Retirement Roundup Series

Attend an online seminar for your County of Henrico 457 Retirement Plan

The more you know about your financial picture and your County of Henrico Plan, the more you can get out of it. To provide you with some important tools to help you make informed decisions, your Retirement Plan Advisor, Chip Richardson, is hosting a series of 30-minute online seminars.

Please reach out to Chip for questions regarding your Henrico County 457 retirement plan. Below you will find the key takeaways of the upcoming seminar series and a link to register for each seminar.

Pursuing Financial Wellness

  • What financial wellness is and why it matters
  • Steps to achieving financial wellness
  • How My Financial Path can help you

Read More

Retirement Roundup Series

Attend an online seminar for your County of Henrico 457 Retirement Plan

The more you know about your financial picture and your County of Henrico Plan, the more you can get out of it. To provide you with some important tools to help you make informed decisions, your Retirement Plan Advisor, Chip Richardson, is hosting a series of 30-minute online seminars.

Please reach out to Chip for questions regarding your Henrico County 457 retirement plan. Below you will find the key takeaways of the upcoming seminar series and a link to register for each seminar.

Pursuing Financial Wellness

  • What financial wellness is and why it matters
  • Steps to achieving financial wellness
  • How My Financial Path can help you

Read More

Retirement Roundup Series

Attend an online seminar for your County of Henrico 457 Retirement Plan

The more you know about your financial picture and your County of Henrico Plan, the more you can get out of it. To provide you with some important tools to help you make informed decisions, your Retirement Plan Advisor, Chip Richardson, is hosting a series of 30-minute online seminars.

Please reach out to Chip for questions regarding your Henrico County 457 retirement plan. Below you will find the key takeaways of the upcoming seminar series and a link to register for each seminar.

Pursuing Financial Wellness

  • What financial wellness is and why it matters
  • Steps to achieving financial wellness
  • How My Financial Path can help you

Read More

Make A Smooth Transition into Retirement

After years of dreaming and saving, the date of your retirement finally arrives. What are your plans? Will you travel? Will you spend more time with friends and family? Or do you just want to start sleeping in every morning and let each new day take its course? As you consider your next steps, you may want to keep in mind a few things that will ease your transition — at least from the perspective of your retirement finances. For example:

  • Make a spend-down plan — Your retirement income will probably come from various sources — such as retirement accounts, IRAs personal savings and investment accounts, part-time income, Social Security benefits, and pension benefits. The mix is different for everyone. To help minimize your tax burden in retirement, you may want to draw different amounts from different sources at various times. This is sometimes called a “spend-down plan.”
  • Reexamine your expenses — Your spending won’t come to a stop in retirement, but it will probably change. The average retired household cuts its spending by 1.5% to 1.6% per year throughout retirement. But keep in mind that while some expenses may decline, others may increase.1 For example, one study has found that 65-year-old couples will spend an average of $315,000 on healthcare and medical expenses in retirement.2
  • Keep managing risk — Is the mix of risk and return potential in your portfolio appropriate for your age, risk tolerance, and overall financial picture? As a rule of thumb, people shift to more conservative investments as they get older to protect the assets they’ll rely on for retirement income. Another factor to consider is how long you’ll depend on your nest egg for income. After all, your retirement may last decades. Talk to your local retirement plan counselor about whether your post-retirement portfolio is in line with your risk tolerance, income goals, and retirement timeline.

Retirement planning doesn’t end with retirement. You’ll still have to manage the shift from accumulating retirement savings to using those savings for retirement income. With a little planning and regular adjustments, you can make the most of the nest egg you worked so hard to build during your working years.

Questions on how you can make a smooth transition to your retirement years? Schedule some time with Chip Richardson, our Henrico County Retirement Plan Advisor.

1 smartasset.com/retirement/retirement-spending#:~:text=Research%20shows%20that%20average%20retired,of%20wealth%20and%20physical%20health.

2 cnbc.com/2022/05/16/americans-can-expect-to-pay-a-lot-more-for-medical-care-in-retirement.html

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Retirement Roundup

Learn the difference between pretax and Roth (after-tax) savings.
• Examine the tax benefits of each.
• Help determine which might be a better fit for you.

Read More

Retirement Roundup

Learn the difference between pretax and Roth (after-tax) savings.
• Examine the tax benefits of each.
• Help determine which might be a better fit for you.

Read More

Retirement Roundup

Learn the difference between pretax and Roth (after-tax) savings.
• Examine the tax benefits of each.
• Help determine which might be a better fit for you.

Read More

Retirement Roundup

Learn the difference between pretax and Roth (after-tax) savings.
• Examine the tax benefits of each.
• Help determine which might be a better fit for you.

Read More

Retirement Roundup

Learn how to navigate your County of Henrico Plan website and get the most out of your Plan account.

  • Review how to access your online account.
  • See where to check your estimated retirement income and the percentage that shows your progress to reaching it.
  • Explore how to utilize helpful resources and education on demand.

Ask questions and get answers

If you’re not able to attend any of these meetings, or just have questions about the 457 Plan and/or saving for your future, click here to schedule a one-on-one session with Chip Richardson. No additional cost to you.

Read More

Retirement Roundup

Learn how to navigate your County of Henrico Plan website and get the most out of your Plan account.

  • Review how to access your online account.
  • See where to check your estimated retirement income and the percentage that shows your progress to reaching it.
  • Explore how to utilize helpful resources and education on demand.

Ask questions and get answers

If you’re not able to attend any of these meetings, or just have questions about the 457 Plan and/or saving for your future, click here to schedule a one-on-one session with Chip Richardson. No additional cost to you.

Read More