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  • Retirement Planning Checklist for Pre-Retirees

    1. Define Your Retirement Vision

    • What age do you want to retire?

    • Where will you live (current home, downsize, move)?

    • What lifestyle do you want (travel, hobbies, family time)?

    • Will you work part-time or volunteer?

    2. Estimate Retirement Expenses

    • Fixed needs (housing, food, insurance, healthcare) Discretionary wants (travel, entertainment, gifts)

    • Inflation assumptions

    3. Calculate Expected Income Sources

    • Social Security: Get your estimate from ssa.gov

    • Required Minimum Distributions (RMDs) starting at age 73

    4. Assess Retirement Account Balances

    • 401(k)s, IRAs, Roth accounts, taxable brokerage Review investment allocations and risk exposure

    • Estimate how much can be withdrawn annually using rules like the 4% rule (rough estimate only)

    5. Evaluate Healthcare Needs

    • Medicare eligibility (starts at 65)
    • Medigap or Medicare Advantage plans

    • Long-term care insurance or savings to self-insure HSA balances (if applicable)

    6. Create a Retirement Budget & Cash Flow Plan

    • Monthly income vs. expenses Identify potential gaps and plan how to cover them

    • Build an emergency fund (6-12 months of expenses)

    7. Pay Down High-Interest Debt

    • Eliminate credit cards or personal loans

    • Consider paying off mortgage before retirement, if appropriate

    8. Tax Planning Strategy

    • Understand how withdrawals are taxed (Traditional IRA vs Roth)

    • Plan for RMDs and tax brackets

    • Consider Roth conversions during low-tax years

    • Harvest capital gains or losses in taxable accounts wisely

     

    9. Optimize Social Security Timing

    • Understand your Full Retirement Age (FRA)

    • Consider delaying benefits to age 70 for a higher monthly payout (if longevity allows)

    10. Review & Update Estate Planning Documents

    • Durable Power of Attorney Health Care Proxy / Living Will Beneficiary designations on retirement and life insurance accounts

    • Consider a trust, if appropriate

  • Health, life, home, auto, umbrella liability Drop or adjust coverage that's no longer needed Explore long-term care insurance

    12. Consolidate and Organize Financial Accounts

    Simplify multiple accounts, roll over old 401(k)s Maintain an updated list of accounts and contacts Store key documents securely (physical and digital)

    13. Plan for Big One-Time Expenses

    Major travel Helping kids or grandkids Buying a vehicle

    14. Prepare a Withdrawal Strategy

    Which accounts to draw from and in what order (taxable->tax-deferredtax-free) Coordinate with Social Security and pension start dates 15. Do a Retirement "Test Run"

    Try living on your projected retirement budget for 3-6 months while still working

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