Wells Fargo Retirement Phone Number


Why Does The Calculator Ask About My Highest Level Of Education

Wells Fargo CEO Tim Sloan retiring

All questions in the calculator help us make more informed predictions about your future. Knowing your level of education lets us determine a more realistic estimate of how much youll earn in the future and in turn provide an estimate of what you may need in retirement. And although this information helps us provide you with a more personalized calculation, it is optional.

Decide How To Invest Your Funds

Once the funds are deposited into your new IRA, you can allocate the funds within your account.

  • Choose the investments that make the most sense for your unique goals and situation.
  • Contact us for help creating an investment allocation tailored to your needs.

We are here to help you transfer your IRA. To get started, contact a Wells Fargo retirement professional today.

Three Things To Keep In Mind

For most people, Social Security benefits will represent a portion of their income during retirement yearsnot their sole source of income. It’s important to be aware of three important factors that will affect the amount of Social Security benefits you will eventually receive:

  • When you choose to begin taking benefits
  • Whether or not your benefits are taxed
  • Whether or not you continue working

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What If I Inherit A Retirement Qrp

Spouse and non-spouse beneficiaries have several options when they inherit a QRP, including the following:

  • Transfer to an Inherited Traditional IRA
  • Transfer to an Inherited Roth IRA
  • Convert to an Inherited Roth IRA

Additionally, only a spouse could:

  • Rollover to their own IRA
  • Convert to their own Roth IRA

Retire Early Get Less Retire Later Get More

Wells Fargo: Tips for Retirement

In 2000, Congress raised the full retirement age to help offset the financial costs of increasing life expectancies among Americans.

For those born in 1937 and earlier, full retirement remains at age 65. However, for those born after 1937, the full retirement age increases incrementally until those born in 1960 and after will have to wait until age 67 to receive full benefits.

Despite this, anyone who has paid into the system for at least 10 years can start receiving benefits as early as the first full month after reaching age 62. However, accessing benefits at 62 will permanently decrease the amount you may receive each month by 20 to 30 percent. Conversely, if you delay taking benefits past your full retirement age, your monthly benefits will increase until you turn 70 and reach the maximum benefit amount.

The decision to receive Social Security benefits before full retirement age is contingent on individual circumstances. Even the month in which you choose to begin benefits may make a difference. In addition, other benefits may be available if you are eligible. Not everyone has the financial flexibility to defer Social Security benefits, but if youre considering it, you must compare the advantage of increased monthly benefits against the cost of receiving benefits for fewer years.

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Our Next Big Investment Is In You

Receive a rich selection of benefits you can personalize to support your health and well-being, retirement, financial security, and work-life needs.

At Wells Fargo, employees are our most valuable resource and a key competitive advantage. We want to be an employer of choice a company where people matter, teamwork is rewarded, everyone feels respected and empowered to speak up, diversity and inclusion are embraced, and how our work gets done is just as important as getting the work done.

Our belief in this strategy puts strong emphasis on engaging our employees. Engagement is an emotional connection with, and commitment to, Wells Fargo where we feel included, valued, and supported to do work that energizes us, and where we are inspired to go farther together for one another, our customers, and our communities.

Wells Fargo provides all eligible regular and part-time employees with a comprehensive set of benefits designed to protect their physical and financial health and to help them make the most of their financial future. Employees may also participate in a stock purchase plan and take advantage of discounts on financial products, home mortgages, and more.

Racketeering Lawsuit For Mortgage Appraisal Overcharges

In November 2016, Wells Fargo agreed to pay $50 million to settle allegations of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners $95 to $125 on appraisals for which the bank had been charged $50 or less. The plaintiffs had sought triple damages under the U.S. Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.

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Will You Pay Taxes On Your Social Security Benefits

If, in addition to Social Security benefits, your retirement income includes taxable income in the form of wages, interest, dividends, and other sources, you could end up paying taxes on part of your benefits.

It all depends on your provisional income. Provisional income includes your adjusted gross income, plus tax-exempt interest, plus half of your Social Security benefits. Single taxpayers reporting $25,000 or less in provisional income pay no taxes on their Social Security benefits. For married taxpayers filing jointly, the threshold is $32,000. If your provisional income exceeds those limits, a part of your Social Security benefits will be taxable.

Other Investment Accounts For Retirement

A Minute about Money: Strategies for Retiring Single

In addition to a Wells Fargo IRA and employee-sponsored retirement plans that Wells Fargo services, the financial services company also offers other investment options that you may be using to plan for retirement, including mutual funds, stocks and exchange-traded funds. By opening a WellsTrade® online and mobile brokerage account, you’ll not only be able to access your account online, but you’ll also be able to manage your own investment portfolio.

