Life Planning Checklist: Retirement
Making decisions about retirement isn’t something to put off until you’re ready to retire. Throughout your working life you can be planning and making choices that will positively impact your post retirement life. Wherever you are on your path, we’ve come up with questions you should be considering and ways you can use your LifePlan membership to set goals and make plans to reach them on your timeline.
Sometimes knowing what to ask is as hard as knowing the answers. Use this list as a jumping off point to begin a retirement planning conversation, or as a way of checking in on your current plan. Even if you have a solid plan in place, this list is a good way to level set and make sure you’re still on track.
We’ve organized this list by LifePlan offering, so you’ll know exactly which appointment to schedule for questions you could use some professional help answering.
Talk to a financial advisor about:
Defining retirement savings goals for yourself
Your current retirement savings plan -- is it adequate? How could it be better?
Implementing an income distribution strategy
The optimal social security strategy for your situation
Consolidating your retirement accounts -- what's the most efficient path? What are some important considerations?
Fixed income retirement options like annuities and permanent life insurance policies
Ask an independent attorney* about:
If you are close to retirement:
Social security benefits available to you
Federal long-term health care options (Medicaid, Medicare) available to you
Financial decisions you need to make regarding your retirement plan and how they should be reflected in your estate plan
Discuss with a tax professional*:
How your tax status will change after retirement
Various forms of retirement income and how each will be taxed
How concerned you should be about estate taxes
Ways of minimizing your tax liability
The age can you start taking distributions and still avoid the early withdrawal penalty
Get an insurance professional's take on:
The benefits and pricing of a long term care policy
The benefits and pricing of private health insurance
Adjustments that need to be made in your life insurance policy post-retirement
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*DISCLAIMER: Legal advice is provided by an independent network of attorneys. Tax advice is provided by 1-800Accountant, insurance advice is provided by Mylo, our trusted service partners.