NDSU Extension Service - Ramsey County


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A Retirement Checklist

          A Retirement Checklist


          Planning to retire within the next five or so years?  If you would like to learn from other retires, start planning now.

          A survey by Fidelity Investments found that over half (57%) of recent retirees when looking back on their years just before retiring, wished they had done more retirement planning before they retired.

          And what would the recent retirees include in that retirement planning?  Their suggestions included a retirement planning checklist.        

 Define your retirement lifestyle. Will you continue to work part-time and live your current lifestyle? Or do you dream of traveling the world? At what age will you retire?

 Review your retirement benefits. Consult with your employer to get answers to any questions. Be certain what benefits you receive in retirement and what they will cover. Determine potential gaps in your savings strategy by estimating your income and expenses according to the number of years you expect to live off your savings and retirement income.

Assess future health care needs. Get to know Medicare and how any employer-sponsored health benefits will work with Medicare in retirement. If you will need health care coverage between your retirement date and when you are eligible for Medicare (generally age 65), find out the cost of coverage under COBRA and various individual or association programs, if you qualify.

Understand Social Security. Find out how Social Security works, the benefits due to you, and the steps you need to take to activate your payments upon retirement. Determine your optimal age to begin taking payments; you may want to consider delaying the age at which you collect in order to increase your monthly payment.

Think about long term care. During retirement planning, consider funding long term care insurance, if you haven’t done so already.

Rising health care costs, coupled with inadequate health care coverage, can have a devastating impact on your retirement income plan

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