Visit the Wells Fargo online and mobile brokerage webpage and click “Apply Online” to set up your WellsTrade® account. After you set up your account, you’ll be able to plan for and manage your IRA by choosing the investments you want, entering self-directed online trades, transferring funds between your accounts and accessing this account information any time.

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What Happens After I Select And Save A Retirement Savings Plan

  • Review the monthly amount to save toward retirement, as well as next steps and action items that will help you reach your retirement saving goal.
  • of your plan to print or save to your computer.
  • Access your plan online at any time by signing on at My Retirement Plan.
  • VisitMy Retirement Plan Tips to learn how to make the most of your selected retirement savings plan.

Manage Your Debt With Retirement In Mind

Start mapping out your income and expenses, creating a comfortable balance that leaves you the flexibility to enjoy life with only the amount of debt you truly need.

  • Consider the pros and cons of paying off your mortgage before you retire. Doing so may eliminate a major monthly expense, but you need to balance that against any tax benefit you might be giving up.
  • Effective use of debit and credit cards can help you monitor your expenses.
  • Before you borrow, carefully analyze the impact any major purchases may have on your cash flow.
  • Look over your outstanding debt where you are paying higher interest, like credit cards, to determine if a consolidation loan may make sense for your situation.

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Failure To Monitor Suspected Money Laundering

In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.

Failure To Supervise Registered Representatives

Wells Fargo to pilot robo in 2017

On August 28, 2020, Wells Fargo agreed to pay a fine of $350,000 as well as $10 million in restitution payments to certain customers after the Financial Industry Regulatory Authority accused the company of failing to reasonably supervise two of its registered representatives that recommended that customers invest a high percentage of their assets in high-risk energy securities in 2014 and 2015.

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Tax Liability And Lobbying

In December 2011, Public Campaign criticized Wells Fargo for spending $11 million on lobbying during 20082010, while increasing executive pay and laying off workers, while having no federal tax liability due to losses from the Great Recession. However, in 2013, the company paid $9.1 billion in income taxes.

Very Nice App Minor Quirks

The Wells Fargo app is a very good one – you can nickname accounts , send and request money via Zelle in-app, and add external accounts and initiate transfers from the app. The colors are nice and vibrant, and the iconic stage coach graphics are nice. There are some minor quirks, of course certain options are given names instead of using the description , so it can be a bit difficult to find certain options or features, at least when you havent used the app in a while. Some suggestions for the app – incorporating pictures of bank cards within the app would be a neat visual being able to rearrange your accounts within the app would be awesome and maybe some trivia in the app would be nice, including historical trivia about Wells Fargo bank, being one of the oldest banks around . When clicking/tapping on the last four digits of accounts numbers to see the whole thing, seeing the routing number would be awesome, so you know are what it is, and being able to copy it to the devices clipboard would be awesome. And finally, being able to view product information would be really nice ie. view information for checking/savings accounts, as well as credit cards & certificate accounts too. Hopefully some of these things could be implemented in the near future.

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Follow These 3 Easy Steps

Step 1Select an eligible Vanguard IRA for your rollover*

  • If you’re rolling over pre-tax assets, you’ll need a rollover IRA or a traditional IRA.
  • If you’re rolling over Roth assets, you’ll need a Roth IRA.
  • If you’re rolling over both types of assets, you’ll need two separate IRAs.

Note: You can roll over your assets to a new or an existing Vanguard account.

Step 2Contact the financial institution holding your employer plan

Tell them you want to make a direct rollover from your employer plan to your Vanguard IRA®, and ask what information they need

Need a letter of acceptance?

You’ll be able to create and print a letter of acceptance during our online rollover process.

Note: You may not be eligible to roll over a plan account that you’re still contributing to.

What types of assets do I have in my employer plan account?

Knowing whether you have pre-tax or Roth assets will help you figure out what type of IRA you need to open at Vanguard. If you own company stock in your plan, that may add a layer of complexity to your rollover.

What name did I use on my employer plan account?

A common situation that can delay a rollover is when a check from the current financial institution is made payable to a name that doesn’t match your Vanguard account registration. Examples include use of birth name versus married name, a missing suffix , differing middle initials , etc.

What are your rollover requirements?

Are e-signatures or faxed copies allowed?

Do you need a letter of acceptance ?

Maximize Your Retirement Savings

Imposters ‘spoofing’ Wells Fargo phone number

If you are age 50 or older, you are eligible to make additional or catch-up contributions to some retirement savings accounts.

