Retirement Money Management Tips

Retirement Money Management Tips

Retirement is a milestone many look forward to with enthusiasm — but often with a little trepidation, too. After all, retirement can mean a major change in your finances. Having a solid plan for managing your money during retirement can go a long way toward giving you peace of mind.

These five retirement money management tips can get you started:

Consolidate Your Bank Accounts

Moving your bank accounts to a single financial institution can make it easier to keep tabs on your overall financial picture. It’s often easier to transfer money between accounts at the same bank. You may also receive special benefits, such as better loan rates or waived fees.

Transfer Your 401(k)*

Consider moving your employer-sponsored retirement plan into an Individual Retirement Account (IRA) when you retire. IRAs often provide more investment flexibility and may offer tax benefits. Consolidating your retirement accounts may also make it easier to calculate Required Minimum Distributions (RMD).

Set Up Direct Deposit

Your monthly or bi-weekly retirement income may come from multiple sources. Using direct deposit can save you time and ensure funds arrive in your account on time. Provide a Fifth Third Bank direct deposit authorization form to the company making your direct deposit for easier access. For Social Security or other government deposits, visit your nearest Fifth Third Bank branch.

Create a Retirement Budget

Once you retire, your income and expenses will likely change. Your short- and long-term goals may also shift. Revisit your plan and revise your retirement budget your financial advisor at least once a year.

Take Advantage of Mobile and Online Banking

Technology offers plenty of solutions to help you manage your money. Secure telephone, online and mobile banking offer tools that let you manage your finances at any time of day, from nearly anywhere. These tools can help ensure on-time payments and provide account transparency preventing overdrafts.

These services allow you to:

  • Schedule and pay bills online or via your mobile device
  • Deposit checks using your smartphone
  • Make transfers and check account balances remotely
  • Set up alerts notifying you of suspicious activity


Managing money during retirement comes with its own unique needs. Consulting with a trusted financial advisor can help eliminate costly mistakes – helping you feel confident about your finances. Contact a Fifth Third Bank financial advisor to get started.

The information contained herein is for information purposes only, is not designed to address your financial situation or particular needs and does not constitute the rendering of tax or legal advice. You should consult with your tax advisor or attorney for advice pertinent to your personal situation. Asset Allocation, Alternative Investment and Hedging/Diversification strategies are intended to mitigate the overall risk within your portfolio. Some strategies may be subject to a higher degree of market risk than others. An investor should understand the costs, cash flows and risks inherent in a strategy prior to making any investment decision. There are no guarantees that any strategy presented will perform as intended. Fifth Third Private Bank is a division of Fifth Third Bank offering banking, investment and insurance products and services. Fifth Third Bancorp provides access to investments and investment services through various subsidiaries, including Fifth Third Securities. Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA/SIPC, a registered broker-dealer and registered investment advisor. Registration does not imply a certain level of skill or training.

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