Donald C. Reutemann CFP®, RPA, AIF®

(518) 612-1054

Retirement

The Pre-Retirement Checklist

The

Pre-Retirement

Checklist:

HOW PREPARED ARE YOU?

Getting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. But thanks to our work together, you might be more prepared than you think! This handy checklist of ten crucial steps can help you visualize how far you’ve come.

To measure your progress toward retirement preparation, check off your “Done” items from the list below.

Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement.

Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you.

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

Consider where you’ll live, both short- and long-term. Have a plan for funding a move and understand the timing involved.

Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.1

Write down your personal goals for your retirement years. Explore your dreams, priorities and values.

Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care.

Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.

Understand your options with Medicare and define a strategy for covering health care expenses for the long haul.

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

NOT QUITE READY?

If you’re not as prepared for retirement as you’d like to be, just reach out. Together, we can fine-tune these strategies so you can finish your checklist and get started on that bucket list.

1. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 73, you must begin taking required minimum distributions.

 

Related Content

The Cycle of Investing

The Cycle of Investing

Understanding the cycle of investing may help you avoid easy pitfalls.

A Brief History of Estate Taxes

A Brief History of Estate Taxes

Federal estate taxes have long since been a lucrative source of funding for the federal government.

Teen Drinking and Your Liability

Teen Drinking and Your Liability

Drinking may be a “rite of passage” for teens, but when it occurs in your home you may be held responsible for their actions.

 

Have A Question About This Topic?







Thank you! Oops!

Why Regular Rebalancing Makes Sense

Without your knowing, your investment portfolio could be off-kilter.

How Retirement Spending Changes With Time

It can be difficult for clients to imagine how much they’ll spend in retirement. This short, insightful article is useful.

SECURE Act 2.0: An Overview

The second iteration of the SECURE Act brings forward several changes to the world of retirement.

View all articles

Social Security Taxes

Estimate how much of your Social Security benefit may be considered taxable.

A Look at Systematic Withdrawals

This calculator may help you estimate how long funds may last given regular withdrawals.

Bi-Weekly Payments

This calculator estimates the savings from paying a mortgage bi-weekly instead of monthly.

View all calculators

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

View all presentations

The Cycle of Investing

Understanding the cycle of investing may help you avoid easy pitfalls.

Consider These 3 Things Before Driving Off the Lot

There are a few things to consider when buying or leasing your next vehicle.

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

View all videos