Have You Had Your Retirement Plan Checkup This Year? | Internal Revenue ServiceRetirement Planning Soldiers should start gathering information and planning their military retirement months before they submit the application for retirement. Changing from military to civilian lifestyles is not always an easy task, but planning can be a big help. Upon military retirement, Soldiers change locations, careers, and lifestyles. At least 12 months before the planned retirement, Soldiers should attend a retirement planning briefing provided by a Retirement Services Officer. Soldiers are encouraged to attend one long before a retirement application is submitted and another shortly before an actual retirement date. Spouses are strongly encouraged to attend the briefing Visit your Retirement Services Officer for information on briefing dates, times, and locations.
A retirement plan needs regular care to keep it operating properly. These one-page checklists are a quick way to start your review. Each checklist links to a Fix-It Guide with tips on how to find, fix and avoid each potential error. The checklist is for your use on a voluntary basis. The IRS has helpful correction programs structured to provide financial incentives to find and correct mistakes earlier rather than later. You can correct many mistakes easily, without penalty and without notifying the IRS. The Fix-it Guides explain how to find and fix the most common retirement plan errors.
2. Manage Your Spending
When it comes to saving for retirement, maybe you've done everything right. You started early, maxed out your k plan, invested in a diversified portfolio and avoided costly mistakes, such as cashing out your retirement plan.
Since its inception in , the k plan has grown to become the most popular type of employer-sponsored retirement plan in America. Millions of workers depend on the money that they have invested in these plans to provide for them in their retirement years, and many employers see a k plan as a key benefit of the job. Few other plans can match the relative flexibility of the k. A k plan is a retirement savings account that allows an employee to divert a portion of his or her salary into a long-term investment account. The employer may match the employee's contribution up to a limit.
We respect your privacy. All email addresses you provide will be used just for sending this story. For anyone nearing retirement or already there, the level of uncertainty has rarely been greater than it is today. Consumer Reports can help you understand the changes Congress and the White House are making to the many rules that impact retirement savers while also providing strategies on how best to save. How to Avoid Investment Fees. Can You Fix Hearing Loss?