SunTrust Bank

What's Your Life Stage?

Approaching Retirement

As you approach retirement, you may feel anticipation, anxiety or a combination of both. Change is always difficult, and as life expectancies increase, it’s natural to want to make sure your retirement game plan is still valid.

Fortunately, SunTrust Investment Services advisors can help you take those important steps toward retirement. With their help, you can see whether you are on track toward meeting your income needs in retirement. You can plot your exit from the daily grind, explore income strategies and take steps to ensure your retirement planning won’t fall short of the finish line.

These are important questions because life expectancies are rising. Longer life expectancies mean longer retirements. A 65-year-old American male in good health has a 50 percent chance of living to 85 and a 25 percent chance of living to 92. A 65-year-old female has a 50 percent chance that she will live to 88 and a 25 percent chance of living to 94. Based on these findings, you’ll need a reliable income for a longer period of time than previous generations—for almost as many years as you spent working. A successful retirement income plan can help you feel confident that your assets will last through your extended lifetime.

Given the potential of a greater life expectancy, there are five questions to ask as you near retirement.

Do I need to catch up?
Even if you’ve saved diligently, you may still find that your retirement income falls short of your expectations. The good news: If you turn 50 before the end of the calendar year, you can play “catch up” by making additional before-tax contributions to your retirement plans. A SunTrust Investment Services advisor can walk you through the details.

Will I keep working in retirement?
Chances are that your idea of retirement differs greatly from that of your parents. Rather than suddenly exiting the work force, you may opt to step into a consulting role, explore a new field or start your own business. SunTrust's retirement experts can help you prepare for that transition by incorporating your encore career aspirations into your overall plan.

Is relocation in the cards?
For many people, retirement goes hand-in-hand with relocating to a sunny beach town or mountain hideaway. Before you make that move, consider its impact on your state, local and estate taxes. You’ll also want to weigh your options for selling your existing home and buying or renting a new one. Your SunTrust advisor, along with our home mortgage experts, can help you with a comprehensive plan for making a move.

Am I properly insured?
Now is a good time to start thinking about supplementary healthcare insurance or long-term care insurance. The earlier you start paying premiums, the less expensive they’ll be. SunTrust’s insurance and risk management experts can help find the solutions right for you and your family.

Is my income planning adequate?
For the better part of your working years, you have paid attention to increasing the size of your funds. As you approach retirement, however, you may want to consider slowly shifting that focus toward assets that maintain their value and produce income. A SunTrust advisor may be able to outline a strategy for making the move gradually.

To speak with a SunTrust advisor, call 866.732.1687

 

 Ask yourself the tough questions

• Is your budget in balance?
• Do you have a sufficient emergency fund?
• Do you have a will?
• Are you comfortable with the executor(s) and trustee(s) of your will?
• Have you executed a living will or healthcare proxy in the event of catastrophic illness or disability?
• Have you named beneficiaries to all of your retirement accounts and life insurance policies?
• Do you have a guardian in your will for your children should both you and your spouse die at the same time?
• Do you have proper life insurance in place?
• Are my investments properly allocated for the long term?

   

 Our Advisors

You have retirement questions, SunTrust has answers
Everyone’s retirement situation is unique. Depending on where you stand, you are likely to have very different questions, concerns, and priorities. You don’t have to figure it out on your own. A SunTrust Investment Services advisor can help, no matter how much you’ve saved. We will help you every step of the way: from planning, budgeting, organizing, and saving; to making the transition; to living in retirement.
At SunTrust Investment Services, you have direct and easy access to retirement planning experts - including Certified Financial Planners (CFPs) and Chartered Retirement Planning Counselors (CRPCs) - who can meet with you in the way that is most convenient for you (branch, phone, online). Our advisors have access to specialized tools and will work with you to create your personal retirement game plan. They will continue to monitor and adjust your plan as your situation or needs change. And when its time, they will help you convert your retirement savings into income in the most tax efficient way.
We have over 500 advisors who can offer tailored suggestions and ongoing guidance on retirement products from some of the best providers the industry has to offer, including products that offer guaranteed income for life. Our advisors can also help you rollover your 401(k) or other employer-sponsored plan from your previous employer.
Speak to a SunTrust retirement expert today by calling 866.732.1687.

