart withdrawal plan, you can create a steady income for retirement.
What is sequence of returns risk, and how can it impact retirement income?
Sequence of returns risk is the effect of early market performance on your retirement savings. Good early returns can help your portfolio grow. But bad early returns can quickly use up your savings. It’s important to plan for this risk to ensure steady retirement income.
How can emotional investing behavior impact retirement planning?
Emotional decisions can make it hard to time the market well, especially in volatile times. Things like being overly confident or scared can affect your investment strategy. It’s key to manage these feelings to stay on track with your retirement goals.
How can annuities help mitigate longevity risk?
Annuities offer a steady income for life. With Guaranteed Lifetime Withdrawal Benefits (GLWBs), you get income for life, even if your savings run out. This helps protect you from running out of money in retirement.
What are the potential benefits of a secured income strategy?
A secured income strategy uses annuities to ensure a steady income. This approach protects your savings from market ups and downs and the risk of living a long life. It offers guaranteed income, protection from market drops, and the chance for growth.
What factors contribute to the retirement gender gap?
Women often face a bigger retirement gap due to living longer, higher healthcare costs, and earning less. The gender pay gap, time out of the workforce, and investing differences also play a part.
How can women help close the retirement gender gap?
Women can close the retirement gap by fully contributing to retirement plans like 401(k)s. This “free money” boosts savings. Also, use other savings options like HSAs and IRAs to increase your retirement funds.
Source Links
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