Pension Rollover to IRA: Expert Tips and Step-by-Step Guide

Transitioning your pension into an IRA is more than just a financial rearrangement—it’s a strategic decision with the potential to enhance the flexibility and tax efficiency of your retirement strategy. This guide offers a clear, step-by-step framework to help you assess your current pension plan, understand your eligibility, and navigate both direct and indirect rollover options. Tailored for plan sponsors, HR professionals, and individual investors alike, the advice provided aims to streamline your process and minimize common risks. Prepare to gain a deeper understanding of how to secure your retirement assets with confidence and clarity.

Understanding a Pension Rollover

A pension rollover is a financial maneuver that allows you to transfer funds from an employer-sponsored pension plan into an individual retirement account (IRA). This approach is designed to give you greater control over your retirement funds, offering a chance to customize your investment strategy and potentially enjoy improved tax advantages. Essentially, rolling over your pension enables you to move from a traditional, often restrictive, defined benefit plan to a more flexible retirement savings option.

What is a Pension Rollover?

At its core, a pension rollover involves shifting money from your existing pension—a plan that usually provides a set benefit based on salary and years of service—into an IRA. This process can occur when you leave an employer, retire, or if your employer discontinues the plan. By transferring your funds, you gain the flexibility to choose from a broader range of investments, tailor your portfolio, and implement strategies that align with your future financial goals.

Benefits of Rolling Over a Pension to an IRA

One of the main attractions of a pension rollover is the enhanced flexibility it provides. Within an IRA, you typically have access to a wide variety of investment choices such as stocks, bonds, and mutual funds, allowing for a diversified portfolio that suits your risk tolerance and retirement timeline. Moreover, consolidating your retirement savings into one account can simplify management and tracking, making it easier to monitor performance and adjust strategies over time.

Additionally, rolling over your pension may offer tax benefits. Depending on whether you choose a traditional or Roth IRA, you might delay taxes until you withdraw funds or, with the appropriate strategy, potentially secure tax-free withdrawals in retirement. This ability to navigate tax implications is a key advantage for many moving their pension funds into an IRA.

Key Terms and Definitions

Understanding a few essential terms can help demystify the rollover process:

"Qualified Employee Plan": A retirement plan that meets IRS standards and offers tax advantages to both employers and employees.
"Direct Rollover": This method transfers funds straight from the pension plan to the IRA without the money ever reaching your hands, thereby avoiding the mandatory tax withholding.
"Indirect Rollover": In this scenario, you receive the funds and then have 60 days to deposit the full amount into an IRA, though 20% may be withheld for taxes, which you must make up when completing the rollover.
"60-Day Rule": A crucial guideline set by the IRS, requiring you to deposit the distributed funds into an IRA within 60 days to avoid them being treated as a taxable distribution.

By familiarizing yourself with these terms and understanding the basic steps involved, you’re better prepared to make informed decisions about managing your retirement funds. This knowledge is the foundation for a secure, flexible, and tax-efficient retirement strategy.

Direct vs. Indirect Rollovers: A Detailed Comparison

Both direct and indirect rollovers allow you to transfer funds from your pension plan into an IRA, but they do so in fundamentally different ways. Understanding how each method works, including the advantages and drawbacks, can help you decide which process best suits your financial goals and circumstances.

Direct Rollovers Explained

A direct rollover occurs when your pension plan administrator transfers funds directly from the pension account to your IRA. This method is attractive because the funds never pass through your hands, which means that there is no mandatory tax withholding applied to the transfer. By keeping the money in a tax-deferred environment during the transition, you avoid the potential pitfalls of accidental early withdrawal taxes. Direct rollovers tend to streamline the process and reduce the risk of missing important deadlines, making it a popular choice for many individuals.

Indirect Rollovers Explained and Their Requirements

With an indirect rollover, the pension funds are first distributed to you personally. Once you receive these funds, you must deposit the full amount into an IRA within 60 days to avoid any tax liabilities. It’s important to note that in an indirect rollover, the plan administrator is required to withhold 20% of the distributed amount for taxes. This withheld amount must be made up with other funds when completing the rollover to ensure that the entire rollover is treated as tax-deferred. The 60-day rule is a critical component here—failing to transfer the funds within that timeframe can result in the distribution being taxed as ordinary income and may also incur an early withdrawal penalty if you are under the age of 59½.

