Lifepoint Financial Design – LifePoint Financial Services – Mike Metzger Financial Planning

Before crossing the bridge over into retirement, it is important that you make sure you are fully prepared for that next step.  Let this pre-retirement checklist help you to check off some of those important items in order to take that leap. By working together, we can create a successful transition for you and your family.

  • Retirement Budget: Understand what variable and fixed costs will continue into retirement and which will not.  Make a list of those expenses and add it up against your retirement income that will continue into your retirement.

  • Emergency Savings: Prepare an emergency savings for those unexpected expenditures in retirement of at least 3 months-worth of monthly fixed and variable expenses.  If only one source of income is expected in retirement, such as social security, then 6 months of emergency savings would be recommended.

  • Tax Strategy: Have a sound strategy that will help you mitigate tax while spending money from both your taxable and tax-deferred accounts.

  • Lifestyle and Location: Have a good understanding of the lifestyle that you want to live while your retired.  What kind of activities will you be doing and what will those activities cost? Where do you want to live or spend your time while retired?

  • 401(k) Strategy: Determine how and when you will be accessing your money based upon your goals.

  • Bucket List: Write down all of the items and activities that you want to accomplish in retirement; including costs, time it will require, how it will be accomplished, and talk to your financial advisor to project those finances out into the future to see if it has an impact on the remaining years of your retirement.

  • Extended Care: Make financial arrangements for a situation where you or a loved one might encounter a health issue and may need full-time care.

  • Estate Strategy:  Develop an estate approach that will distribute assets according to your wishes and identify the person who will handle the estate.

  • Health Insurance:  Know the available sources of health insurance once you are no longer part of your employer’s health plan.  Understand Medicare options and have a medical insurance plan for the long-haul.

If you are not quite as prepared for retirement as you would like to be, don’t hesitate to call my office to develop a comprehensive plan that fits you and your family’s specific goals and lifestyle.  Together we can help you fine-tune those strategies so you can finish your checklist and get started on a successful retirement.

Michael Metzger CA Insurance LIC# 0H86440, is a registered representative with and securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

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