HTLF Retirement Plan Services
Retirement in Motion

What is the current average monthly Social Security benefit? What age do you need to start taking retirement plan distributions? Find out in this quarter’s Retirement in Motion. You’ll also get some password tips and learn an easy way to find more money to save toward retirement.

Knowledge is Retirement Power

On August 14, 1935, President Franklin Roosevelt signed the Social Security Act. Eighty-five years later, Social Security remains one of our country’s most valuable financial resource programs. As of June 2020, over 64 million people (or more than 1 in every 6 U.S. residents) were collecting Social Security benefits. The average monthly retirement benefit is $1,514, or about $18,170 per year. This is just some of the wealth of information you can read about in “Top Ten Facts about Social Security” published by the Center on Budget and Policy Priorities. Check it out at:


Q:At what age am I required to start taking distributions from my retirement plan?

A:Thanks to the Setting Every Community Up for Retirement Enhancement Act (enacted on December 20, 2019), the age at which the Internal Revenue Service requires you to begin taking required minimum distributions (RMDs) was raised from age 70½ to age 72. You must take your first RMD by April 1 of the year after you turn 72. Subsequent RMDs must be taken by December 31 of each year. Note that if you delay your first RMD until April, you’ll have to take two RMDs your first year. The first will still have to be taken by April 1 and the second by December 31.

Quarterly Reminder

It’s that time again — time to change the password to access your retirement plan account (as well as any other accounts you have). Some generally accepted rules of thumb are to change your passwords every 90 days, use different passwords for different accounts, never write them down, and never type passwords on devices or networks that you do not control. To make creating and managing passwords easier, many people subscribe to password manager services. Check out Consumer Reports for ratings on various service providers, as well as more password tips:

Tools & Techniques

Have you increased your retirement plan contribution this year? If not, no worries — there’s still time! After all, it probably only takes 3 minutes by the time you log in to your account and click on the appropriate account management tool. The question is: where are you going to find the money? One easy way to find extra money is to review your homeowners insurance policy. Raising a $500 deductible to $1,000 can cut your annual premium up to 25%, according to the Insurance Information Institute. And, increasing the $250 deductible to $1,000 on your car insurance could save you up to 40%.

Corner on the Market

Basic financial terms to know

Registered Investment Advisor: A registered investment advisor (RIA) is a person or firm who advises individuals on investments and manages their portfolios. Some also provide investment consulting services on behalf of an organization’s retirement plan. RIAs have a fiduciary duty to their clients, which means they have a fundamental obligation to provide investment advice that always acts in their clients’ best interests. RIAs are required to register either with the Securities and Exchange Commission or state securities administrators.

Heartland Retirement Plan Services are offered through Dubuque Bank and Trust Company. The information provided herein is general in nature and is not intended to be nor should be construed as specific investment, legal or tax advice. The factual information has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness. Heartland Retirement Plan Services makes no warranties with regard to the information or results obtained by its use and disclaims any liability arising out of your use of, or reliance on, it. Products offered through Heartland Retirement Plan Services are not FDIC insured, are not bank guaranteed and may lose value, unless otherwise noted.