As a participant of Fidelity NetBenefits 401k, you may need to know where and how to get information about Fidelity NetBenefits 401k. In this article, you are able to read about it. So, what are you waiting for? Let’s check it below.
Checking The Information Needed by Participants Through Accessing Their Account
You are able to get to know the information that you need about Fidelity Netbenefits 401k by accessing your Fidelity NetBenefits account. To do that, you are able to log in here and then enter your username and password. After that, you have to press the Login button.
Checking The Information Needed By Participants Through Fidelity NetBenefits App
Have you known that Fidelity NetBenefits has an app which enables you to check the information about your savings anytime and anywhere? Well, if you just knew, you are able to go download the app now from the App Store or Google Play.
What can we do in the Fidelity NetBenefits app? There are a lot of things which are able to be done in the app. Those include the things below.
- You are able to check your account balance, investments, personal rate of return, next steps and more.
- You are permitted to change contributions and investments, update your profile and beneficiaries or send Fidelity NetBenefits team paperwork.
- You are allowed to check how much you may need in retirement and get your Fidelity Retirement Score.
- You are able to access educational articles, podcasts, videos and interactive tools.
Checking The Information Needed By Participants Through Contacting Fidelity Representative
If there are some questions related to an account or service, you are able to call the representative of Fidelity NetBenefits at 800-343-0860. You are able to call this phone number if you have questions on username and password and service-related transactions. If you are deaf or hard of hearing, contact Fidelity using this number 800-610-4015.
There are also some specific phone numbers of some departments of Fidelity that you can contact. For 401(k), 403(b), health plans, HR/payroll, 457, pension and Workplace benefit plans, NetBenefits representatives can be contacted where the number is 800-835-5097. For TTY services for the deaf or hard of hearing, use this number 800-544-0118. For Fidelity Automated Service Telephone (FAST), this number 800-544-5555 can be used. For managed accounts needs, you can contact Fidelity managed account representatives at 800-544-3455. For more contact numbers, you are able to access the Fidelity websites.
The Things To Know For 401k Participants of Fidelity NetBenefits About Preparing For Retirement
When you think about retirement, there are three main planning areas to consider as you are able to read below.
- You have to be able to turn savings into income. To have a comfortable life after you retire, you have to create a plan to turn the money that you have saved into a steady stream of income.
- Then, you have to manage your Social Security benefits. At 62, you are eligible. However, when do we have to start collecting Social Security? There is no answer which can fit for all, but waiting could increase the income of your retirement.
- You also have to plan for health care costs. This is a big problem and it is often underestimated. According to the 2020 health care costs study of Fidelity, there is an estimation that a couple retiring in 2020 at age 65 can expect to spend at least $295,000 to supplement Medicare. Also, it is to cover their out-of-pocket health care costs in retirement. So, you have to consider how much health care will cost you, how you will bridge the gap and how much medicare will cover.
The Other Information to Know by 401k Participants
As 401k participants, you need to estimate expenses to know how much you will need. Since retirement is a very personal experience and it is built on your own specific needs and aspirations, you have to be able to build a retirement plan that can work for you. It can start with one exercise, namely to understand your future needs and expenses so that you can see how much income that you will need.
So, you are able to start by estimating your needs in the three key areas below.
- Essential Expenses
It is the same as in your working years, you need income to pay for ‘must-haves’ such as utilities, food, health care and insurance and also housing.
- Emergency Needs
In life, there must be an emergency. So, you have to set aside some cash. By doing that, if there is an accident, emergency or other unexpected event, you will not have to cover the costs with credit cards alone.
- Discretionary Spending
Have you thought about how you will spend your retirement? Will you enjoy your favorite hobby? Going on vacation? Or, you may want to spoil your grandchildren. Well, whatever you want to do after you retire, the expenses of these things are variable. So, you have to consider covering them by making withdrawals as needed from your investment portfolio. Those may include bonds, stocks, and mutual funds. Until expenses appear, you have to leave your investments to potentially grow where it gives yourself a greater chance to build assets that you will need for 30 years or more in retirement.
After you identify the things that you need, then you are able to determine a personal plan for generating income.
How to generate enough income? You have to turn your savings into income by doing these two steps to start generating your retirement cash flow.
- You have to create a steady stream of income. To do this, you must find a strategy that turns your savings into predictable cash flow to cover your essential expenses. An annuity is one option where it can start soon or on a future date, but you may also get income from a variety of other sources such as pension distributions, Social Security benefits, part-time employment or the sale of assets.
- You have to make your money last. You have to make sure to focus on determining your suitable withdrawal rate or how much you withdraw each year from savings to cover your needs. Also, you have to be careful of the accounts that you withdraw from. You are able to minimize taxes by considering withdrawing first from tax-free accounts. If you leave funds untouched in your IRA or 401(k) longer, you will get more chances to earn tax-deferred growth.