Retirement

The Pre-Retirement Checklist

The

Pre-Retirement

Checklist:

HOW PREPARED ARE YOU?

Getting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. But thanks to our work together, you might be more prepared than you think! This handy checklist of ten crucial steps can help you visualize how far you’ve come.

To measure your progress toward retirement preparation, check off your “Done” items from the list below.

Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement.

Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you.

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

Consider where you’ll live, both short- and long-term. Have a plan for funding a move and understand the timing involved.

Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.1

Write down your personal goals for your retirement years. Explore your dreams, priorities and values.

Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care.

Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.

Understand your options with Medicare and define a strategy for covering health care expenses for the long haul.

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

NOT QUITE READY?

If you’re not as prepared for retirement as you’d like to be, just reach out. Together, we can fine-tune these strategies so you can finish your checklist and get started on that bucket list.

1. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 73, you must begin taking required minimum distributions.

Share |
 

Related Content

Inventorying Your Possessions

Inventorying Your Possessions

Creating an inventory of your possessions can save you time, money and aggravation in the event you someday suffer losses.

What Smart Investors Know

What Smart Investors Know

Savvy investors take the time to separate emotion from fact.

First Things First

First Things First

These four essential steps can help to increase your financial confidence for the year ahead.

 

Have A Question About This Topic?







Thank you! Oops!

Countdown to College

Preparing for college means setting goals, staying focused, and tackling a few key milestones along the way.

Retirement Considerations in Your 60s

Welcome to your 60s – the time in your life when retirement is less a far-off dream and more an immediate reality.

This Is Your Brain on Retirement

The brain is a powerful thing, but when it comes to preparing for something that is far in the distance like retirement, it can easily be led astray — and result in some big retirement planning mistakes.

View all articles

Capital Gains Tax Estimator

Use this calculator to estimate your capital gains tax.

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

View all calculators

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

View all presentations

The Power of Compound Interest

Learn how to harness the power of compound interest for your investments.

Extended Care: A Patchwork of Possibilities

What is your plan for health care during retirement?

Once Upon a Goal

Do you know how to set up your financial goals for success? This knight does.

View all videos