Retirement Planning List

By on April 1, 2014

By Art Koff –

Many who are planning their retirement need someplace to start—a list to begin their thinking.
The information in this article is just such a list and links to where relevant content to help in this planning are included.

  1. Check your projected income sources
    • Social Security
    • Pensions 
    • Income from investments and retirement funds including, stocks, bonds, trusts, real estate (possible reverse mortgage), etc.
    • Possible inheritances
    • Sale of property, business interests, etc.
    • Annuities
    • Life insurance values if any
  2. Check your projected expenses
  3. List all your assets, contact information of your accountant, investment adviser, banker, and the location of important documents, passwords, bank accounts, safety deposit boxes, etc. and give copies to your spouse, attorney and accountant. Click here for a form that captures this information.
  4. Make sure you have an updated will including medical power of attorney, DNR, etc.
  5. Make sure your spouse, attorney, physician and accountant understand your wishes in case you are unable to act.
  6. Where possible reduce, consolidate or restructure your debt.
  7. If you have any questions as to the ability or reliability of your physicians, attorney, accountant, financial planner consider finding a new one now. If you do not have a professional in each of these areas get one.

Discuss this list with your spouse to make it as accurate as possible and then with your financial planner, accountant or advisor to adjust expected expenditures against realistic income expectations. Make sure your list of assets is complete and check to see if you will need to draw against them and if so, what is the estimated yearly amount. Project these numbers out with your financial advisor to insure you will have enough to last and if not, either continue working longer or adjust your projected lifestyle in retirement.
Art Koff, is Founder of RetiredBrains

*Disclaimer: The above information is listed as a guideline and should not be substituted for professional advice from your attorney, accountant or financial planner.

Art Koff

About Art Koff

Art Koff is a senior in his mid 70's and after "retiring" from 40+ years in advertising, founded RetiredBrains in 2003 as an information resource for boomers, retirees and Americans planning their retirement. Art can be reached through his site at www.RetiredBrains.com.

One Comment

  1. Sandra at Thistle Cove Farm

    April 9, 2014 at 6:09 pm

    When dealing with organizations, be Very Specific in your questions and make sure you get the answers correct. Repeat their answers and ask for clarification or “Do I understand correctly?”
    After Dave died, I called Social Security and asked about getting my social security. They said “$250 a month and it would never increase”. I didn’t know to ask if I could get Dave’s social security and cheated myself out of more than $25K. Social Security will go back 6 months from the time you begin filing the paperwork but that’s still a boatload of money I’ll never receive…and all because I didn’t know the correct way to phrase my question.

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Retirement Planning List