Top 10 Essential Factors of a Retirement Planning Checklist

If there’s one thing that you don’t want to do twice, that would be retiring.

Imagine having to go back to work after you’ve called it quits. Yuck!!

I’ve heard horror stories of this happening and the most common culprit is lack of planning.

Planning your retirement is something you do not want to take lightly.

If you are approaching retirement, do you know if you are ready?

Do you have the funds saved that you will need?

Do you have all the other details in place and ready to go?

While retirement is an exciting time, it is also a time of big changes in your life.

Not only will you not be going to work every day but you will also have adjustments in your personal life and your finances will also be changing.

To make sure you are prepared for all the changes creating a retirement planning checklist is recommended.

A Basic Retirement Checklist To Follow At Any Age

1. Develop your retirement budget.

Face it.  You have to know how much you need per month to live on.  “Guesstimating” is just setting yourself up for failure. Make sure that you factor in inflation which can be calculated at about 3%-5% per year.

The easiest way to start creating a retirement budget is to look at what you currently spend as a non-retiree. Grab your utility bills, bank statements and credit card statements for the last 3 to 6 months and calculate how much you are spending in major categories like groceries, eating out, and car expenses. These categories may change significantly in retirement, but having an idea of what normal feels like before retirement is a good place to start.

Having trouble tracking down your statements and keeping your bills straight? I recommend using online software like Finovera because you can see all of your bills and statements in one place.

Try out Finovera. This free online software let’s you connect all of your major bills to its system to track your due dates, keep statements archived, and be directed to that bill’s payment page easily.

If you don’t have a retirement budget, your retirement plan is 99.9% likely to fail.
Prev1 of 6

Leave a Reply

Your email address will not be published. Required fields are marked *