Retirement checklist

If you’re getting close to retirement, look over this list to help you prepare for the future.

  1. Assess your retirement finances and establish a budget.

    2. Consider any compensation you may receive in retirement. Also factor in pensions, Social Security benefits, 401(k)s, IRAs, and other retirement plans and nonpension savings, as well as any inheritance. 

  2. Review your investment mix.

    3. Consider adjusting your investment mix and scaling back the amount you’re investing in stock funds in favor of more conservative investments. Shifting some assets into more conservative investments can help protect your savings, while keeping a portion in stocks can help give you the opportunity to outplace inflation.

  3. Estimate health care costs.

    4. Take into consideration family health history. Research insurance programs that will meet your needs after your company’s health plan is out of the picture. Investigate Medicare and what it will cover. Do you think you should have insurance for long-term care?

  4. Determine whether you’ll be transferring any of your assets to family or other beneficiaries.

    5. If so, will it be during your lifetime or after?

  5. Draw up a will.

  6. Consider setting up trusts for children, grandchildren, charities or others, if appropriate.

  7. Determine life insurance needs.

    8. Do you have enough and should you create life insurance trusts?

  8. Put your important legal paperwork in order.

    9. This includes wills, a living will, trusts, power of attorney and medical power of attorney. Also assemble information on key contacts in your life: your attorney, accountant, financial professional, doctors and dentist. Compile a list of account numbers you hold. Tell a trusted family member or friend where to find this information.

  9. Talk with your financial professional

    10. Now is a good time to connect with your financial professional to help ensure you're on track for your retirement plans.

    Taking these steps can help give you peace of mind as you embark upon retirement.

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