A SMART Retirement

To make sure your goals for retirement are clear and reachable, they should fit the following S.M.A.R.T. format. SMART can be an effective tool that provides the clarity, focus and motivation you need to achieve your future plans. It can be useful, in that it encourages you to define your objectives and set a definitive completion date. SMART can be an easy system to implement with no required training. • Specific (written down, described in detail) • Measurable (How close you are to reaching this goal) • Achievable (Attainable, realistic) • Relevant (reasonable) • Time-Bound (There is a point when the goal is reached)

Specific

Your picture of a future retirement should be clear and well-defined. Otherwise it may be difficult to focus your efforts toward an end point. When creating your vision, keep the following questions in mind: • What does retirement look like, for me? • Why is this future important? • Who is involved (family members, friends)? • Where do you plan to live or visit? • Which resources will be at your disposal? Are there any limits on these resources?

Measurable

A plan for retirement should be able to be quantified, meaning that it is possible to track your progress. Visualizing achieving each step towards success can help you stay focused and meet planned deadlines. A measurable goal should address the following: • At what point is will my goal be accomplished? • What is the amount of income I will need in retirement? • Am I planning for any future medical expenses, for myself or loved ones? • Do I plan on donating to charity or funding a family member’s education?

Achievable

Any goal must be both realistic and attainable. In other words, it must be within the realm of “what is possible” based on your current or projected circumstances. Keep in mind all opportunities or resources available to you. • Is it possible to save the desired amount within my set timeframe?

Relevant

This step is about ensuring that your retirement goals matter to you, and that they also align with the goals and expectations of others in your life. • How does your vision for the future compare to other stakeholders in your life? • Do my savings habits leave enough room to live comfortably now? • Am I saving for anyone besides myself?

Time-Bound

Every goal needs a target end-date, so that you have a deadline on which to focus. This part of the SMART process allows you to prevent everyday tasks from taking priority over your longer-term goals. • At what age do you want to retire? • What can I do immediately to start saving towards my goals? • How often should I assess my progress? The most important aspect to question, is if you are prioritizing your retirement goals. Oftentimes, we place daily living costs, paying off debts, covering housing costs, and general-purpose savings ahead of saving for a comfortable future. Life is about balance, but actively working towards your goals can help to create a sense of peace and security that is necessary in an often chaotic world. That’s S.M.A.R.T. 2 By: Claudia C. Wert, Financial Advisor, Wells Fargo Advisors

*The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. CAR- 1221-05111

Are you thinking about retirement? See the Wells Fargo Advisors checklist on the next pages.

Continued on page 16

Becky McClure, CRNP & Debra Hampton, CRNP

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Thinking about retirement?

Here is a checklist from one of the Women2Women Title Sponsors, Wells Fargo.

Ready to retire checklist Ready to retire checklist Ready to retire checklist

Before you exit your employer’s door for the last time, you’ll want to feel confident you’re as prepared for retirement as possible. Check each item on the list below and ask your Financial Advisor how he or she can help increase your confidence in your retirement preparation strategy.  Determine your retirement income need • What are your anticipated monthly expenses? • What are your anticipated discretionary expenses? • Have you taken into account inflation when projecting your expenses? • Are your assets projected to last past your life expectancy? • How do you plan to maintain your current lifestyle during retirement?  Review your employer stock-based benefits • What happens to your stock options upon retirement? • When will your restricted stock vest? At retirement?  Consider your alternatives for employer stock held in a 401(k)? • How should you handle employer stock in your retirement plan – roll it over or distribute it out of the plan?  Review your life insurance coverage • When will your employer-provided coverage end? At retirement? • How much life insurance will you need during retirement? • Which insurance is better for you, term or permanent?  Review your asset allocation (Investment mix) • Is your investment mix consistent with your risk tolerance and diversification needs? • Should you begin to modify your portfolio to reduce your risk exposure in retirement? • How will a market downturn impact your portfolio or retirement security? • How much income will your portfolio generate? • Which accounts should you withdraw from first, taxable or tax-deferred?  Review pension distribution options • Does your employer’s pension offer a lump sum payout? • Which payout is more beneficial: lump sum or periodic? • What type of survivor benefit does your retirement plan provide?  Consolidate your retirement assets • How convenient will it be to manage multiple retirement accounts? • What are some of the ways to help streamline your postretirement finances?  Review your medical insurance coverage • How long beyond retirement will your employer-provided medical insurance continue? • When will you become eligible for Medicare? • Have you accounted for increases in insurance premiums or medical expenses? • Which Medicare plan alternatives are available to you? • How will you supplement your Medicare coverage?

