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Use this checklist to help you achieve financial wellness

The path to financial wellness in retirement is a lifelong journey. As you’ll see below, Kentucky Deferred Compensation (KDC) offers an impressive array of tools and resources designed to help you see where you are, where you want to go and how you want to get there.

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Enroll in KDC

documentComplete these steps to check Enroll off of your to-do list.

Step 1: Review our Enrollment presentation to get familiar with what KDC offers.

Step 2: Plan your journey to decide which path may be best for you

Step 3: Go to the Enroll tab

Step 4: Select How much do I contribute?

Step 5: Select How do I invest my money?

  • Choose the investment style that’s right for you

Step 6: Click the Enroll now button and complete the online form.

Congratulations! You’ve begun an exciting journey designed to take you to long-term financial wellness through KDC participation.

Select a beneficiary

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The person who would assume control of your account should you pass away unexpectedly is known as a beneficiary. Naming a beneficiary is important because that person would have access to your account almost immediately, without having to wait months or longer for your estate to go through probate. Because of the legal ramifications of this decision, you should consider consulting a legal advisor before making your selection(s).

Step 1: Select your beneficiary or beneficiaries

Step 2: Download the KDC Beneficiary Change Form

Step 3: Complete and sign the form

Step 4: Submit the form as instructed on page 2

Once you have checked off this item, consider making beneficiary designations part of your annual review process as you continue participation in the plan and especially when you experience a marriage, divorce, birth, death or other significant life event.

Increase contributions

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Just as you expect to earn raises over your career, you should consider giving your retirement account a raise regularly. Even increasing your per-pay contributions by a little bit each year can have a significant impact on your financial wellness at retirement.

Step 1: Consider the possible benefits of regularly increasing your contributions

Step 2: Use My Interactive Retirement Planner to help you decide

  • Print your personalized Retirement Readiness Report for future reference

Step 3: Launch the Paycheck Impact Calculator to see how increasing your contributions will affect your take-home pay

Step 4: Log on to your KDC account and use the Contribution Change link to put your increase into effect.

As you increase your contributions bit by bit over the years, you will potentially build an account that gives makes long-term financial wellness possible, and that gives you more financial through retirement.

Review your investments

Over time, your KDC account may grow to a greater or lesser percentage of a certain class of assets than you planned for. You could end up taking on more market risk than you had intended, or not investing as aggressively as you intend. Consider rebalancing your assets regularly.

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Step 1: Compare your portfolio to what you originally planned

Step 2: Identify assets that are over-performing

  • Do these assets appear to be peaking?
  • Do you want to reduce your exposure to potential risk?

Step 3: Identify assets that are under-performing

  • Do these assets appear to have growth potential?
  • Are there similar investments that may have better potential?

Step 4: Use My Investment Planner to help you select options

Step 5: Log on to your KDC account and click on the Change Investments link

Confused? 

Sometimes, participants decide that managing their KDC investments takes more time and effort than they’re prepared for. If that’s you, consider one of the following options:

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Pick a risk-based asset allocation that aligns with your investing style, conservative, moderate or aggressive.

Pick a target date fund that aligns with the year you hope to retire. This type of fund is managed to become more conservative as that year approaches

Talk to your local KDC rep today to learn which investment strategy aligns with your goals.

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For an asset-based fee, you can enroll in a service that professionally selects and manages your assets for you, based on your age and risk tolerance. Your investments are monitored and adjusted over time to keep you on track with your goals.

Learn about KDC’s professional investment management service, Nationwide ProAccount®.

No matter what decisions you make, it’s important to review them from time to time. Your Kentucky Retirement Specialist is ready to assist. To request an appointment, call us at 1-800-542-2667 or 502-573-7925 anytime Monday – Friday between 8:00 am and 11:00 pm.

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Of course, any time you have questions about how to improve your financial wellness in retirement, please call your local KDC Retirement Specialist or the KDC office at 1-800-542-2667

Kentucky Retirement Specialists are Registered Representatives of Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio. Nationwide representatives cannot offer investment, legal or tax advice. Contact your own advisor for these services.

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