What should I be considering when I am retiring?

Key Financial Planning Checkpoints Before Retirement

As you approach retirement, it’s important to evaluate several financial planning checkpoints to ensure a smooth transition and long-term security. Consider the following areas as you prepare for this next phase:

Work and Retirement Timing

• Reflect on how long you want to work versus how long you may need to work to meet your financial goals. Clarifying these timelines will help you make informed decisions about your retirement date and lifestyle expectations.
• Think about what early retirement would look like for you. Assess whether you have the resources and plans in place to retire sooner than originally anticipated, and how this change could impact your overall financial picture.
• Evaluate the impact of working one more year on your retirement plan. Sometimes, extending your career by just a year can make a significant difference in your retirement savings and future income.

Retirement Income and Budgeting

• Identify your retirement income needs. Consider your expected expenses and create a realistic budget to ensure you can maintain your desired standard of living throughout retirement. Assistance with budgeting can help you stay on track and adjust as necessary.

Social Security Considerations

• Review how your Social Security election fits into your overall retirement plan. The timing and strategy behind claiming Social Security benefits can have a substantial effect on your total retirement income.
• If you need help understanding the tradeoffs involved in the different Social Security election options, seek guidance to make the most informed choice for your situation.

Lifestyle and Tax Planning

• Consider how you will spend your time in retirement. Planning for a fulfilling retirement lifestyle is as important as financial preparedness. Learn more about how to plan your retirement activities.
• Assess how planning for income taxes plays into your current decision making. Effective tax planning can help you maximize your retirement income and minimize tax burdens. Find out more about integrating tax planning into your retirement strategy.