The Pre-Retirement Checklist

How prepared to retire 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. If you’re not as prepared for retirement as you’d like to be, just reach out to our team at Grandview Asset Management. Together, we can fine-tune these strategies so you can finish your checklist and get started on that bucket list. To measure your progress toward retirement preparation, follow the items below!

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

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

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

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

5. 401k Strategy
Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.

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

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

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

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

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

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 70½, you must begin taking required minimum distributions.