Investment and Insurance Products are: • Not Insured by the FDIC or Any Federal Government Agency • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Before you exit your employer’s door for the last time, you’ll want to feel confident you’re as prepared for retirement as possible. Check each item on the list below and ask your Financial Advisor how he or she can help increase your confidence in your retirement preparation strategy. Ready to retire checklist  Determine your retirement income need • What are your anticipated monthly expenses? • What are your anticipated discretionary expenses? Before you exit your employer’s door for the last time, you’ll want to feel confident you’re as prepared for retirement as • Have you taken into account inflation when projecting your possible. Check each item on the list below and ask your Financial Advisor how he or she can help increase your confidence in expenses? your retirement preparation strategy. • Are your assets projected to last past your life expectancy? • How do you plan to maintain your current lifestyle during retirement?  Determine your retirement income need • What are your anticipated monthly expenses? • What are your anticipated discretionary expenses?  Review your employer stock-based benefits • Have you taken into account inflation when projecting your • What happens to your stock options upon retirement? expenses? • When will your restricted stock vest? At retirement? • Are your assets projected to last past your life expectancy? • How do you plan to maintain your current lifestyle during retirement?  Consider your alternatives for employer stock held in a 401(k)?  Review your employer stock-based benefits • How should you handle employer stock in your retirement plan – roll it over or distribute it out of the plan? • What happens to your stock options upon retirement? • When will your restricted stock vest? At retirement?  Review your life insurance coverage • When will your employer-provided coverage end? At retirement?  Consider your alternatives for employer stock held in a 401(k)? • How much life insurance will you need during retirement? • How should you handle employer stock in your retirement • Which insurance is better for you, term or permanent? plan – roll it over or distribute it out of the plan?  Review your life insurance coverage • When will your employer-provided coverage end? At retirement? • How much life insurance will you need during retirement? • Which insurance is better for you, term or permanent?

Before you exit your employer’s door for the last time, you’ll want to feel confident you’re as prepared for retirement as possible. Check each item on the list below and ask your Financial Advisor how he or she can help increase your confidence in your retirement preparation strategy.  Determine your retirement income need • What are your anticipated monthly expenses? • What are your anticipated discretionary expenses?  Review your asset allocation (Investment mix) • Have you taken into account inflation when projecting your • Is your investment mix consistent with your risk tolerance expenses? and diversification needs? • Are your assets projected to last past your life expectancy? • Should you begin to modify your portfolio to reduce your risk exposure in retirement? • How do you plan to maintain your current lifestyle during retirement? • How will a market downturn impact your portfolio or retirement security? • How much income will your portfolio generate?  Review your employer stock-based benefits • Which accounts should you withdraw from first, taxable or tax-deferred? • What happens to your stock options upon retirement? • When will your restricted stock vest? At retirement?  Review pension distribution options • Does your employer’s pension offer a lump sum payout? • Which payout is more beneficial: lump sum or periodic?  Consider your alternatives for employer stock held in • What type of survivor benefit does your retirement plan a 401(k)? provide? • How should you handle employer stock in your retirement  Consolidate your retirement assets plan – roll it over or distribute it out of the plan? • How convenient will it be to manage multiple retirement accounts?  Review your life insurance coverage • What are some of the ways to help streamline your postretirement finances? • When will your employer-provided coverage end? At retirement?  Review your medical insurance coverage • How much life insurance will you need during retirement? • How long beyond retirement will your employer-provided • Which insurance is better for you, term or permanent? medical insurance continue? • When will you become eligible for Medicare? • Have you accounted for increases in insurance premiums or medical expenses? • Which Medicare plan alternatives are available to you? • How will you supplement your Medicare coverage?

