As your retirement years grow nearer, you may be wondering what you need to do to prepare. Below is a checklist of things to prioritize in your personal retirement strategy. Some of them you may already have started or completed, and others you may not have given much consideration to yet.

1. Create an estate plan

If you have already created an estate plan, it is time to sit down with your estate planning attorney and look for areas of opportunity as retirement grows closer. This may include adjusting your life insurance, for example. This also includes ensuring that any new assets or possessions are adequately accounted for, and that your estate plan is current with all applicable state laws. You also want to take into consideration the new expenses you will take on when it comes to Medicare and/or private health insurance, and make adjustments accordingly.

2. Meet with a financial professional

While some aspects of a retirement strategy will be taken care of while creating your estate plan, working with a financial representative will help you to take a much more in-depth look at your finances to help identify areas of opportunity specific to your situation. A financial representative can provide you with retirement strategy tools and resources to help you plan for your retirement. They can review any new investment opportunities for suitability and walk you through other situations, like how waiting an extra year or two to initiate taking Social Security payments can increase your monthly Social Security income, for example. And, they can also help now, while you still have the time to modify your retirement income strategy, to determine if your current sources of income will be enough to potentially help you live a comfortable lifestyle during retirement, or if you may experience an income gap.

3. Determine when you want to retire

As mentioned above, the amount of Social Security income you will receive and your retirement income strategy are important to consider — but there are many other factors you must take into consideration before you decide when to retire. You may enjoy working and want to work as long as you can. You may want to cut back to part-time work before you retire. You may also want to retire — but are not financially set to do so when you would like. Remember to also consider your health and your quality of life.

4. Consider if you want to move or downsize

Many individuals choose to move or downsize when they retire, for a variety of different reasons. This may mean moving to a warmer climate, moving to a smaller home that is easier to maintain, moving to a retirement community, or moving to an independent living facility that will provide you with a greater sense of security — while allowing you to remain independent.

5. Determine what you will do when you are retired

As exciting as it may sound to lounge around enjoying days your days at leisure, in reality the novelty will wear off fairly quickly — and you will need to find ways to spend your time. This is essential both for quality of life, and to ensure that you remain socially connected to others. If you have many other retired friends, they may help you to plan your newfound free time. You will also want to consider investing more time in hobbies, joining a few clubs or social groups, and traveling.

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2022-145501 Exp. 10/24