K.E.M. Strategic Partners LLC | 35 Village Road, Suite 100 | Middleton MA 01949 | P. 978-560-3404  |  F. 978.560.1623

 
 

Caring  |   Independent   |   Practical
Financial Services

Retirement

The Pre-Retirement Checklist

The

Pre-Retirement

Checklist:

HOW PREPARED ARE YOU?

Getting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. But thanks to our work together, you might be more prepared than you think! This handy checklist of ten crucial steps can help you visualize how far you’ve come.

To measure your progress toward retirement preparation, check off your “Done” items from the list below.

Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement.

Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you.

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

Consider where you’ll live, both short- and long-term. Have a plan for funding a move and understand the timing involved.

Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.1

Write down your personal goals for your retirement years. Explore your dreams, priorities and values.

Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care.

Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.

Understand your options with Medicare and define a strategy for covering health care expenses for the long haul.

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

NOT QUITE READY?

If you’re not as prepared for retirement as you’d like to be, just reach out. Together, we can fine-tune these strategies so you can finish your checklist and get started on that bucket list.

1. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 73, you must begin taking required minimum distributions.

 

Related Content

18 Years’ Worth of Days

18 Years’ Worth of Days

The average retirement lasts for 18 years, with many lasting even longer. Will you fill your post-retirement days with purpose?

Universal Life Insurance

Universal Life Insurance

Universal life insurance is permanent insurance with a flexible premium. Here's how it works.

Estimating the Cost of College

Estimating the Cost of College

This worksheet can help you estimate the costs of a four-year college program.

 

Have A Question About This Topic?







Thank you! Oops!

Navigating Retirement Pitfalls

Why are they made again and again? Making sense of these errors in judgement.

Breaking Down the Parts of Medicare

Medicare is broken down into four specific parts—but what do they mean? This article will help you understand each piece.

Find That Lost Retirement Account

With over 24 million “forgotten” 401(k) accounts, you may be surprised to learn of your unclaimed “found” money.

View all articles

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

Lifetime of Earnings

Estimate how much you have the potential to earn during your working years.

Should I Buy or Lease an Auto?

This calculator compares the financial impact of leasing versus buying an automobile.

View all calculators

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

View all presentations

The Long Run: Women and Retirement

For women, retirement strategy is a long race. It’s helpful to know the route.

A New Way to Look at Your Bucket List

Bucket lists don’t have to be for tomorrow.

Suddenly Single: 3 Steps to Take Now

Have you found yourself suddenly single? Here are 3 steps to take right now.

View all videos