As you approach retirement, your savings will represent decades of hard work. Unfortunately, that also makes your retirement accounts especially attractive to cybercriminals. Scammers know retirement-ready individuals often have larger account balances and more active financial transactions, so they use increasingly sophisticated tactics to get in the door.

The most common schemes start with compromised passwords, fake phone representatives, or emails and texts that appear to come from legitimate financial institutions. The goal is simple: gain access, move money quickly, or steal your identity before you notice. The good news? A few focused actions can dramatically reduce your risk.

Strengthen the front door to your accounts

Your login credentials are your first line of defense. Use unique usernames and strong, memorable passphrases for your retirement, banking, email and social media accounts — and never reuse passwords. Avoid using your email address as a login ID.

Enable two-factor authentication wherever it’s offered, including on NetBenefits® and other financial platforms. Biometrics like fingerprints, facial recognition, and voice authentication (such as Fidelity MyVoice®) add powerful protection without adding hassle. Also, keep your digital contact information current so you can be reached immediately if suspicious activity occurs.

Stay alert to scams and unusual activity

Phishing emails, “urgent” text messages, imposter calls and lottery scams are designed to create panic. If something feels off, stop communicating immediately. Never click unknown links or give anyone remote access to your computer.

Regularly review your account activity, profile changes and alerts. Consider freezing your credit with the major credit bureaus to prevent new accounts from being opened in your name.

Protect the devices that access your money

Your retirement savings deserve strong, modern protection. With a few proactive habits, you can help keep scammers out and keep your financial future firmly in your control.

Use trusted devices for financial transactions and keep them updated with the latest operating system and security patches. Avoid public Wi-Fi for banking or shopping, secure your home network with a strong password, and enable built-in phone protections like automatic screen lock and “find my phone” apps.

Back up important data to secure cloud storage, and practice safe online shopping by using trusted payment methods and encrypted websites. For resources and more tips on staying cyber-safe, visit Fidelity.

The day will come when you’re no longer living on a paycheck but instead can start using your hard-earned savings to live your best life. You won’t use your savings all at once, of course. You’ll draw an income from it, which means you’ll need a plan to keep the balance growing so that you have a steady, reliable income stream for years to come.

Here are a few things to be mindful of as you develop your strategy:

Avoid early withdrawals: You’ll pay a 10% IRS penalty on your withdrawals if you take money too early (before age 59½).

Consider taxes: Most withdrawals are subject to income tax, so it’s important to consider the tax implications of your distributions.

Weigh your Sandia 401(k) distribution options: The plan allows you to take a lump sum or up to 13 distributions per year. At a minimum, each distribution must be $500.

Understand the impact of required minimum distributions (RMDs): Each person’s required minimum distribution (RMD) situation will be different. Contact Fidelity to learn when you will need to start taking your RMD.

Keep your personal information current: Ensure your beneficiary and contact information, including your personal email address and home address, are up to date with Fidelity.

Planning your 401(k) drawdown strategy carefully will help you enjoy a financially secure and fulfilling retirement. Fidelity can help.

Did you know that Sandia allows retirees to keep their account after retirement? Leaving your money in the plan has several advantages.

Tax-deferred growth. One of the primary benefits of keeping your account at Sandia after you retire is that your money can continue to grow through compounded interest and investment returns. Although you’ll be taking distributions from the plan, the remaining balance can continue to be managed and invested.

Low-cost investments. The 401(k) is designed to offer a diversified mix of institutionally priced investments that benefit all participants. These investments typically cost less than those available in an IRA or an insurance product like an annuity.

No learning curve to traverse. Another significant benefit is the comfort and ease of having your money in a place where you can leverage services you’re familiar with, such as the website, where you can model projections or make changes; the call center, where you’ll find live help instead of a bot; and extra perks like on-demand educational content and professional guidance and advice.

Regulatory oversight. The 401(k) is regulated by the Employee Retirement Income Security Act (ERISA), which ensures the plan is managed responsibly under fiduciary governance. Sandia manages and monitors the plan on your behalf in accordance with ERISA.

You’ll want to weigh these benefits against any potential disadvantages, such as being limited to the investments in the plan.