Coping When Retirement Is Near

The past year has been particularly stressful for people who are getting close to retirement. Here are some opportunities too free up more cash and protect your savings.

Save money on interest. Pay off high-interest credit-card bills so you can free up more money for your important expenses.

Build up your cash cushion. Keep at least six months’ worth of expenses in an emergency fund; more if you’re supporting a spouse and children or if your job is in jeopardy. Start beefing up this account as you get closer to retirement—it’s a good idea for retirees to keep at least three to five years’ worth of expected withdrawals in low-risk accounts.

Get investing help. It’s important to stay informed during times of economic uncertainty. ICMA-RC’s Retirement Plans Specialists (RPS) can help you make key decisions about protecting your money when retirement draws near. To contact your RPS, call Investor Services at 800-669-7400.