In Retirement

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You've worked hard toward a comfortable and meaningful retirement. These guidelines were designed to help you make your retirement income last.

Your action plan
1

Know how you'll generate retirement income

With Americans living healthier, longer lives, many retirees choose to work part-time. The benefits of this additional income for even a few years can make a difference in stretching your funds. To help make savings last, take a strategic approach to drawing income from your nest egg and look for ways to minimize taxes.

Read: 3 steps to help build your retirement paycheck

Go in-depth: Develop an income strategy
2

Determine your retirement budget

Nobody ever said sticking to a budget is easy, but once you're in retirement, it's never been more important. You could live 20 to 30 years in retirement, so it's important to keep a close eye on your spending. Be especially mindful of medical expenses, which can really add up once you need to pay for Medicare supplemental insurance out of your own pocket.

Learn more: Managing cash flow in retirement

Start planning: Managing health care costs

Take action: Create a budget
3

Decide when you'll take your Social Security benefit

Social Security will provide only a portion of your retirement income, but it is certainly an important part of your overall strategy. The longer you wait, the more you'll get, so carefully consider when it's best to take your benefit.

Get insights: Time is money: How waiting to collect Social Security can boost your benefit

Go in-depth: Create your strategy
4

Understand required minimum distributions (RMDs)

Once you reach age 70½, the IRS requires you to withdraw a minimum amount each year from certain IRAs. The IRS can impose a 50% additional federal tax for missed or insufficient RMDs, so it pays to do a little research to help make sure you get your RMDs right.

Learn more: Required minimum distributions
3

Consider rolling over old 401(k)s

Consolidating your retirement assets into one easy-to-manage account is simple with a Rollover IRA. Consider all of your choices and learn if a Rollover IRA may be right for you.2

Take action: Open a Rollover IRA

Go in-depth: Do you have too many retirement accounts?

Roth IRA conversion

Find out if it might be worth converting your Traditional IRA to a Roth IRA.

Our Perspectives

Get insights from Merrill Lynch to help you plan and invest for retirement.

Consolidating accounts

It's easier to manage your assets when they're in one place. Consider consolidating your retirement accounts.2
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Consider an annuity
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Annuities can help you replace your paycheck in retirement with a guaranteed income stream.1
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1 All annuity contract and rider guarantees, including optional benefits and annuity payout rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by Merrill Lynch or its affiliates, nor do Merrill Lynch or its affiliates make any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

2 You have choices for what to do with your employer sponsored retirement plan. Depending on your financial circumstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth, roll over to an employer sponsored plan from a prior employer to an employer sponsored plan at your new employer, take a distribution or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment and provide different protection from creditors and legal judgments. These are complex choices and should be considered with care. Visit http://www.merrilledge.com/retirement/rollover-ira or call a Merrill Edge rollover specialist at 1.888.637.3343 for additional information about your choices.

Merrill Edge and its Financial Solutions Advisors do not provide tax, accounting or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties. Please consult your own independent advisor as to any tax, accounting or legal statements made herein.

A direct rollover occurs when you request that a rollover check be made payable directly to the new custodian for the benefit of your individual retirement account (IRA) or employer-sponsored retirement plan. A direct rollover is not subject to current tax or penalties.

An indirect rollover occurs when you request that a rollover check be made payable to you, after which you deposit the money into your IRA or another employer's retirement plan within 60 days. When such a distribution is made by the plan, the plan is required by law to withhold 20% of the taxable amount for prepayment of federal income taxes. If you wish to rollover the entire distribution, you must make up the 20% withholding out of your own funds, or you will be subject to income taxes and possibly early withdrawal penalties on the shortfall. If you fail to complete the rollover within 60 days, all or part of the money distributed to you will be taxable and a 10% additional tax for early withdrawals may apply.

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