Retirement Planning List
Many who are planning their retirement need someplace to start—a list to begin their thinking. The information in this article is just such a list and includes links to where relevant content to help in this planning is included.
Areas you should be checking and evaluating prior to retiring?
1. Check your projected income sources
2. Check your projected expenses
What you are likely to be spending. Check this Federal survey that provides information on the complete range of consumers' expenditures and income,
3. List all your assets, contact information of your accountant, investment adviser, banker, and the location of important documents, passwords, bank accounts, safety deposit boxes, etc. and give copies to your spouse, attorney and accountant. Click here for a form that captures all of this information
4. Make sure you have an updated will including medical power of attorney, DNR, etc.
5. Make sure your spouse, attorney, physician and accountant understand your wishes in case you are unable to act.
6. Where possible reduce, consolidate or restructure your debt.
7. If you have any questions as to the ability or reliability of your physicians, attorney, accountant, financial planner consider finding a new one now. If you do not have a professional in each of these areas get one.
8. Check the Northwestern Mutual Longevity Calculator to see how long you might live. Each question asked accepts your answer and recalculates your longevity.
9. Click here for a list of 100 different calculators to help with estimates and evaluations in almost every area you can think of.
Discuss this list with your spouse to make it as accurate as possible and then with your financial planner, accountant and attorney to adjust expected expenditures against realistic income/revenue expectations. Make sure your list of assets is complete and valuations are accurate and check to see if you will need to draw against them and if so, what the estimated yearly amount is.
Project these numbers out with your financial advisor to insure you will have enough to last and if not, either continue working longer or adjust your projected lifestyle expenditures in retirement.
From an article by Art Koff as it appeared in Market Watch
Areas you should be checking and evaluating prior to retiring?
1. Check your projected income sources
- Social Security
- Pensions The American Academy of Actuaries Pension Assistance List will provide up to 4 hours of free help to individuals interested in checking their plans' calculations. Go to www.pensionrights.org/counseling-projects for a list of projects and the states they cover.
- Possible inheritances
- Click here to reach AARP’s Retirement Savings Calculator
- Sale of real estate, personal property, antiques, collectibles, business interests, etc.
- Annuities
- Life insurance values, if any
- Income from investments and retirement funds including, stocks, bonds, trusts, real estate
2. Check your projected expenses
What you are likely to be spending. Check this Federal survey that provides information on the complete range of consumers' expenditures and income,
- Rent
- Mortgage
- Credit card debt
- Loans
- Taxes
- Inflation calculator Bureau of Labor Statistics
- Health care
- Insurance Auto, Home, Life, Health & Medicare, Long Term Care, Assisted Living
- Relocation (if you are considering this)
- Travel/vacation costs
3. List all your assets, contact information of your accountant, investment adviser, banker, and the location of important documents, passwords, bank accounts, safety deposit boxes, etc. and give copies to your spouse, attorney and accountant. Click here for a form that captures all of this information
4. Make sure you have an updated will including medical power of attorney, DNR, etc.
5. Make sure your spouse, attorney, physician and accountant understand your wishes in case you are unable to act.
6. Where possible reduce, consolidate or restructure your debt.
7. If you have any questions as to the ability or reliability of your physicians, attorney, accountant, financial planner consider finding a new one now. If you do not have a professional in each of these areas get one.
8. Check the Northwestern Mutual Longevity Calculator to see how long you might live. Each question asked accepts your answer and recalculates your longevity.
9. Click here for a list of 100 different calculators to help with estimates and evaluations in almost every area you can think of.
Discuss this list with your spouse to make it as accurate as possible and then with your financial planner, accountant and attorney to adjust expected expenditures against realistic income/revenue expectations. Make sure your list of assets is complete and valuations are accurate and check to see if you will need to draw against them and if so, what the estimated yearly amount is.
Project these numbers out with your financial advisor to insure you will have enough to last and if not, either continue working longer or adjust your projected lifestyle expenditures in retirement.
From an article by Art Koff as it appeared in Market Watch