A guide to helping your parents - USAA

Review your parents’
retirement plans...
Pension Plans
Your parents may have several pension plans with
different benefits, payout schedules, and beneficiary
designations. They may ask you to help obtain benefits
for them. If possible, note the types of plans, sponsors,
and locations of any documents.
IRA, 401(k)/Annuities/
Other Retirement Plans
Your parents’retirement accounts may be a key source
of income for their daily living expenses. With their
consent, note some information about the types of plans
your parents participate in so you can help them access
the benefits.
Military Retirement Plans
Military retirement can involve different plans. All plans
should be updated if any personal information changes.
With your parents’ consent, record information about
their plans so you’ll know how to help them obtain the
benefits, if necessary.
tip You can get updated information on
tax reform and recent tax legislation related
to USAA’s products at our Tax Help Center
on usaa.com (enter u8p004).
RECORD INFORMATION IN THE BOXES BELOW:
Pension Plans
Date Reviewed:
Types of Plans/Sponsors:
Locations:
IRA, 401(k)/Annuities/Retirement Plans
Date Reviewed:
Types of Plans/Sponsors:
Locations:
Military Retirement Plans
Date Reviewed:
Types of Plans/Sponsors:
Locations:
If your parent
is age…
60
(if surviving
spouse and not
remarried)
62
65
70 1 / 2
85 – 95
After-60
Financial Timeline
Then it might be time to…
Begin collecting spouse’s Social Security benefits.
Begin collecting Social Security benefits, but
starting this early reduces monthly benefit
by 20 percent.
Start collecting full Social Security benefits.
Take advantage of Medicare eligibility.
Start taking required minimum distributions on
the next April 1st from Traditional IRAs and most
employer-sponsored qualified retirement plans.
(Roth IRAs are not subject to required minimum
withdrawals during the owner's lifetime.)
If money is rolled over from a retirement plan
to an IRA, minimum distributions from the plan
must be taken before the rollover is completed.
Review annuities funded with after-tax dollars
to determine if the contracts require payments
to begin.
It might be time
to consider…
Annuities and long-term
care insurance. An annuity,
when combined with long-term
care insurance, can give your
parents an opportunity to build
and protect assets.
• Annuities build tax-deferred
money and can provide
lifetime income.
• Long-term care insurance
can protect that income
from depletion.
With the high cost of long-term
care services, it’s important to
protect your assets with insurance
so they are available for retirement
or other purposes.
Keep in mind…
If your parents are
retired from the military,
they may have unique questions
and concerns about their benefits.
Our specially trained retirement
counselors can answer their
military-related retirement
questions.
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Call (800) 292-8972