The Pre-Retirement Checklist

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.

nice! you're steps closer to retirement readiness.

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

retirement budget

Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement. Taking time to map out expected expenses can help you create a realistic monthly plan that supports your ideal lifestyle.

emergency savings

Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you. Knowing these funds are ready when you need them can offer tremendous peace of mind as you transition out of the workforce.

tax strategy

Have a sound tax strategy to guide your retirement withdrawals and help you understand how different types of income will be taxed. Coordinating when and how you take distributions can help you reduce your tax burden and make your retirement savings last longer.

lifestyle & location

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

Think about how factors like climate,  cost of living, nearby amenities, and proximity to loved ones will impact your daily happiness and long-term comfort.

401k strategy

Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.  Reviewing your investment mix and withdrawal options regularly can help ensure your account continues working for you long after you retire.

bucket list

Write down your personal goals for your retirement years. Explore your dreams, priorities and values. Seeing your aspirations in writing can make them feel more achievable and guide the financial decisions you make leading up to retirement.

extended care 

Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care. Understanding the potential costs and resources ahead of time can help you feel prepared rather than overwhelmed if a need arises.

estate strategy 

Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.  Keeping your documents updated ensures your wishes are clear and your loved ones are supported during a difficult time.

health insurance 

Understand your options with Medicare and define a strategy for covering health care expenses for the long haul. Exploring supplemental policies early can help you avoid coverage gaps and better predict long-term medical costs.

social security strategy 

Have a strategy for when to claim Social Security that takes into account your age, health, income needs, and other retirement resources.

Understanding how your benefit changes based on when you file can help you decide whether it makes sense to start early, wait until full retirement age, or delay for a larger monthly payment.

STILL WORKING THROUGH YOUR PRE-RETIREMENT CHECKLIST?

If you’re close but not quite there yet, a Skyla Financial Advisor can help you tackle what’s next. Call 704.375.0183 x 3085 to start checking off those final boxes.