Explore tax-efficient withdrawal strategies.

You can help limit your taxes in retirement by taking money from your Roth and after-tax retirement savings accounts before tapping into your pre-tax-savings or a combination of sources.

The impact of taxes is just as important to consider as you begin withdrawing money as it was when saving for retirement. Timing is critical - how and when you choose to withdraw from various accounts—401(k)s, Roth accounts, IRA’s and other accounts—can impact your taxes in different ways. It's important to take the time to think about taxes and make a plan to manage withdrawals. Be sure to consult with a tax or financial advisor to determine the course of action that makes sense for you.

Decide what to do with your 401(k)

Keep your money working so you don’t have to. Learn about your options for your 401(k) plan and determine which may be best for you.

Because your 401(k) may be a big chunk of your retirement savings, it's important to weigh the pros and cons of your options and find the ones that makes sense for you.

Consider keeping your 401(k) money within the First American 401(k) Plan. This will allow your money the chance to continue to grow tax-deferred and have access to the same fund options you have now with lower institutional fees . Plus you will continue to have access to Fidelity BrokerageLink® which provides you with the opportunity to select from thousands of investment options beyond those offered through the First American 401(k) Plan. You will also continue to have access to the plan tools and resources available at Fidelity.

How Social Security Works

Social Security may provide you with a steady stream of inflation-protected predictable income during retirement.

What some people don't realize is that waiting can pay off when it comes to claiming Social Security. Your benefits increase every month you delay your retirement past your full retirement age— up to 8% for each year — until you reach age 70. When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits. It’s worth noting that couples have more claiming options for Social Security than singles. Each spouse/partner can claim their benefit at different ages to create a custom strategy that may maximize their benefit, subject to certain limits.

Click Learn More to see an example of what someone like you could get per month and over a lifetime after answering 4 questions. For more accurate results, visit the Visit the Social Security website to obtain your future monthly benefit amount to enter into the tool.

Learn how Medicare works.

Medicare is a government program that provides access to basic medical coverage, but it does not cover all medical expenses.  

You can find additional information by clicking 'Learn More' or at 1-800-MEDICARE (1-800-633-4227).

Meet with Fidelity.

Your Fidelity Workplace Planning Consultant can help you make the most of Social Security and Medicare, help you manage taxes on withdrawals, and help you avoid penalties on distributions.

Schedule an appointment or call 1- 877-902-0006

Your Health Care Strategy in Retirement.

First American has created the Retiree Toolkit to assist you while planning for your retirement. This Toolkit can also be found on myFA under “Thinking About Retiring” and FA Live.