Retirement Planning Checklist
Here is a retirement planning checklist to use as you chart your course to the best time of your life. A checklist gives you a list of things to be remembered as you go through your planning process.
- Reduce or eliminate your debt
- Create an emergency cash reserve
- Apply for any financing, such as, a home equity line of credit, before you retire - even if you don't use it, you will have it readily available should you need it
- Determine the best day to retire to maximize your employer benefits before you retire
- Control your spending and identify additional expenditures you will have once you retire, such as, travel, etc.
- Decide on the lifestyle you plan to have in retirement
- Evaluate your pension plan payment options - lump sum, annuity, etc.
- Calculate how long your money will last - a financial adviser can help you with this
- Inform your insurance agent that you will no longer be working - your auto insurance premium will probably be reduced
- Document any email addresses and contact information, as well as, events stored in your calendar and special websites in your bookmarks
- Decide if you should rollover your 401K to an IRA
- Review your Social Security statement to ensure your reported income is accurate
- Determine when you should apply for Social Security benefits
- Understand what your health care coverage and cost will be after you retire
- Determine when to apply for Medicare
- Become aware of the Required Minimum Distribution, that generally is required once you turn 70 1/2 years old, and the tax burden associated with it
- Determine if you will need an income stream beyond your pension, Social Security benefits, and savings
- Update your will and do your estate planning - powers of attorney, beneficiaries on retirement accounts, etc.
- Consider the need for Long Term Care
- Enjoy the rest of your life
A retirement planning checklist can help you feel more in control of your retirement planning process.
Return to retirement help.
Return from retirement planning checklist to planning for retirement.