The Pre-Retirement Checklist: How Prepared are You?

Woman at laptopGetting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. But thanks to our work together, you might be more prepared than you think! This handy checklist of ten crucial steps can help you visualize how far you’ve come.

To measure your progress toward retirement preparation, check off your “Done” items from the list below.

  1. Retirement Budget - Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement.
  2. Emergency Savings - Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you.
  3. Tax Strategy - Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.
  4. Lifestyle & Location - Consider where you’ll live, both short- and long-term. Have a plan for funding a move and understand the timing involved.
  5. 401k Strategy - Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.1
  6. Bucket List - Write down your personal goals for your retirement years. Explore your dreams, priorities and values.
  7. Extended Care - Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care.
  8. Estate Strategy - Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.
  9. Health Insurance - Understand your options with Medicare and define a strategy for covering health care expenses for the long haul.
  10. Social Security Strategy - Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

NOT QUITE READY?
If you’re not as prepared for retirement as you’d like to be, just reach out to Member Investment Services, located at DuPont Community Credit Union. You can schedule a free appointment by emailing us at misdccu@lpl.com or calling 540.946.3200. Together, we can fine-tune these strategies so you can finish your checklist and get started on that bucket list.

1. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions.

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Securities offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SPIC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured DuPont Community Credit Union deposits and are not NCUA insured. These products are not obligations of the DuPont Community Credit Union and are not endorsed, recommended or guaranteed by DuPont Community Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principle is possible. DuPont Community Credit Union and Member Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

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