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Pre-Retirement Checklist

A Pre-Retirement Checklist assures that all bases are covered.

Retirement planning takes a great deal of research and preparation.  We’ve already covered the first three items that need to be a part of every pre-retirement checklist – retirement goal setting, saving for retirement and establishing a retirement budget.  These and other major planning items are defined in the following checklist:

Pre-Retirement Checklist

» Retirement Goal Setting – Assuring that you derive maximum value, pleasure and satisfaction from your retirement years.

» Saving for Retirement – Making sure that you do not outlive your savings and investments.

» Establishing a Retirement Budget – Knowing, with a reasonable degree of certainty, how much money you will need in retirement to meet your lifestyle needs.

» Investment Planning/Allocation – Making sure that you have accumulated sufficient assets to be converted into retirement income or passed on to your heirs.

» Asset Protection – Assuring that your assets are sufficiently protected, diversified and positioned to prevent significant loss while keeping ahead of inflation

» Choosing a Retirement Date – Determining when to retirement based on desire, financial ability, employment situation, health and opportunity.

» Notification – Notifying your employer and probably the Social Security Administration (if 62 years of age or older).  The Social Security Administration must be notified if you will reach 65 within the next several months and have not previously registered for retirement benefits.

» Post-Retirement Work – Determining whether part-time, full-time, and/or charitable work will occupy some of your retirement time.  You may wish to pursue new activities while still employed to ease the transition and improve opportunity for success.

» Retirement Home & Location – Choosing the retirement home(s) and location(s) that meet your needs, are affordable, and enable you to enjoy your chosen lifestyle.

» Retirement Health & Healthcare Planning – Making sure that you remain in good health post-retirement and are sufficiently covered / insured in the eventuality that you encounter health issues.

» Estate Planning – Assuring that the maximum percent of your assets are protected from taxation and that your spouse and other heirs are sufficiently provided for in the event of your death.