Late Career

Homestead Funds

As your career winds down, you’ll want to focus on preparing for retirement income. As you transition from accumulating retirement assets to using them, you might need to reevaluate whether you are invested appropriately for this stage of your life. There are also some practical decisions you can make to help you get the most out of your savings.

Include inflation in your retirement planning

In figuring out the amount you’ll need to last through your retirement, remember to factor in rising costs. Inflation reduces your purchasing power: A dollar today will not go quite as far in the future.  

Investigate your retirement plan’s distribution options

Even though you might plan to stay in the workforce for a while longer, it’s a good idea to collect information about your distribution choices. Deciding how and when you will access the funds in your 401(k), IRA or pension plan is likely to be one of the most important financial decisions you’ll face.

Related Resources:

Deciding What to Do With Your 401(k)

Double-check your beneficiaries

Do you remember who you named as the beneficiaries for your accounts? We encourage investors to make sure their mutual fund account records are current, as family situations change. It’s easy to confirm who is named as your Homestead Funds IRA account beneficiary online.  Just  log in to your Homestead Funds account.

Define your priorities

Late career individuals often find their priorities have shifted. For example, you might no longer need to save money for education expenses. You might also want to take a more cautious approach to investing. With retirement approaching, you need to know your money will be available when you need it. You won’t want market cycles or economic conditions to determine when you can make a withdrawal. 