Pros and Cons of Each Method

When weighing your options, consider the following points:

Direct Rollovers:
- Pros:
  - No tax withholding since the funds move directly between accounts.
  - Fewer steps reduce the chance for errors or missed deadlines.
  - Simplified paperwork and process.
- Cons:
  - May offer less flexibility if your pension administrator is slow or has strict procedures.
Indirect Rollovers:
- Pros:
  - Can provide a temporary source of funds if needed for other purposes, provided you can cover the withheld amount.
  - Offers an opportunity to review your financial situation before re-depositing funds.
- Cons:
  - Must redeposit the full distribution, including making up for any tax withheld, within 60 days.
  - The process is more complex and leaves room for error, which could lead to unintended taxable events and penalties.

Each method has its unique considerations, and the right choice depends on your comfort with managing the process, your immediate cash flow needs, and your overall retirement strategy. Evaluating these factors will ensure that your move from a pension plan to an IRA is executed smoothly and in line with your financial goals.

Step 1: Evaluate Your Current Pension Plan and Eligibility

Before initiating a rollover, it’s essential to thoroughly review your current pension plan to determine if it meets the eligibility criteria for moving funds into an IRA. This step helps you understand the structure of your existing retirement benefits and lays the groundwork for a smooth transition. Evaluating your plan early on not only ensures you meet IRS guidelines but also gives you the confidence to proceed without unexpected tax consequences.

Determining if Your Plan is a Qualified Employee Plan

Start by establishing whether your pension is classified as a qualified employee plan under IRS rules. A plan is deemed qualified if it meets specific regulatory requirements designed to receive favorable tax treatment. Confirm with your plan administrator or refer to your plan documents to verify:

That the plan meets IRS standards.
It has been set up in compliance with ERISA regulations.
Assessing this ensures that your rollover will be recognized as a tax-deferred event rather than a taxable distribution.

Assessing Employment Status and Timing

Your employment status plays a crucial role in determining your eligibility for a rollover. Typically, rollovers are available when you retire, leave your employer, or if your company decides to terminate the pension plan. Consider your current situation:

Are you planning on retiring or changing jobs in the near future?
Has your employer indicated any impending changes to the pension plan structure?
Understanding these timing issues can prevent hasty decisions and help you plan the transition in a way that minimizes tax liabilities and avoids potential penalties.

Reviewing the Plan Documents for Rollover Options

Finally, take the time to carefully review your pension plan’s documentation. Look for sections that detail:

Available distribution options, including lump-sum distributions.
Specific clauses on rollover provisions and any limitations that may apply.
Deadlines and required forms for initiating the rollover.
This review not only clarifies your available options but also informs you about any internal processes or restrictions that could affect your rollover timing. By being well-prepared, you reduce the risk of missing critical deadlines or triggering unintended tax consequences.

Taking a meticulous approach in evaluating your current pension plan and understanding your eligibility sets the stage for a successful rollover. It ensures you’re well-prepared to engage with your plan administrator and take informed steps toward securing a flexible, tax-efficient retirement account.

Step 2: Contacting Your Pension Plan Administrator

Initiating a conversation with your pension plan administrator is a key step in the rollover process. This phase is all about gathering clear and detailed information to ensure that your pension funds are transferred smoothly and without unexpected tax ramifications. Preparing in advance can help you ask the right questions and establish a productive dialogue that sets the stage for a successful rollover.

How to Initiate the Conversation

Start by reaching out either by phone or email to your plan administrator. It’s a good idea to prepare a list of questions before contact so you cover all necessary bases. In your initial discussion, aim to confirm that your plan permits a rollover, and inquire about the specific procedures and timelines they follow. Asking about any required steps and verifying the communication process can help clear up potential misunderstandings from the outset.

What Information to Request

When speaking with your administrator, request all relevant documentation and details that will impact your rollover. Essential items to ask for include:

A detailed description of the available distribution options, including lump-sum distributions.
Copies of all required forms and instructions for completing the rollover.
Deadlines for submitting paperwork and any timeline the plan enforces.
Clarification on fees or penalties linked to your distribution method.

Collecting this information early on allows you to prepare and ensure that each document is completed correctly, minimizing delays and reducing the risk of errors during the process.

