Are you ready for retirement?
Have you saved enough?
Will a bad stock market ruin your retirement?
Could changes in politics and policies affect you?
Could increased tax rates reduce your income?
How much insurance do you need?
Is your estate plan in good order?
What if you need to go into a nursing home?
These questions are important points to consider as you approach retirement. Are you ready?
Take the KCM Defend Your Retirement© Checklist Challenge and find out now.
Can you check all the boxes with confidence?
If you can’t check all
the boxes, don’t go at it alone.
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IncomeIncome
I have a written budget for all necessary and discretionary spending.
Based on this budget, I have an estimate of the income I will need each year when I retire.
I understand my employer’s retirement benefits and when I am eligible to receive them.
I know all the income sources I will have in retirement and the amounts I will receive.
ListSocial Security IncomePension IncomeRental IncomeOther IncomeIncome 2
I know how each of these income sources will be taxed.
I know what year I will retire.
If within five years of retirement, my financial advisor has calculated and documented my income plan.
My income plan indicates which accounts to withdraw from in each year.
My income plan is inflation adjusted and runs through at least age 95.
I know the optimal time to draw Social Security to help maximize the net amount received after taxes.
I know the pension option to choose to help maximize my payments while still providing for my spouse.
I have an inventory of all household assets.
ListHome ValueReal Estate/LandChecking/SavingsMoney Market/CDs401(k)sIRAsOther Acct(s)Income 3
I know how each of these assets will be taxed when I sell them or take withdrawals from them.
I have an inventory of all household liabilities/debts.
ListMortgageAuto LoansCredit Card BalancesOther DebtMedical
If retiring before age 65, I have a plan for major medical insurance coverage prior to Medicare.
After age 65, I know which Medicare options are the best for me, factoring in monthly cost, exposure, out-of-pocket expenses, and health concerns.
I am maximizing my health savings account (if applicable).
I know how I will cover long-term care or nursing care needs and have policies in place.
Defensive Financial Planning
I have a full understanding of my management fees (fees my financial advisor charges).
I have a full understanding of fees within my portfolio (fees on the individual investments and accounts).
My financial advisor regularly reviews my accounts with me.
I have a will
I have a trust
My estate plan is reviewed and updated at least every three years.
My financial advisor coordinates with my estate planning attorney to optimize my estate.
Risk Management
If within five years of retirement, my financial advisor has made changes to the risk levels of my investments.
My financial advisor has assessed my current tolerance and capacity for risk.
I feel my investments match my risk tolerance.
If there are changes in politics and policies, I’m confident my retirement will still be OK.
Tax-Efficient Strategies
I have a CPA.
My financial advisor reviews my tax returns with me.
My financial advisor coordinates with my CPA to proactively optimize my tax savings.
My financial advisor has addressed a plan to potentially convert taxable retirement income into tax-free income.
I have a plan to help minimize required minimum distributions (RMDs) and taxes on my retirement accounts.
My estate plan helps to minimize the taxes my loved ones will have to pay on their inherited assets.
Name(Required)
First
Last
Email(Required)
Phone (Optional)This field is hidden when viewing the formNumber
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