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Retirement Check LIST

  • Meet with a financial advisor to determine the best way to start spending your retirement savings. Things like life expectancy, lifestyle, health, available retirement resources (taxable and tax-free), and what you plan to leave to family members should all be considered before final recommendations are made.
  • Make a budget based on how much you have to spend. Be sure to set aside two to three years worth of living expenses in a reserve account for unexpected situations.
  • If applying for social security benefits, apply at least three months before you'd like to receive your first payment.
  • Continue investing at least a portion of your retirement savings. You'll most likely want to invest very conservatively to ensure longevity of funds.
  • Analyze your health insurance options, and apply for Medicare before your 65th birthday, even if you don't think you'll need it. If you wait until you're older, premiums could cost considerably more.
  • Update your will, powers of attorney, and beneficiary information on all necessary accounts and insurance policies.
  • If you haven't already done so, document your contact information, account numbers, beneficiaries, and passwords on all insurance policies, financial/investment accounts, retirement plans, mortgages, etc, in one central notebook or binder. Keep this document in a safe place, like a fire-proof box or safe deposit box. If you have a safe deposit box, be sure the key to the box and any information necessary to open it are safe, yet readily accessible to your beneficiaries.
  • Prepare or refine your estate plan.
  • Consider making funeral arrangements. This is a topic many people would like to avoid, especially as they begin a new chapter in their lives. However, it's important, and getting it over with now will leave you with peace of mind for the rest of your life and will make life much more bearable for your surviving family and friends whenever the time comes.