Retirement

Congratulations! You are retired and now you can live out the dreams that you worked so hard for. Whatever your dreams may be, we are here to help you live out your retirement. Consider using the following step-by-step list to help you stay financially well.

Focus on your income strategy

• Build a budget. Knowing where your money goes can help you spend wisely and make your retirement savings last. Get started by building your budget with Voya’s Budget Calculator.
• Activate automatic bill payments. Save time and keep your retirement running smoothly by taking advantage of automated payment options.
• Have an emergency fund. Life is full of surprises. Shield yourself from the unexpected by building an emergency fund to cover 3-6 months of expenses. The more you have saved, the better.
• Have a plan to pay yourself. Your retirement income may come from a few different places. Make sure you understand where money is coming from. Create a withdrawal strategy to understand how you will use this money throughout the rest of your retirement.

Protect yourself and your loved ones

• Long-term care insurance. This type of coverage can help if everyday activities start to become difficult to handle. Long-term care can help pay for a variety of home care, assisted living or nursing home needs.
• Do you require more assistance? You may also want to explore adding a chronic illness rider to your life insurance policy. This can protect your assets should a chronic condition require day-to-day assistance.
• Retiring but not yet 65? If you retire before age 65, assess your options for health insurance before Medicare.
• Do you have loved ones who depend on you? Consider including life insurance in your planning. Start by calculating your life insurance needs.
• Make sure you have the last word. Consider taking advantage of wills and trusts to leave your legacy the way you intended.
• Are you a caregiver for someone with special needs? Gain knowledge as you make decisions for you and your family with planning for special needs.

Financial considerations

• Strategy, strategy, strategy. Now that you are retired, it's time to enjoy all that you have worked hard for. What kind of retirement withdrawal strategy do you need to put into place?
• How far can my savings stretch? See how you can make your savings stretch as you enjoy retirement.
• Consider an annuity for creating a steady and reliable income stream during retirement. See if an annuity is right for you.

Helpful tips

Storing your data in an easily accessible, secure space will help you and loved ones find important information when it’s needed. Suggested list of information to store in one place:

• Your monthly budget with income, spending and saving plans.
• Saving and investing accounts as well as any other assets you own.
• Important documents such as life insurance policies, wills, trusts, powers of attorney, health proxies and tax information.
• Contact information for financial professionals you work with — e.g., tax preparer, banker, insurance agents.