Understanding the Impact of Early Withdrawals

It’s important to explore any potential consequences associated with accessing your pension funds prematurely. Ask your administrator to explain the implications of early withdrawals, including any penalties or tax consequences that might apply if the funds are not rolled over correctly. This discussion can help you understand how the timing of your withdrawal could affect your overall retirement plan. By gathering these details, you can better plan the timing of your rollover and remain compliant with IRS regulations, ultimately safeguarding your retirement savings.

Taking the time to have a detailed conversation with your pension plan administrator not only clarifies the process but also arms you with the knowledge needed to make informed decisions. With clear, step-by-step guidance, you’ll be well-equipped to move forward confidently with your pension rollover to an IRA.

Step 3: Researching and Choosing the Right IRA

Selecting the right IRA is a critical aspect of your rollover journey. A well-chosen IRA not only safeguards your retirement savings but also provides the flexibility to adjust your investment strategy as needed. In this step, you’ll explore the differences between IRA types, compare providers, and assess factors that can influence your long-term financial outcomes.

Overview of Traditional IRA vs. Roth IRA

When evaluating IRA options, the two primary choices to consider are the traditional IRA and the Roth IRA. The key difference lies in their tax treatments:

A traditional IRA typically allows you to defer taxes on your contributions until you begin making withdrawals in retirement. This can be advantageous if you expect to be in a lower tax bracket later in life.
A Roth IRA, on the other hand, requires you to pay taxes on the funds at the time of conversion or contribution. However, once the money is in the Roth, all qualified withdrawals are tax-free, offering a significant benefit if you anticipate higher tax rates in the future.

Understanding these distinctions is essential. Your decision will likely hinge on your current tax situation, projected income in retirement, and personal financial goals. Reflecting on these factors can help you choose the IRA that best aligns with your retirement strategy.

Factors to Consider When Choosing an IRA Provider

Once you’ve settled on the type of IRA that suits your goals, the next step is choosing a provider. Different providers offer varying levels of service, investment options, and fee structures. Consider the following criteria when making your selection:

Reputation and Experience: Look for providers with a solid track record in retirement plan administration. Established institutions often provide more reliable customer support and robust digital platforms.
Customer Service: Quality customer support can make a significant difference, especially when you need guidance or have questions about your account. Evaluate whether the provider offers personalized advice or tools that aid in tracking your investments.
Ease of Account Management: Consider the usability of the provider’s online interface and mobile app. A user-friendly dashboard that offers clear, real-time updates on your account can simplify ongoing management.

These aspects are not only important for day-to-day operations but can also impact your long-term satisfaction with the transition from your pension plan to an IRA.

Evaluating Fees, Investment Options, and Tax Benefits

An in-depth review of fee structures and available investment options is essential to maximize the advantages of your rollover. Here’s what to look for:

Fees and Expense Ratios: Compare the management fees, commissions, and any other expenses associated with each provider. High fees can erode your investment returns over time, so aim for competitive yet transparent fee structures.
Range of Investment Choices: A broad selection of investments—such as stocks, bonds, mutual funds, and ETFs—enables you to build a diversified portfolio. Make sure the provider offers options that align with your risk tolerance and investment time horizon.
Tax Considerations: Evaluate the potential tax implications of your chosen IRA, particularly if you are considering a conversion between traditional and Roth options. Understanding whether you’ll pay taxes immediately or defer them until retirement is critical for planning your cash flow and long-term tax strategy.

Taking the time to assess these factors thoroughly will help ensure that your selected IRA provider not only meets your current needs but also adapts as your retirement strategy evolves. With a clear understanding of your options and a focus on minimizing costs while maximizing investment potential, you can confidently move forward in building a more flexible and tax-efficient retirement account.

Step 4: Initiating the Rollover Process

Once you’ve completed the preliminary research and selected the IRA provider that best suits your needs, the next step is to get the process moving. Initiating the rollover involves a series of carefully executed actions designed to ensure your funds are transferred correctly and efficiently. This step requires close attention to detail, from filing the necessary paperwork to keeping track of deadlines and monitoring the progress of the fund transfer.

Filing the Necessary Forms with Your Financial Institution and Pension Plan

Begin by gathering all required documentation from both your pension plan and the chosen IRA provider. Typically, this involves filling out specific rollover request forms that may include details such as your account information, the amount to be transferred, and instructions for handling the funds. It’s important to check for any additional forms required by your financial institution or the plan administrator; these documents help verify your eligibility and confirm that the rollover is executed as a tax-deferred event. Keeping copies of all completed forms and correspondence is highly recommended, as this will serve as a record in case any questions arise later during the process.

