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Retirement Checklist

A Retirement Checklist To Help Organize 
Your Retirement Plan.

Article By : Patrick Mansfield | U.S. Gov Connect
retirement checklist

Retirement planning is always in the back of your mind as you grow older, but you need to bring all of your thoughts to the forefront to create a solid plan. Take a few days to sit with down with your family and discuss your plans. Here are some the things you should consider. 

Estimate Your Income And Cost:
  • Do you have any retirement money set aside? 
  • Can you expect to receive a pension? 
  • How much do you currently earn? 
  • Given all of your assets and current income, are you on track with your financial plan?
  • If you are not on track with your financial plan, then what steps do you need to take to reach your goals? 
  • What is the rough estimate of the total costs? 
  • How much your travel will cost? 

Consider Your Mortgage and Future Housing Plans:

Many retirees own their own home because they paid off their mortgage over the years, but some also choose to relocate or travel abroad. Even if you have not paid off your mortgage, it may be worth considering because owning a home free and clear can be a valuable asset. Consider your finances and determine what the best course of action is. 

Would you like to keep your current home, travel or relocate? 
  • If you plan on relocating, how much will new house, apartment or condominium cost? 
  • Have you already paid off your home? 
  • If not, would you like to pay down your mortgage and own your house free and clear?
  • Can you afford to pay off your mortgage? 

Consumer Debt Problems:

 Over the years you may have accumulated a significant amount of consumer debt such as credit cards, car loans, etc. and you will have to figure out how to pay them off if you would like to retire. If you have a lot of debt hanging over year head, then it will interfere with your retirement planning. If you have not already done so, learn about how to manage your money and reduce costs. 
  • Do you have any consumer debt? - If so, how much consumer debt do you have in total? 
  • Where does it come from car loans, credit cards, etc.? 
  • Do you have a plan to pay off the debt? 
  • With your current income, how long will it take to pay off the debt?

Health Concerns:

Good health is essential because the money will not matter if you are ill and unable to enjoy your leisure time. Start to develop positive health habits like exercise and healthy eating, but cease all of the bad habits like smoking and drinking. 
  • Are you in overall good health? 
  • Do you have any serious health problems?
  • Do you need any medication or are you already taking medication? 
  • Have you been going to regular checkups with a physician? 
  • Do you have healthy habits? 
  • Do you have any unhealthy habits that should be eliminated? 

Family Matters:

It is vital to resolve all of the family matters before you begin to retirement to ensure a smooth transition. Make sure that all of your children and grandchildren are financially independent and address their concerns.
  • Do you have a will? 
  • Do you have any family obligations that you must pay for (college, housing, etc.)? 
  • Discuss retirement planning with your family? 

Insurance Coverage: 

Insurance is an important part of financial planning, and it would be best to look at all of your current policies and assess your future needs. 
  • Do you want long-term care insurance? 
  • Do you have life insurance? 
  • How much will your insurance policies cost? 
  • Do you need housing and auto insurance? 

Benefit Plan Estimates:
Learn about any possible social security benefits and contact your employer for more information about pension benefits. 
  1. How much will you receive your benefits? 
  2. What are the rules and regulations of the benefits? 
  3. At what age do the benefits start? 
  4. How long will you receive benefits? 
  5. How do career changes affect your benefits? 
  6. Do they offer health insurance?

Health Insurance: 
Consider any and all possible health insurance costs in the future and determine what type of Medicare insurance you can receive. 
  1. How much does Medicare insurance cost? 
  2. How much does your health insurance cost? 
  3. What are your current medical expenses?
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