What Do I Need to Know Before I Retire?

December 21, 2022

The closer you get to retirement, the less you dream of golf and travel and the more you start thinking about the tactical next steps for your finances. 

If you’re asking yourself, “What do I need to know before I retire?” We laid out some of the most important steps to financially preparing for your next season of life. 

Retirement Planning Checklist

Review Your Retirement Savings: Do you know how much retirement income you need each year? Use our Retirement Calculator to see how close you are to your goals. 

Set Your Retirement Budget: Set a monthly and yearly spending limit based on the amount you currently have saved and how much you expect to have saved by the time you reach retirement age. It’s also a good idea to estimate your expenses so you can confirm that your budget will meet your needs!

Note: Consider big life changes in this plan as well. Do you plan to move or downsize your home after retirement? These changes could impact your post-retirement budget. 

Determine Your Retirement Fund Withdrawals: IRAs and 401(k)s have different rules for qualified distributions. Talk to your advisor if you have questions about the best withdrawal strategy based on your retirement accounts. 

Don’t forget about Social Security! 

Review Your Estate Plan: While you hopefully have many great years of retirement ahead, now is also a great time to review your estate plan. If it’s time to prepare or review your will, here are a few tips to get you started! 

Review Your Healthcare Plan: When you retire, you will no longer have access to your employee health insurance and will need to find a new plan. Most people are eligible for Medicare at age 65, but several plans and coverage options exist. Review your options to find a plan that fits your medical needs.

Review Your Life Insurance Policies: Reviewing, renewing, or replacing a life insurance policy is not one of the more urgent steps to take before retiring, but ensuring your policies are up-to-date can provide a sense of peace for you and your family. 

Prepare a Long-Term Care Plan: Almost 70% of people 65 and older will need some type of long-term care in their later years. While it may not be needed in the next 10-20 years, it’s better to talk and plan for this well in advance!

Most Importantly, Talk To An Advisor

While varying in difficulty and urgency, each item on this retirement planning checklist is an essential part of preparing for the long-awaited “golden years.” Your financial advisor will be able to walk you through your retirement savings plan, your estate plan, and more! 

Reach out to us today to talk about creating a custom retirement plan! 


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