Investment and Insurance Products are: • Not Insured by the FDIC or Any Federal Government Agency • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

 Review your asset allocation (Investment mix) • Is your investment mix consistent with your risk tolerance and diversification needs? • Should you begin to modify your portfolio to reduce your risk exposure in retirement? • How will a market downturn impact your portfolio or retirement security? • How much income will your portfolio generate? • Which accounts should you withdraw from first, taxable or tax-deferred?  Review pension distribution options • Does your employer’s pension offer a lump sum payout? • Which payout is more beneficial: lump sum or periodic? • What type of survivor benefit does your retirement plan provide?  Consolidate your retirement assets • How convenient will it be to manage multiple retirement accounts? • What are some of the ways to help streamline your postretirement finances?  Review your medical insurance coverage • How long beyond retirement will your employer-provided medical insurance continue? • When will you become eligible for Medicare? • Have you accounted for increases in insurance premiums or medical expenses? • Which Medicare plan alternatives are available to you? • How will you supplement your Medicare coverage?

Investment and Insurance Products are: • Not Insured by the FDIC or Any Federal Government Agency • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

 Plan for income taxes • How are you planning for income taxes, and minimizing the amounts you owe in retirement years?  Evaluate long-term care insurance • Do you have multiple sources of income to meet your • How concerned are you that long-term care costs will retirement need? What is the tax treatment of each source? deplete your retirement savings? • Will you have significant income in any year due to deferred or stock compensation, sale of a business or other assets? • What plans do you have to manage the various tax brackets  Plan for income taxes and income thresholds? • How are you planning for income taxes, and minimizing the • How do you anticipate paying your tax liability? Through amounts you owe in retirement years? with holding and/or estimated tax payments? • Do you have multiple sources of income to meet your retirement need? What is the tax treatment of each source? • Will you have significant income in any year due to deferred or stock compensation, sale of a business or other assets? • What plans do you have to manage the various tax brackets and income thresholds? • How do you anticipate paying your tax liability? Through with holding and/or estimated tax payments?

Your Financial Advisor can help

Evaluating all the these items can be overwhelming. Look to your Financial Advisor to: • Update or create your Envision® plan. This process offers you an opportunity to identify your goals and create a plan for your retirement that can adapt to changes in Your Financial Advisor can help your needs over time. Evaluating all the these items can be overwhelming. Look • Review your current investment allocation and consider to your Financial Advisor to: a transition to a post-retirement allocation. • Evaluate your income need during retirement and • Update or create your Envision® plan. This process offers provide a report that gives a clearer view of how you will you an opportunity to identify your goals and create a generate your retirement income. plan for your retirement that can adapt to changes in your needs over time.• Analyze your employer provided stock benefits. • Review your current investment allocation and consider a transition to a post-retirement allocation. • Evaluate your income need during retirement and provide a report that gives a clearer view of how you will generate your retirement income.

 Review your retirement strategy regularly • How flexible is your plan in the event of changes in your original assumptions?  Determine your expected social security benefits • How will you monitor your assets and income streams to • What is your projected Social Security benefit? meet your retirement spending needs? • When should you begin receiving benefits?• How often will you make revisions to your retirement plan as • What is the process for claiming your benefits? significant life events occur?  Review your retirement strategy regularly • How flexible is your plan in the event of changes in your original assumptions? • How will you monitor your assets and income streams to meet your retirement spending needs? • Compare your retirement plan distribution • How often will you make revisions to your retirement plan as significant life events occur? alternatives and provide options for consolidating your retirement assets. • Provide a personalized analysis of how to best claim your

Social Security benefits. • Discuss your needs for long-term care or life insurance. • Compare your retirement plan distribution• Collaborate with you and your tax advisor to answer alternatives and provide options for consolidating these questions: your retirement assets. – How may the recent tax law changes impact your • Provide a personalized analysis of how to best claim your investments or retirement accounts?

Social Security benefits. – How may future changes to your portfolio impact • Discuss your needs for long-term care or life insurance. your tax situation? • Collaborate with you and your tax advisor to answer – Is there a need to make any modifications to tax these questions:withholding on your IRA distributions or other investment income? – How may the recent tax law changes impact your investments or retirement accounts? – How may future changes to your portfolio impact your tax situation?

• Analyze your employer provided stock benefits. – Is there a need to make any modifications to tax withholding on your IRA distributions or other investment income?

Wells Fargo Advisors is not a tax or legal advisor. While this information is not intended to replace your discussions with your tax advisor, it may help you to comprehend the tax implications of your investments and plan efficiently going forward. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and nonbank affiliates of Wells Fargo & Company.

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