Understanding and Meeting the 60-Day Rollover Deadline

A critical aspect of the rollover process is complying with the IRS-mandated 60-day rule. This rule requires that, if you receive the funds via an indirect rollover, you must deposit the full amount into your new IRA within 60 days of receiving the distribution. Missing this deadline can result in the distribution being treated as taxable income, along with potential early withdrawal penalties if you are under age 59½. Taking the necessary steps to mark your calendar and set reminders can help ensure you meet this timeframe. For more detailed information on these guidelines, you can refer to the IRS Rollover Guidelines.

Monitoring the Fund Transfer Progress

After you’ve submitted your forms, it’s imperative to actively monitor the progress of your rollover. Keep in close contact with both your pension plan administrator and your IRA provider to confirm that the funds have been transferred as expected. During this period, check your new IRA account statements to verify that the correct amounts have been deposited and appropriately allocated according to your investment choices. Additionally, maintain organized records of all communications and receipts throughout the process. This diligent follow-up helps prevent misunderstandings and ensures that the rollover is completed smoothly, safeguarding the intent of your tax-deferred retirement strategy.

Step 5: Managing Tax Implications and Avoiding Penalties

Navigating the tax implications during your pension rollover to IRA is crucial for preserving the tax-deferred status of your retirement funds. This stage involves understanding how different rollover methods impact your taxable income, following stringent IRS guidelines, and preparing to mitigate any withholding or penalties that might arise from missteps.

Understanding Tax Implications of Direct vs. Indirect Rollovers

The tax treatment of your rollover largely depends on whether you choose a direct or an indirect method. With a direct rollover, the funds move straight from your pension plan to your IRA, which means the money never lands in your hands and no taxes are withheld during the transfer. This smooth transition usually allows the entire lump sum to remain in a tax-deferred environment. Conversely, an indirect rollover requires that the funds are first sent to you, where 20% is automatically withheld for taxes. To maintain the tax-deferred status, you must deposit the full amount — including the withheld portion — into your IRA within 60 days. Failing to make up the withheld sum can result in the withheld amount being treated as a distribution subject to income tax and, if applicable, early withdrawal penalties.

IRS Guidelines: Important Rollover Rules

Strict adherence to IRS regulations is essential for a successful rollover without unintended tax consequences. The IRS mandates that any rollover must be completed within 60 days to avoid classifying the transfer as a taxable event. It’s also important to note that the IRS generally allows only one rollover per year from an IRA to another IRA. For detailed information and authoritative guidance, refer to the IRS Rollover Guidelines. Familiarizing yourself with these rules can help you plan strategically and avoid pitfalls that could convert what was intended as a tax-deferred rollover into a taxable distribution.

Preparing for Potential Withholding and Penalties

Even with careful planning, there can be challenges during the rollover process. If you opt for an indirect rollover, be ready to cover the 20% withholding from other funds so that your entire distribution can be redeposited into your IRA. This is critical because any shortfall may not only result in a taxable event but could also trigger an early withdrawal penalty if you are under age 59½. Additionally, keep diligent records of all paperwork and communications with your plan administrator and IRA provider. These documents can be indispensable in resolving any discrepancies or inquiries from the IRS. Consider consulting with a tax professional to ensure that all elements of your rollover, from timing to funding sources, align with IRS requirements and your long-term retirement strategy.

By thoroughly understanding the tax implications and following the prescribed guidelines, you can ensure that your pension rollover to IRA is both efficient and compliant, safeguarding your retirement savings from unnecessary tax burdens and penalties.

Step 6: Finalizing the Rollover and Confirming Your IRA’s Setup

After initiating your pension rollover, the final phase is to ensure that your new IRA is set up correctly and that the funds have been properly transferred. This step is crucial for confirming your retirement savings remain secure and aligned with your long-term financial goals. Taking the time to carefully review your new account details can help you catch any discrepancies early and allow for any needed adjustments.

