Retirement Readiness Checklist PC1329-Print

RETIREMENT PLANNING

RETIREMENT

Retirement Readiness Checklist

Deciding when to retire should be a balanced decision that weighs a variety of key factors. Use this checklist to help explore those factors.

Not Yet Considered

Considered/ Need To Take Action

Complete

TALK REGULARLY WITH YOUR SPOUSE OR PARTNER ABOUT YOUR SHARED RETIREMENT VISION. CONSOLIDATE ACCOUNTS, SUCH AS 401(K) OR 403(B) PLANS AND IRAS, TO UNDERSTAND THE SUM OF YOUR RESOURCES. CREATE A RETIREMENT BUDGET THAT INCLUDES LIVING ESSENTIALS AND ACTIVITIES MOST IMPORTANT TO YOU, TO HELP YOU CALCULATE APPROXIMATELY HOW MUCH ANNUAL INCOME YOU’LL NEED. DETERMINE HOW MUCH OF YOUR ANNUAL RETIREMENT INCOME WILL COME FROM RETIREMENT SAVINGS, PENSIONS AND OTHER SOURCES. EXPLORE YOUR HEALTH INSURANCE OPTIONS IN RETIREMENT. MAKE SURE YOU HAVE SAVINGS FOR OUT-OF-POCKET. TALK TO A PROFESSIONAL ABOUT LONG-TERM CARE INSURANCE AND THE ROLE IT CAN PLAY IN YOUR RETIREMENT PLAN. UPDATE YOUR BENEFICIARY INFORMATION ON INSURANCE POLICIES, RETIREMENT ACCOUNTS, ETC. UNDERSTAND YOUR SOCIAL SECURITY BENEFITS AND DECIDE WHEN TO BEGIN RECEIVING PAYMENTS. COMPLETE ESTATE-PLANNING DOCUMENTS SUCH AS A WILL, TRUST, DURABLE POWER OF ATTORNEY AND HEALTHCARE PROXY. SELECT THE PERSON(S) OR COMPANY THAT WILL HELP ENSURE YOUR WISHES ARE CARRIED OUT. ESTIMATE YOUR TAX BRACKET IN RETIREMENT.

IDENTIFY SPECIFIC ASSETS TO SET ASIDE FOR CHARITABLE GIFTS AND BEQUESTS.

HAVE REGULAR CONVERSATIONS WITH YOUR TAX AND FINANCIAL ADVISORS ABOUT YOUR RETIREMENT TO ENSURE YOU ARE STAYING ON TRACK TO MEET YOUR RETIREMENT GOALS AND TO ADDRESS OUTSTANDING ISSUES.

Wealth | Investments | Planning Commerce Trust Company

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