Thrive
Take steps today so you can thrive in the future
“The future” looks different for everyone but no matter where you are on your journey, there are steps you can take to help you thrive later in life. If you’re approaching retirement age, start thinking about what that transition means for your money and your lifestyle. Have a few more years before you get there? Start thinking about long-term planning goals related to saving, investing, and protecting your assets.
Long-term Planning
If you’re not quite ready to start planning for your transition to retirement, there are other steps you can be taking to help support your long-term goals.
Consider Catch-up Contributions
Earlier in life, you may have had competing financial priorities that made it more difficult to save for retirement. Thanks to catch-up contributions, you can contribute an additional $8,000 in the HP 401(k) Plan if you’ll be aged 50+ by the end of the year.
View and/or make changes to your contributions on Fidelity NetBenefits®.
Take Advantage of Roth In-Plan Conversions
Roth in-plan conversions give you the opportunity to build more tax-free retirement income by converting after-tax and pre-tax contributions to Roth so potential earnings can be withdrawn tax-free.
Call Fidelity at 800-835-5095 if you’re interested.
Learn about Fidelity® Personalized Planning & Advice
Let Fidelity build an investment strategy specifically with your needs in mind and receive ongoing support to help keep you on the right track.
Visit Fidelity NetBenefits® to learn more about this service, the associated fees, and to enroll.
Build or Update an Estate Plan
While estate planning can be complex, having a strategy in place for your assets can give you and your loved ones peace of mind.
This article library will help you determine if you need an estate plan, outline pitfalls to avoid, and help you plan for a variety of situations.
Planning for Retirement
If you’re thinking about retiring in the next five years, there are several things to consider to help you prepare for your unique journey.
Have you estimated your income and expenses?
To estimate your income, consider the assets you plan to use for retirement, including things like 401(k)s, cash savings, pensions, and IRAs.
Then think about the age you plan to start withdrawing, how much you think you’ll receive per month in Social Security, and how long you want your savings to last.
To help you with this estimate, use the Retirement Income Calculator.
Now that you know about how much you’ll have to spend each month, think about your expenses in retirement. This number will heavily depend on your personal situation and the lifestyle you choose.
Do you understand how Social Security fits into your strategy?
Age 62 is the earliest you can claim your benefits, but waiting until age 70 will help you maximize your benefits. Even waiting until age 67* helps you unlock your full base benefit.
Learn five key considerations before you claim Social Security.
Your benefits are calculated based on your highest 35 years of earnings.
Use the Social Security Administration’s calculator to estimate your benefits based on your earnings and the date you plan to begin receiving benefits.
Have you thought about things outside of your income plan?
While determining how much money you’ll need and have is an important piece of retirement planning, there are also other considerations related to your family, health, and lifestyle.
Use Fidelity’s Retirement Decision Guide to help you with decisions related to your money, health, lifestyle, and loved ones.
*For individuals born in 1960 or later. Visit SSA.gov if you were born before 1960.
Schedule a 1:1 Appointment with Fidelity
For help with your retirement questions, schedule a complimentary 1:1 appointment with Fidelity. Appointments are offered virtually and in-person at select HP sites.
What’s Next?
Explore Your Retirement & Financial Wellness Benefits
Beyond saving and planning for the future, HP offers a variety of financial benefits, including new grad debt assistance, insurance, an Employee Stock Purchase Plan, and more.