  

401(k) Rollover 

You’ve moved to a new job, but left your 401(k) assets with your previous employer.

While that’s certainly the easiest course, it may not be the wisest. You could be missing out on the financial advantages of combining your retirement savings into one account, through a 401(k) to IRA conversion, or rollover. In many cases a 401(k) rollover IRA provides you more investment choices and a greater degree of control over your financial future. It’s simple to do even if you’d like to consolidate 401(k) accounts from more than one previous employer, as well as other IRAs.
A SunTrust retirement specialist can walk you through the process and assist you with the necessary paperwork. With all your 401(k) and IRA assets combined in a single SunTrust Rollover IRA, you’ll benefit from:

• A wide range of investment options
• A sharper focus on your retirement priorities
• Ongoing investment guidance from a SunTrust Investment Services advisor
• Professional management of all your assets

To contact a SunTrust advisor call 866.732.1687.

Consider these four options for your 401(k)

If you left your 401(k) with a former employer, you have four options:

• Roll your assets into an IRA: This may give you a wider range of investment choices.
• Consider annuities: An annuity can provide you with a guaranteed lifetime income.
• Keep it in an employer plan: If you like your current employer’s plan, leave your money there.
• Take a lump sum distribution: Your former employer will withhold 20 percent, and you may have to pay 10 percent for early withdrawal.

 

Retirement Investment Planning 

In the past, people chose their careers, stayed with the same company throughout their employment and retired with a pension. Today, you’re more likely to change jobs—and sometimes even careers—numerous times during your working lifetime. And that means you, rather than your employer, bear the burden of making sure you are financially prepared for your retirement.

Take a long-term view

Building up retirement funds is obviously a big challenge—and one that requires sound, long-term investment and retirement planning. Yet with such a dizzying array of investment options, it can be hard to know where to start. A SunTrust Investment Services advisor can help guide you through the range of investment choices and help you put together a savings and investing strategy and a long-term retirement game plan that’s right for you.

Seek expert adviceSunTrust manages the retirement portfolios of more than 4,000 workplace retirement plans and nearly 2 million individual SunTrust customers nationwide. So you can be confident you‘re getting experience and advice you can count on.
Look at a variety of optionsSunTrust Investment Services offers annuities, equities, bonds, mutual funds and other investment options from the country’s top financial-services companies.
Ask for personalized adviceTo learn more about the investment choices we offer and get your retirement game plan off the ground, call 866.732.1687 and speak with a SunTrust Investment Services advisor today.
To learn more about creating your retirement portfolio, visit Retirement Investment Solutions and Retirement Savings Products or talk to your SunTrust Investment Services advisor.

 Retirement Planning Experts

You have questions about your retirement: When should I apply for social security? What kind of lifestyle do I want? At SunTrust, you have direct and easy access to retirement planning experts who can help answer these questions.
Many of our advisors have earned Chartered Retirement Planning Counselor (CRPC) or Certified Financial Planner (CFP) designations. They are trained to help you develop your personal retirement road map.

 

Individual Retirement Accounts

Whatever your retirement goals or needs, SunTrust offers retirement planning expertise and potentially helpful solutions to fulfill your goals. Individual retirement accounts can help you save for retirement and manage taxes wisely. At SunTrust our advisors offer tailored suggestions on industry-leading products and we work to helpensure you set up an appropriate combination of retirement solutions to reach your goals. Whether you are looking for an individual retirement account invested in certificates of deposit, money market funds, mutual funds, or securities, SunTrust can help.

Roth IRA

A Roth IRA allows you to withdraw money in retirement without owing any additional taxes on your IRA contributions or your account earnings. And because a Roth IRA has no required minimum distribution, your money can continue to grow tax-free.

Traditional IRA

If you’re looking for tax-deferred growth, along with the opportunity to potentially reduce your current-year income taxes, a Traditional IRA is an excellent option.

Simple IRA

For employers with fewer than 100 employees, a Simple IRA is an easy, flexible way to offer a tax-advantaged retirement savings plan for your workers.

SEP IRA

A popular choice for people who are self-employed and small business owners, a SEP IRA offers tax advantages in a plan that’s easy to set up and maintain.