If you want to pursue a retirement plan
It’s almost never too late to start saving. People are enjoying longer and longer retirements, so to help ensure you have enough to really enjoy your future you should develop an effective investment and insurance strategy for your savings.

Want to figure out where you stand?

Catch up on your retirement savings.
If you're still working, now is the ideal time to maximize your contributions to your 401(k) plan, especially if your employer offers a company match. Plus, if you're 50 or over, you can play “catch up”—and contribute even more money into your retirement plan.

What if I've “maxed out”?
If you have invested the maximum in your 401(k) and other qualified retirement plans, and are looking to contribute to other retirement savings vehicles, you could consider purchasing a deferred annuity.

A deferred annuity is a type of accumulation vehicle that allows you to save for later in life – they provide for future income while continuing to accumulate in the meantime.  These are similar to IRAs in that they are tax-deferred, long-term retirement savings vehicles.  Like IRAs, withdrawals of previously untaxed amounts are subject to ordinary income tax—plus a 10% federal penalty if you’re under age 59½.  Keep in mind, surrender charges may apply in the early years of the deferred annuity contract.
With a deferred annuity, you have the option to convert your annuity balance to an income stream which can generate income for the rest of your life.

Retirement security requires more than just savings.
The key to managing your financial well-being is making sure that, once you retire, your retirement savings will be able to generate enough income to last your lifetime. 

• Learn more about the importance of generating income you can't outlive.
  

Could you keep saving if you were unable to work?
If you were unable to work due to an unexpected illness or accident, then disability income insurance can be a way to replace a portion of your income and help you continue to save for retirement while maintaining your standard of living.

Do you have too many retirement savings accounts to keep track of?
If you’ve worked for a number of employers, you may have retirement savings in several retirement accounts. To help you manage your investments more efficiently, consider consolidating your retirement savings.

You may even want to transfer your qualified retirement savings into a Rollover IRA (this can give you more freedom to manage your own investments).  This IRA can be funded with a virtually unlimited number of investments, including an income annuity that can provide you with income you can’t outlive.

What happens when I turn 59½?
You can withdraw money from your retirement savings accounts without facing the 10% federal tax penalty —but you will be responsible for paying ordinary income taxes.

Can I keep my assets growing while in retirement?
By splitting your savings into “income-generating” vehicles, such as income annuities, you may be able to cover expenses and still pursue savings growth.

This may sound like a lot to think about, but at MetLife, we can help you create a strategy to help protect and generate retirement income.  Speak with a MetLife Representative .

Can I keep my money in a retirement savings account?
Once you reach 70½, the IRS requires you to take required minimum distributions from your retirement plans every year. To avoid a 50% penalty on the required amount you did not withdraw, you can create a distribution plan or transfer assets into a Roth IRA. With a Roth IRA, if plan restrictions are met, earnings are income tax and penalty-free.* However, you need to pay taxes on the taxable portion of any Traditional IRA assets as they move out of that IRA into a Roth IRA.

You can also reinvest your distribution funds in an after-tax account such as an annuity or deposit your funds in a MetLife Bank savings product. A MetLife Bank deposit account, such as a high yield savings account, money market deposit account or CD would offer a way to potentially grow your savings with consistently competitive interest rates and the security of FDIC insurance.**

Read more about Required Minimum Distributions.

Half of all men age 65 are expected to live beyond 85 and numbers are even more dramatic for women and couples. So you need to plan for a long retirement.   Estimate your life expectancy with our Life Expectancy Calculator.