Bradley Gummow
Managing Director - Investment Officer

CONNECT

Address:



6801 Spring Creek Road
Rockford, IL 61114

Phone:

(815) 921-0531

Fax/Other:

(815) 282-0499

Are you Ready to Retire? Your Retirement Checklist

 

Are You Ready to Retire?

Retirement Checklist

Before you exit your employer’s door for the last time, you’ll want to feel confident you’re as prepared for retirement as possible. Check each item on the list below to see how we can help increase your confidence in your retirement preparation strategy.

Determine Your Retirement Income Need

  • What are your anticipated monthly expenses?
  • Will you need additional cash for travel expenses?
  • How do you plan to maintain your current lifestyle during retirement?

Work with The Gummow Wealth Advisory Group of Wells Fargo Advisors to update or create your Envision® profile. Our Envision process offers you an opportunity to see where you are now and create an investment plan that is flexible enough to adapt, regardless how your retirement needs change over time.

Review Your Asset Allocation (Investment Mix)

  • How consistent is your asset mix with your risk tolerance and diversification needs?
  • When should you begin to increase your portfolio’s fixed-income exposure to help manage volatility?
  • How much income will your reallocated portfolio generate?
  • Which accounts should you withdraw from first – taxable or tax-deferred?

We will analyze your current allocation and help transition to a preretirement or retirement allocation. We will prepare a retirement income analysis to compare your projected withdrawal rate with your portfolio’s estimated current yield.

 Review Your Employer Stock-Based Benefits                                                                   

  • What happens to your stock options upon retirement?
  • When will your restricted stock vest? At retirement?

We will provide insight to help you fully understand your stock options, restricted stock, stock appreciation rights and other stock-based benefits. We can provide you more details with our report: “Understanding Employer-Granted Stock Options.”

Consolidate Your Retirement Assets

  • How convenient will it be to manage multiple retirement accounts?
  • What are some of the ways to help streamline your post-retirement finances?

We help you understand your options for consolidating your retirement assets.

Review Pension Distribution Options

  • Does your employer’s pension offer a lump sum payout?
  • Which payout is more beneficial: lump sum or periodic?
  • What type of survivor benefit does your retirement plan provide?

We will help you evaluate the specific retirement plan distribution alternatives available to you, so you can make an informed decision.

Consider Your Alternatives for Employer Stock Held in a 401(k)

• How should you handle employer stock in your retirement plan – roll it over or distribute it out of the plan?

There are various options for your appreciated stock. We will evaluate with your tax and legal advisors these options to help ensure a coordinated approach.

Determine Your Expected Social Security Benefit

  • What is your projected Social Security benefit?
  • When should you, or can you, begin receiving benefits?
  • What is the process for claiming your benefits?

Use the Social Security Estimator at www.ssa.gov/estimator and contact your local Social Security Administration branch. Ask us to help you address your Social Security questions.

Wells Fargo Advisors is not a legal or tax advisor. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. Diversification does not guarantee profit or protect against loss in declining markets. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.

Insurance products are offered through non-bank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.

CAR #1218-03079

 

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