Your Retirement Planning Checklists

Whether you are thinking about retiring next year or many years from now, there are several things you should consider as you plan for your retirement. Please review the checklists below as you plan. As always, we are here to help as you work through each topic.

6-10+ Years from Retirement

` Outline your retirement goals (where you want to spend retirement, who you want to spend it with, what you want to do, etc.) ` Determine if your savings align with your goals and, if not, what you can do now to address any discrepancy ` Ensure you’re maximizing the opportunities you have to save for your retirement (401ks, IRAs, etc.), taking advantage of catch-up contributions if you are age 50 or older ` Pay off debt, prioritizing higher-interest rate debt first ` Ensure you have a will and that the will is up to date ` Ensure your financial advisor is aware of your goals and that you are invested appropriately based on those goals

“An investment in knowledge pays the best interest.” –Benjamin Franklin

2-5 Years from Retirement

` Review your retirement income sources (Social Security, pensions, retirement savings) to ensure they will be sufficient to cover your expenses once retired ` Ensure you have a “bridge strategy”, if necessary, which will help you bridge any gaps in income before claiming Social Security ` Take an inventory of your retirement benefits, such as deferred compensation, stock options, etc. and determine what steps you will need to take to access those benefits once retired ` Review your health care coverage options to determine what you will use for coverage once retired and how much it will cost ` Again, ensure you have a “bridge strategy”, if necessary, to help you bridge any gaps in health care coverage prior to becoming eligible for Medicare at 65 ` Review your life insurance, disability, and long-term care insurance policies to ensure your coverage is appropriate ` Consider your long-term real estate strategy (will you want to stay where you are, or downsize/relocate once retired?) ` Ensure your financial advisor is up to date on your goals and review your investment allocation to ensure it aligns

Less than 2 Years from Retirement

` Finalize your plan for paying your living expenses once retired (ensure your retirement savings is on track to meet your needs, determine how much you will receive from all income sources once retired, etc.) ` Review your Social Security benefits and determine at what age you plan to claim them ` Create your investment withdrawal strategy with your financial advisor, ensuring you are first withdrawing from the appropriate accounts to minimize your income taxes ` Ensure you also consider your required minimum distribution requirements ` Review your Medicare options ` Work with your employer to determine what the retirement process looks like and how long it will take ` Decide what to do with your 401(k)/403(b) (keep it in the 401(k)/403(b) plan, roll it into an IRA, cash the funds out, etc.) ` Review your investment allocation with your financial advisor to ensure it aligns with your current situation and your retirement goals

Adapted from Fidelity’s retirement checklists: www.fidelity.com/retirement-planning/six-ten-year-retirement-checklist www.fidelity.com/retirement-planning/two-five-year-retirement-checklist www.fidelity.com/retirement-planning/less-than-two-years-retirement-checklist