Getting ready for retirement? Congrats!
But... before you can cross that bridge, you’ll need to cross some important items off your to-do list. You might be more prepared than you think. 😉 This handy retirement 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 retirement checklist below.
Retirement Checklist #1: Budget 💲💵💲
Understand what your income will look like and how you can confidently spend the money you have accumulated for retirement. A wealth management advisor can help you allocate and disperse your funds to ensure you have enough to last the entirety of your retirement.
Another option is to spend time working in retirement for extra support. It's up to you!
Retirement Checklist #2: Emergency Savings ☄️
Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you. If you're counting on assets wrapped up in alternative investments such as real estate or memorabilia, it could take a while to turn those funds into liquid cash. That's why it's so important to have an emergency savings account or a high-yield savings account ready for you to use in a heartbeat.
Retirement Checklist #3: Tax
Strategy ⚔️
We recommend having a sound tax strategy in place to guide you through the process of spending money from both taxable and tax-deferred accounts.
Here are a few tax related resources that might be helpful:
Retirement Checklist #4: Lifestyle & Location 🍇
Consider where you’ll live, both short and long-term. Have a plan for funding a move and understand the timing involved. Thinking about moving cities or states? We recommend checking the cost of living there so you're up to date on current housing, grocery, transportation and health-care costs.
Retirement Checklist #5: 401k Strategy 🌱
Another consideration is your 401(k), pension, IRA and other retirement plans. You'll want to select the best times to access the money from each account, based on your goals. Everyone's retirement situation looks different, so consider taking a personalized approach with a trusted advisor.
Retirement Checklist #6: Bucket List 😎
If you haven't already, write down your personal goals for your retirement years. Explore your dreams, priorities and values. Retirement is a great time to travel, learn a new skill or volunteer. Pursue whatever your heart desires!
Retirement Checklist #7: Extended Care ☕
Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care. Many care facilities or retirement homes charge a hefty price (especially in Arizona, a beautiful retirement state). To ensure you'll have enough cash to cover your retirement, try the exercise below.
Retirement Checklist #8: Estate Strategy 🏠
Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate. Perhaps you'll need to designate a Power of Attorney to take care of things as you get older.
Need help planning for your estate? An affordable way to get started is with a virtual coach session. Go over your assets, liabilities and create a plan.
Retirement Checklist #9: Health Insurance 👨⚕️
Understand your options with Medicare and define a strategy for covering health care expenses for the long haul. For a personalized summary of your health insurance coverage and benefits, plug your details into our free health insurance simulation.
Retirement Checklist #10: Social Security Strategy ⭐
It's important to keep up with taxes each year— which is why we have the updated 2024 tax brackets quick reference guide to help get you there.
A nice benefit the working class receives from the United States Social Security Administration is social security income. To check eligibility and estimate how much you might receive, visit their website: www.ssa.gov.
Following these ten crucial steps is an amazing way to prepare yourself for retirement. Take care of this retirement checklist and click below to contact a trusted advisor if you have more questions.
Disclosures
This article is intended to be a general resource only and is not intended to be nor does it constitute legal advice. Any recommendations are based on opinion only. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.
This site is published for residents of the United States and is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or product that may be referenced herein. Persons mentioned on this website may only offer services and transact business and/or respond to inquiries in states or jurisdictions in which they have been properly registered or are exempt from registration. Not all products and services referenced on this site are available in every state, jurisdiction or from every person listed.
Investment advisory services offered through PFG Advisors, LLC, a SEC registered investment adviser. Securities offered through Osaic Wealth, Inc., member FINRA/SIPC. Insurance products offered through approved carriers. Copper State Credit Union, PFG Advisors, LLC, and Osaic Wealth, Inc. are separately owned entities and are not affiliated companies.
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