5 Tasks for Your Retirement Planning Checklist

In the final years of preparing for retirement, there is much to consider beyond diving into the bucket list you’ve been waiting on. You must ensure you have all your financial ducks in a row to ensure a smooth transition from the working world into a peaceful retirement. Today, we are sharing our retirement planning checklist with you so you have a starting point for achieving your exit from work.

Retirement Planning Checklist

Step 1: Retirement Income Plan

A great place to start with your retirement planning checklist is your retirement income plan; you want to increase the chances that you won’t outlive your savings while still planning to have the retirement life you’ve always desired. At DeWitt & Dunn, we can aid you in crafting an income stream – a risk-averse method of preserving and growing your capital to help you achieve more peace of mind as you consider your investment options.

Step 2: Social Security Optimization

You’ve spent decades investing in the Social Security system, and now it is time for your benefits to begin. However, there is a way to optimize the system to ensure you get the greatest bang for your buck. Do you know whether assuming your benefits now or delaying for increased earnings is right for you? At DeWitt & Dunn, we can help you calculate the optimal time to take advantage of this benefit.

Step 3: Life Insurance & Survivor Plan

The unfortunate reality of life is that it will always come to an end at one point or another, whether expected or not. Investing in life insurance to develop a survivor plan to prepare for that moment can give your family peace of mind.

Step 4: Long-Term Care Plan & Medicare Supplement Plan

It has been reported that someone turning 65 today has almost a 70% chance of needing some type of long-term care services and support in their remaining years, with 20% needing it for longer than five years. Long-term care can be costly, so planning ahead with a long-term care insurance plan can help ease the financial burden for your loved ones.

In conjunction with a long-term care plan, boosting your health insurance with a Medicare Supplement Plan – an extra insurance plan you can buy to help pay your share of out-of-pocket medical costs – can significantly ease your financial burden.

However, with dozens of options for life insurance and supplement providers, finding the right choice for you can be overwhelming. Don’t worry; DeWitt & Dunn can help!

Step 5: Estate & Legacy Plan

Another step in the retirement planning checklist is to develop an estate and beneficiary plan. At DeWitt & Dunn, we believe that estate and legacy planning starts with you. Protecting your lifestyle in the here and now gives you the freedom to explore how you can continue to make an impact long after you’re gone. 

Complete Your Retirement Planning Checklist with DeWitt & Dunn

As experts in the field of retirement, we understand how daunting planning each of these five steps can be. Having a team of experienced professionals to guide you through your retirement planning checklist will ease your stress and help set yourself up for the best retirement solutions. Don’t wait until your retirement date is just around the corner – start planning today with a free consultation with DeWitt & Dunn.