Retirement Preparation Checklist
Personal Information
Retirement Goals
Income Sources
- Gather all relevant documents related to pension benefits
- Contact HR or pension provider for detailed information
- Consider consulting a financial advisor for assistance
- Create an account on the Social Security website
- Use online calculators to estimate benefits
- Review your Social Security statement for accuracy
- Compile a list of all investments and rental properties
- Calculate current income generated from these sources
- Consider potential growth or changes in income
- Gather statements for all retirement accounts
- Review contribution levels and investment performance
- Consider consolidating accounts for easier management
- Determine potential hours available for part-time work
- Research consulting rates in your field
- Estimate potential income based on hours and rates
- Keep track of any potential inheritances or gifts you may receive
- Consult with a lawyer or estate planner if needed
- Include potential amounts in your income calculations
- Assess current rental rates in your area
- Consider any maintenance or management costs
- Estimate potential rental income based on market rates
- Contact previous employers for details on annuities or pensions
- Review any documentation related to these benefits
- Consider rolling over annuities or pensions if needed
- Research market demand for your business or freelancing services
- Create a business plan or freelancing portfolio
- Estimate potential income based on projected sales or contracts
- Review any existing royalties or licensing agreements
- Research potential for new agreements in your field
- Estimate potential income based on current agreements and new opportunities
Investment Portfolio
- Check percentage of funds in stocks, bonds, and other asset classes
- Ensure investments are aligned with financial goals
- Sell overperforming assets to maintain target allocation
- Buy more of underperforming assets to rebalance
- Assess comfort level with market fluctuations
- Evaluate investment timeline for retirement
- Compare investment returns to benchmarks
- Identify underperforming investments for potential adjustments
- Spread investments across different industries and regions
- Include a mix of asset classes like stocks, bonds, and real estate
- Understand all fees associated with investments
- Look for lower-cost investment options if fees are high
- Explore different types of investments like mutual funds or ETFs
- Consider alternative investment options like real estate or commodities
- Understand how investments are taxed (e.g. capital gains, dividends)
- Look for tax-efficient investment strategies
- Discuss financial goals and risk tolerance with advisor
- Seek advice on creating a customized investment plan
Use in Manifestly