Getting Ready to Retire Checklist

Getting Ready to Retire Checklist

Determine if you are on track for your retirement goals
• Evaluate your expenses, both essential (those things you must have) and discretionary (those things you can do without).
• List all sources of predictable income, including Social Security and pensions.

Consider ways to boost your savings
• Contribute as much as you can to your 401(k) or IRA.
• If you are age 50 or older, take advantage of catch-up contributions.
• Work longer or consider part-time work in your early retirement years.
• Think about delaying Social Security payments.
• Evaluate your anticipated lifestyle and trim some expenses.

Understand key Social Security factors
• It could make up a substantial portion of your guaranteed income; when you start collecting impacts your total benefitt amount.
• Know the four key factors that could affect your payments (see reverse).

Evaluate your portfolio and create a plan
• Consider what your retirement risk tolerance is: conservative or aggressive?
• Consolidating old 401(k)s into an IRA can make it easier to manage your overall financial picture.
• Create a detailed retirement income plan.

Research health care options
• Health care expenses in retirement can be unexpected and higher than planned.
• Consider options such as long-term care insurance and supplemental health care options.
• Understand the Medicare application process, including timelines and premiums, which can be impacted by your age and Social Security.

Protect your retirement plans
• Have an emergency fund you can access for unexpected events or costs during retirement.
• Pay off high-interest debt to reduce your expenses as you enter into retirement.
• Regularly conduct a portfolio review.
• Ensure you have updated your beneficiary information, will, and estate plan.


Material Courtesy of Fidelity


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