  • If youre not already doing so, think about contributing up to the maximum amount plus an additional catch-up amount per year to your 401 or QRP. If youre not able to do this, try to contribute at least as much as the employer match, otherwise you are leaving money on the table.
  • Consider contributing to an IRA in addition to your QRP. If you are age 50 or older, you can contribute an extra $1,000 catch-up contribution.
  • If you’re behind in your savings goal, take a look at catch-up strategies.

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Empower Field At Mile High

1 As of December 31, 2021.

2 As of December 31, 2021. Individuals and organizations refers to all retirement business of Great-West Life & Annuity Insurance Company and its subsidiaries and affiliates, including Great-West Life & Annuity Insurance Company of New York marketed under the Empower Retirement brand.

3 As of December 31, 2021. Information refers to the business of Great-West Life & Annuity Insurance Company and its subsidiaries, including Great-West Life & Annuity Insurance Company of New York and GWFS Equities, Inc. GWLAs consolidated total assets under administration were $1,180B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLAs statutory assets total $75.9B and liabilities total $73.0B. GWLANY statutory assets total $4.1B and liabilities total $3.9B.


Carefully consider the investment options objectives, risks, fees and expenses. Contact Empower Retirement for a prospectus, summary prospectus for SEC-registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing.

IMPORTANT: The projections, or other information generated on the website by the investment analysis tool regarding the likelihood of various investment outcomes, are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time.

Transfer Cash And/or Assets From Your Other Financial Institution

There are two ways to transfer your funds:

Trustee-to-Trustee Transfer

  • Moving assets from one financial institution to another without liquidating the investments is called a “transfer-in-kind.” In most cases, your existing investments , can be transferred-in-kind to your new account.
  • In some cases, your assets may need to be liquidated before they can be transferred. A Wells Fargo retirement professional can help review your situation and assist in the account transfer process.
  • There are no taxes or IRS reporting for this method.
  • You can make an unlimited number of trustee-to-trustee direct transfers per year.

60-day IRA-to-IRA rollover

  • You will have 60 calendar days to deposit the check into your new IRA to avoid taxes and penalties.
  • Rollovers must be completed no later than the 60th day after the day you receive the distribution.
  • Keep in mind that this 60-day IRA-to-IRA rollover is reported to the IRS and is only allowed once every 365 days. This limitation applies to you, the IRA owner, on an aggregate basis for all Traditional, Roth, SEP and Simple IRAs that you have under your social security number. The 365 day time limit begins the day you receive the IRA distribution.

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What Is My Retirement Plan

My Retirement Plan is an easy-to-use, online retirement tool. Answer a few questions about yourself, your income, and your current retirement savings, and My Retirement Plan will calculate how much you may need in retirement, recommend a monthly amount to save, and provide you manageable steps to take to get you closer to your goals.

Help Preserve Your Retirement Income And Legacy


Insurance can become a valuable income and estate planning tool as you approach retirement. Consider helping protect your future retirement income through products such as annuities and life insurance.

  • Life insurance can help replace pension or Social Security income in the event you outlive your partner or spouse.
  • If you have specific legacy goals or are concerned about estate taxes, life insurance can be used to create an inheritance or help meet estate tax obligations.
  • Consider helping protect your future retirement income through products such as annuities.
  • Look into long-term-care insurance the younger you are, the less expensive it is. Long-term care insurance can help meet expenses that could deplete your assets in the case of an extended illness.
  • Beneficiary designations on any IRAs, QRPs, annuities, and life insurance policies supersede any instructions in your Last Will and Testament or trust, so be sure they are up-to-date.
  • Meet with your Financial Advisor or Retirement Professional to update any beneficiary designations and discuss ways you can maximize your retirement savings, through your lifetime and your familys lifetime.
  • If you are a small business owner, review business agreements and transfer plans.

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Remember To Make It Automatic

Dollars that you otherwise might spend elsewhere will be deposited straight into your retirement savings when you set up automatic contributions.

  • Determine the percentage from each paycheck that will be automatically contributed to your QRP at work.
  • Set up a monthly automatic transfer from your checking account to an IRA at Wells Fargo.

Wells Fargo Fake Accounts Scandal

In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers without their consent. The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency’s five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency. The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.Carrie Tolstedt, who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.

On October 12, 2016, John Stumpf, the then chairman and CEO, announced that he would be retiring amidst the scandals. President and Chief Operating Officer Timothy J. Sloan succeeded Stumpf, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted. In response to the event, the Better Business Bureau dropped accreditation of the bank. Several states and cities ended business relations with the company.

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