Nearing Retirement/Retirement Checklist

General information	Yes	No	N/A
1. Has relevant personal information been gathered? Age Age of spouse or partner Number of minor children and their ages
2. Has financial situation been assessed? Estimated annual expenses during retirement Estimated annual income during retirement (pretax and after-tax) Total assets and savings to date Total retirement savings to date Estimated yearly contribution to retirement savings Total liabilities to date Income tax bracket and filing status Health insurance coverage for each spouse Long-term care insurance coverage for each spouse Life insurance coverage for each spouse Wills, durable power of attorney, health-care proxy, and other estate planning information Beneficiary designations
Notes:
Determining retirement income needs	Yes	No	N/A
1. Has life expectancy been estimated to project how long retirement will last?
2. Have clear goals and objectives been established for retirement?
3. Have other major financial goals been funded or achieved? Pay off home mortgage Fund children’s education Buy retirement home Other
4. If not, have those other goals been prioritized with retirement goals?
5. Have annual retirement expenses been estimated, keeping in mind that those expenses may change from year to year? Food, clothing, housing Insurance Health care Travel and recreation Other
6. Have annual retirement income needs been estimated, based on the preceding goals and expenses?
7. Has expected annual income been estimated, and will that income be sufficient to meet retirement needs? Social Security Pensions Savings and investments (including IRAs and retirement plans) Job earnings Other
8. If not, are there steps that can be taken to bridge the gap? Work part-time Cut expenses Set more modest goals Delay retirement Other
9. Have inflation, taxes, and conservative rates of return been factored into these estimates?
Notes:
Employer-sponsored retirement plans and IRAs	Yes	No	N/A
1. Is a 401(k) or other employer-sponsored retirement plan funded?
2. Is an IRA in place? Roth IRAs Traditional IRAs
3. Are the tax issues associated with taking distributions from IRAs and employer-sponsored plans understood?
4. Has leaving money in these retirement accounts as long as possible to defer taxes and prolong tax-deferred growth been considered?
Notes:
Annuities and other savings tools	Yes	No	N/A
1. Are there annuities, or has thought been given to purchasing annuities?
2. If so, is the taxation of annuities and the payout options available understood?
3. Have a payout option and payment beginning date been chosen?
4. Are there other savings tools owned, whether part of the retirement portfolio or not? Cash value life insurance Mutual funds Stocks and bonds CDs Other
5. If so, are the tax issues surrounding these tools understood?
Notes:
Investment planning	Yes	No	N/A
1. Now that retirement is here (or near), have plans been made to change how the retirement portfolio and other assets are invested?
2. Will the client/advisor monitor the retirement portfolio and other investments throughout retirement and make changes when appropriate?
3. Have expectations been established for how the retirement portfolio and other investments will perform in the coming years?
4. Is some degree of investment risk acceptable to the client?
5. Has a distribution strategy been discussed/developed?
Notes:
Insurance planning	Yes	No	N/A
1. If under age 65, will adequate health insurance be available until Medicare eligibility is established?
2. If 65 or older, has a Medigap or other health policy been purchased to supplement Medicare, or is employer-sponsored coverage available?
3. Is there long-term care insurance, or have this and other strategies been considered to protect against the cost of nursing home care?
4. Have life insurance needs been revisited?
5. Have other types of insurance coverage been reviewed? Auto and homeowners Disability (will end at retirement) Liability Other
Notes:
Estate planning	Yes	No	N/A
1. Will beneficiary designations be reviewed periodically? Employer-sponsored plans IRAs Annuities Life insurance Other
2. Has will been reviewed/updated?
3. Is there a durable power of attorney or health-care proxy?
4. Have other estate planning tools and strategies been considered? Trusts Gifting assets Durable power of attorneys Advanced medical directives Other
Notes: