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All your hard work saving for retirement is starting to pay off. Now it's time to figure out how to keep it.
You've worked hard to get here. The work continues, but now the focus shifts to having a smart strategy for withdrawing your retirement income and helping to protect your assets.
For 2019, you're required to start taking Required Minimum Distributions (RMD) from your Traditional IRA by April 1 of the year following the year in which you reach age 70½. Once you begin RMD’s you must take an RMD distribution each year. For 2020, you are required to start taking RMD’s from your Traditional IRA by April 1 of the year following reaching 72 years of age.
Waiting until you reach the full Social Security retirement age will allow you to take a higher retirement benefit and waiting until age 70 will maximize your retirement benefit. Know your options.
Review your life insurance policy and beneficiaries with your agent to make sure your family and estate are protected. Review Medicare Supplemental insurance and Long-Term Care (LTC) insurance options to help avoid depleting your retirement savings for medical or extended care. Planning for Long-Term Care
State Farm® offers an estate analysis service to help you with the first steps of estate planning. You can learn more from your State Farm agent.
Prior to rolling over assets from an employer-sponsored retirement plan into an IRA, it's important that customers understand their options and do a full comparison on the differences in the guarantees and protections offered by each respective type of account as well as the differences in liquidity/loans, types of investments, fees, and any potential penalties.
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Issued by:
State Farm Mutual Automobile Insurance Company
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, Illinois
Each company is financially responsible for its own products.
Neither State Farm nor its agents provide tax or legal advice.