The 3 Pillars of Successful Retirement Plans
A Simple Checklist to Kick-Start Your New Work-Free Life
If you’re within 5 years of retirement, you’re in a critical period – if you take action now, you may still be able to make up for past mistakes. The decisions you make now will define your retirement lifestyle and your ability to retire successfully. This checklist is designed to highlight your strengths and weaknesses for retirement preparation.
Go through each step of this checklist and take action. As you go, jot down any questions or concerns you may have and send them to me here. If you’re feeling overwhelmed and want some pro guidance, give my office a call to schedule a chat at the number below.
“A dream doesn’t become reality through magic; it takes sweat, determination, and hard work.” —Colin Powell
A Holistic Income Strategy
• I know how much I will need to cover my expenses each month in retirement (~80% of your current monthly budget is a solid estimate).
• I have estimates for how much extra I will spend each year on travel, home improvements, gifts, medical care, and other one-off expenses.
• I have a clear understanding of the guaranteed income I will receive from sources such as Social Security, pensions, annuities, veteran’s benefits, etc.
• I understand that a retired couple could need $300,000+ to cover healthcare expenses after age 65, and my income plan accounts for those expenses.1
• My income strategies account for inflation (if I need $100,000 this year, I will need ~$186,000 in 20 years to have the same quality of life at 3% inflation).
• I understand all my Social Security options and how to maximize my guaranteed lifetime income.
• My spouse and I have coordinated our claiming strategies to help maximize our income.
• Our income strategy helps protect a surviving spouse from loss of income.
• I have adequate liquid cash on hand for emergencies and unexpected expenses so that I’m not forced to liquidate investments.
• A financial professional has looked over my income strategy to identify any problems or mistakes.
