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Financial Tips for the Un-Retirement


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Stacy Hammond, Charles Schwab’s Director of Client Experience, shared tips for getting ones finances in order with ABC in “Rejoining the workforce after retirement.”  Hammond urges investors who are retired but need to go back into the workforce to earn more money, to get their finances in order before starting that new job.

Search for tax deductions related to job hunting, such as resume preparations and transportation.  If at all possible, stop taking Social Security payments until you stop working for good.  Remember that you must begin taking the required minimum distributions from traditional IRA’s starting the year after you are 70 1/2.  Ensure that your stocks are very diversified so close to retirement so that all of your eggs are not in one basket, like that of your former employer.  Also be sure to check all of your insurance coverage to know that you are not paying too much for the wrong kind of coverages.

Hammond also has some tips for making the most out of a delayed retirement.  Invest in your company plan as much as the company will match for as long as you work there.  Work as hard as possible to become debt-free starting with credit cards, car loans, and your mortgage.  Extend your emergency fund to cover two years of expenses for the beginning of retirement.  Her last advice is not to ignore the guaranteed income stream of annuities.  Take a 401k annuity rollover to purchase an immediate annuity that will start paying you monthly for the rest of your life.

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