Preparing for retirement is vital for a secure financial future, but it can be overwhelming.
Where do you start, what’s next, and what should you focus on to ensure you’re covering all bases? This Retirement Readiness Guide can help you stay on track and confident in your savings plan, providing a clear roadmap to follow!
KNOW YOUR FINANCES
Assess your financial situation before retirement. Create a worksheet for regular reference, covering income, expenses, debts, savings, and assets. This process streamlines planning and evaluation.
EMERGENCY FUND
Prioritize building an emergency fund to safeguard against unforeseen expenses or retirement income delays before making major financial decisions.
DETERMINE RETIREMENT NEEDS
Factor in lifestyle, location, age, and health for realistic retirement planning. Adjust your estimate and spending habits as needed based on your evolving circumstances.
PAY OFF DEBTS
Aim to eliminate debts, especially high-interest ones, before retirement. With potentially decreased retirement income, fixed payments can strain your finances.
PLAN YOUR ESTATE
Despite the discomfort, prepare an estate plan as retirement approaches. This ensures your family won’t face financial burdens and your assets are distributed according to your wishes.
CONSIDER LIFE INSURANCE
Evaluate life insurance options to provide stability for your family. Assess your financial stability if your spouse passes away and ensure clear beneficiary arrangements.
PUT IT IN WRITING
Alongside a will, designate a power of attorney and healthcare proxy for decision-making in case of incapacity. Establish guardians for dependents and appoint beneficiaries for assets, insurance, and retirement accounts.
PROTECT YOUR PLAN
Notarize and securely store all documents. Maintain an organized record of personal data, including Social Security number, birth date, bank account, insurance, and digital passwords. Regularly review the plan, especially after major life events.
EXPLORE RETIREMENT INVESTMENTS
Seek additional investment options for continued income in retirement. Avoid the mistake of limiting earnings potential by designing a portfolio solely around a retirement date, ensuring you have diverse streams of revenue.
THINK ABOUT AN ANNUITY
Supplement retirement savings with annuities for financial security and flexibility. These yield fixed payments, offering a balance between stability and adaptability, making them a valuable addition to your retirement strategy. Completing this checklist lays a strong foundation for your retirement savings plan!
Information courtesy of smartasset.com and NAIC.com
Once you’ve completed this checklist, you’ll have a solid foundation when it comes to your retirement savings plan!
Looking for more information on a life policy with KSKJ Life? Contact us today!
KSKJ Life does not provide, tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors regarding your retirement products.