Helpful Hints for Your Retirement Budget:

• Consider reducing or eliminating debt, such as your mortgage and outstanding balances on credit cards. This can be a crucial step in using your retirement income effectively.


• Plan how and when you are going to take distributions from your employer's retirement plan or IRA. For example, if you have more than one IRA, you need to decide how you want to divide any distributions you may take among these accounts. When you reach age 70½, you will be required to take the first minimum distribution from your traditional IRA by April of the following year.


• Review the potential costs of medical and long-term care insurance, since you may no longer be covered by a group plan.


• Remember to account for any dependent support expenses you may have, including expenses for elder care.


• Think about updating your vehicle insurance coverage. Your coverage needs may change if you keep an older car or if you plan to drive less.