Ensuring Funds are Properly Allocated

Once your rollover is complete, start by verifying that the funds have been deposited into your new IRA. Check that the correct amounts have been received and allocated according to your instructions. This might involve cross-referencing the transferred sum with your final pension statement. If you notice any discrepancies, contact your IRA provider or the pension plan administrator immediately to address the issue. Maintaining detailed records of the transaction can be very helpful in resolving any potential concerns.

Reviewing Your New IRA Account Statement

Regularly reviewing your IRA account statement is an essential practice to confirm the accuracy of your rollover. Take a close look at the transaction history, ensuring that every fund transfer and allocation is correctly recorded. Look out for any unexpected fees or errors in reporting. This review not only provides peace of mind but also lays a foundation for effective personal financial management. It’s a good habit to schedule a follow-up review a few weeks after the rollover to catch any adjustments that might have been processed later.

Adjusting Your Investment Strategies Post-Rollover

After confirming that your funds have been properly allocated, it’s time to reassess your investment strategy within the new IRA. This might include rebalancing your portfolio, diversifying your investments further, or shifting your asset allocation to better align with your retirement timeline and risk tolerance. A well-thought-out investment strategy can maximize the benefits of having more control over your retirement funds. If needed, consult with a financial advisor to ensure that your updated strategy complements your overall retirement plan and adjusts to changing market dynamics.

By finalizing your rollover with these care-filled steps, you ensure that your retirement savings are correctly positioned and ready to support your long-term financial objectives.

Common Pitfalls and How to Avoid Them

Navigating the pension rollover to IRA process requires diligence and attention to detail. Along the way, several common pitfalls can derail your strategy and lead to unnecessary tax liabilities, penalties, or delays in transferring your funds. By understanding these challenges and knowing how to address them, you can take proactive steps to ensure a smooth and compliant transition.

Missing the 60-Day Deadline

One of the most significant risks in an indirect rollover is missing the IRS-mandated 60-day window to redeposit your distributed funds. Failure to meet this deadline transforms what was intended as a tax-deferred event into a taxable distribution, subject to income tax and potentially an early withdrawal penalty if you are under 59½. To avoid this, set calendar reminders as soon as you receive the distribution, and consider initiating the rollover process well before the deadline. If the process involves mailing forms or transferring large sums, account for potential delays by preparing all necessary materials ahead of time.

Misunderstanding Direct vs. Indirect Procedures

Confusion about the differences between direct and indirect rollovers can lead to mistakes that cost you time and money. With a direct rollover, funds move seamlessly between institutions without ever being in your hands, thereby avoiding tax withholding. However, indirect rollovers require you to redeposit the amount within a strict 60-day period and may involve a mandatory 20% withholding that you need to make up independently. To steer clear of these issues, clearly understand how each method works and ensure that you confirm with your plan administrator exactly which process is being used. It might help to document every instruction and timeline provided, so you have all the facts at your fingertips when making decisions.

Failing to Understand Tax Consequences

A lack of full comprehension of how each rollover method impacts your tax situation is another frequent misstep. In an indirect rollover, for instance, not redepositing the withheld 20% can inadvertently trigger taxable income and penalties. Similarly, misinterpreting the tax implications of rolling over into a Roth IRA versus a traditional IRA may affect your long-term financial planning. To mitigate these risks, invest time in reviewing IRS guidelines and consider consulting with a tax professional who can provide personalized advice. Staying informed about the tax rules that govern your transactions not only safeguards your current rollover but also sets a strong foundation for future retirement planning.

Avoiding these common pitfalls requires a combination of proactive organization, thorough understanding of the rollover process, and professional guidance when needed. By paying attention to key deadlines, clarifying the type of rollover you are executing, and fully grasping the tax implications, you can ensure that your pension rollover to IRA proceeds smoothly and remains aligned with your long-term retirement goals.

Additional Considerations and Best Practices

Before wrapping up your pension rollover, it’s wise to give some thought to additional strategies that can smooth out the process and set you up for long-term success with your new IRA. These extra steps and practices can enhance your overall experience, reduce potential errors, and help ensure that your retirement assets remain secure and aligned with your long-range goals.

Seeking Professional Financial Advice

While many aspects of a pension rollover can be handled independently, consulting with a financial advisor or tax professional can provide significant benefits. Expert guidance ensures that you’re making informed decisions tailored to your unique financial situation. Advisors can help clarify confusing tax implications, assist with investment planning, and offer perspectives that you might not have considered, thereby optimizing your strategy and helping you avoid potential pitfalls.

