Retirement Planning Checklist

by: Sandra Block, Kiplingers, May 26, 2021

“Ideally, you should start planning for retirement the day you receive your first paycheck. But in reality, most of us don’t focus on retirement until much later—and that’s fine, as long as you’ve been saving throughout your career. Once you reach your fifties, though, it’s time to start thinking about when you’ll retire, where you’d like to live, and how you’ll spend your time once you stop working.”

Highlights (details available at URL below): 

10 years until retirement

Take advantage of a drop in income

5 years until retirement

Estimate what your expenses will be in retirement.

Add up sources of guaranteed income.

Once you’ve signed up for an online account with Social Security, review your earnings history.

If you’re concerned that you haven’t saved enough, look into the possibility of a phased re­tirement.

Explore part-time positions or gig-economy jobs that will gen­erate additional income in retirement. 

If you plan to relocate in re­tirement, start visiting potential destinations.

Plan for the cost of long-term care.

Start shifting some of your savings to more-conservative investments.

Prepare for the unexpected.

Consider keeping your mortgage

1 year until retirement

Determine when you’ll apply for Social Security.

Start exploring your Medicare options.

If you’re eligible for a traditional pension, review the pros and cons of taking a lump sum versus a monthly payout. 

Decide what to do with money in your current employer’s 401(k) plan.

Simplify your finances.

If you have decided on a re­tirement destination, step up your research.

Come up with a plan for charitable giving.

Create a bucket system.