Retirement Plan

Retirement Checklist

1. Retirement Savings Sources: Take charge of your financial future by thoroughly investigating various sources of retirement savings. Explore Social Security, pensions, retirement vehicles, investments, and savings options to ensure a robust foundation for your retirement. What will apply to you? How can we most efficiently use those resources?

2. Monitor Account Balances: Track the balances in your retirement plans, IRAs, and savings and investment accounts. Don’t hesitate to increase your voluntary contributions or elective deferrals to confidently reach your accumulation goals.

3. Evaluate Early Retirement Offers: If your employer presents an early retirement option, assess your current assets to make an informed and confident decision that aligns with your financial plans.

4. Project Social Security Benefits: Secure your financial outlook by obtaining estimates of your Social Security benefits, including any military or civil service benefits you may qualify for.

5. Consider Post-Retirement Employment: If you plan to work after retirement, analyze how this will impact your Social Security benefits and adjust your plans accordingly.

6. Review Expected Income: Take a proactive approach by thoroughly assessing the income you can expect from all sources as you approach your retirement date.

7. Anticipate Post-Retirement Expenses: Clearly outline your anticipated expenses after retirement to ensure your financial strategy supports your desired lifestyle expenses while maintaining your comfortable reserve and emergency funds.

8. Understand IRA Distributions: If you’re considering retirement before age 59½, be well-informed about the consequences of IRA distributions, including potential taxes and penalties.

9. Evaluate Retirement Location: Decide whether to relocate for retirement or affirm the suitability of your current home with confidence, ensuring it meets your needs for the years to come.

10. Arrange Health Insurance: Secure your health by making arrangements for comprehensive health, vision, and dental insurance coverage after retirement.

11. Identify Healthcare Providers: Research physicians and hospitals in your retirement location, particularly regarding any specific medical needs particular to your situation.

12. Review Important Legal Documents: Conduct a thorough review of your wills, trusts, durable powers of attorney, health care representative appointments, and related documents to ensure everything is in order.

13. Seriously consider Long-Term Care Insurance: Evaluate the benefits of long-term care insurance coverage so that you can securely face your future with confidence.

14. Discuss Retirement Plan Payout Options: Collaborate with your spouse to carefully review different retirement plan payout options. Make informed decisions together, understanding all implications, including potential spousal waivers.

With this comprehensive checklist, you are fully equipped to navigate the path to a secure and fulfilling retirement.