Regardless of when you plan to retire, there are some key considerations that can make the transition to life after work smoother. A retirement checklist can help you keep track of the details and focus on the decisions that have to be made. Here are some things to consider if you are nearing retirement:
- At what age do I plan to retire? Am I prepared for an unexpected retirement date?
- What will be my focus in retirement? (consider order of importance) Home, Travel, Leisure, Family, Business, Health
- Do I have a retirement plan in place?
- Have I sought out professional advice on retirement planning?
- Have I determined how much I will need to live the life I want in retirement?
- Have I considered all of my sources of income in retirement (e.g. employer pension, government benefits, registered plans, personal savings and investments)
- Do I plan to stop working entirely in retirement?
- What will my day-to-day expenses be in retirement?
(e.g. basic necessities, home, taxes, debt, philanthropy, travel, family support) - Have I reviewed my retirement benefits from my employer or do I need additional health insurance coverage?
- Can I withdraw my retirement income in a more tax-efficient manner?
- Have I planned for the unexpected (health concerns, home improvements, replacing my car)?
Of course, your planning doesn’t have to stop with retirement. Through effective estate planning, you can protect the assets you worked so hard to build and provide for your family in the future.
Identify your lifestyle and income expectations
Be prepared for the unexpected
(including taxes, health care costs, housing repairs)
Create a budget for anticipated expenses
Have a plan in place
When you are nearing retirement it is a great time to meet with your financial advisor and decide if you need to make any updates to your plan.