Reviewing Fiduciary Responsibilities and ERISA Compliance

An important yet sometimes overlooked part of managing your retirement funds is staying on top of fiduciary duties and ERISA guidelines. These regulations are in place to protect your assets and ensure that all parties involved adhere to strict standards. Regularly reviewing your responsibilities and ensuring compliance can prevent unintended errors or violations. For more detailed information on regulatory expectations, consider reviewing the ERISA Compliance Guidelines.

Documenting the Entire Process for Future Reference

Lastly, comprehensive documentation is crucial throughout the rollover process. Keep meticulous records of every conversation, form, and confirmation related to your rollover. This documentation not only serves as proof of compliance with IRS rules but also provides a clear audit trail that can be invaluable if any discrepancies arise later. By maintaining well-organized records, you safeguard yourself against future uncertainties and ensure that you have quick access to essential information whenever you need it.

Incorporating these best practices into your rollover strategy can help streamline the process, enhance your confidence, and ultimately contribute to a more secure retirement plan.

Staying Up-to-Date and Maintaining Your Retirement Strategy

Completing your pension rollover to an IRA is just the beginning of a dynamic retirement planning journey. To make sure your account continues to serve your long-term goals, it’s important to actively manage and review your strategy over time. Regular check-ins and adjustments will help keep your portfolio aligned with your evolving financial objectives and current market conditions.

Regularly Review Your IRA’s Performance

Your IRA’s performance should be reviewed on a regular schedule—whether that’s quarterly, bi-annually, or annually. During these reviews, take a close look at your account statement and gauge whether your investments are meeting your expected returns. Consider using tools or metrics that track growth, risk, and any applicable fees. By routinely assessing your portfolio’s performance, you maintain a clear insight into where you stand and can catch any discrepancies or underperforming sectors early.

Adjusting Investment Strategies as Needed

As your financial situation and goals change, so too should your investment strategy. You might find that a shift in asset allocation is necessary to better match your evolving risk tolerance or retirement timeline. For instance, if the market conditions fluctuate or if you’re nearing retirement, a more conservative mix might be wise. Rebalancing your portfolio, whether to seize new opportunities or to reduce risks, ensures that your investments remain in line with your long-term objectives. Consulting with a financial advisor can provide valuable insights when making these adjustments.

Keeping Informed on Tax Law Changes and Rollover Legislation

Tax regulations and compliance guidelines are subject to change, which can affect both the management and the benefits of your IRA. Staying updated on any modifications in tax laws or rollover regulations is essential to safeguard your tax-deferred status and optimize your future withdrawals. Regularly check reliable sources, such as the IRS Rollover Guidelines, and consider subscribing to newsletters or alerts from reputable financial publications. Being proactive in this area not only helps you avoid unexpected tax liabilities but also positions you to take advantage of any beneficial legislative updates.

By keeping a close eye on your IRA’s performance, adjusting your investment strategies as needed, and staying informed about regulatory changes, you can maintain a robust retirement strategy that adapts to both market conditions and your personal financial journey.

Wrap-Up and Next Steps

With your pension rollover complete, you now have a solid foundation to build a more flexible and tax-efficient retirement plan. We’ve covered everything from understanding the basic concepts and distinguishing between direct and indirect rollovers, to the detailed steps required for eligibility, initiation, and finalization. This comprehensive guide is designed to ensure that your transition is smooth, compliant with IRS guidelines, and aligned with your long-term financial goals.

As you move forward, take some time to review the key points discussed:

Confirm that your pension plan is qualified and that your timing is right.
Choose the rollover method that best aligns with your personal and financial needs.
Select an IRA provider that offers the investment options, support, and fee structure that suit your strategy.
Follow all IRS guidelines diligently to maintain the tax-deferred status of your funds and avoid potential penalties.

Now is the perfect time to take the next step in securing your financial future. If you’re ready to explore additional expert retirement plan administration and fiduciary services, visit our homepage for more information and personalized support. Consulting with a trusted financial advisor or tax professional can also help tailor these strategies specifically to your situation.

Secure your future by staying proactive. Regularly review your new IRA’s performance, adjust your investment strategies as needed, and remain informed about any changes in tax laws or relevant legislation. Taking these actions will help ensure that your retirement savings continue to serve you well for years to come.