Retirement Planning Checklist
..plan your retirement today

Here's a retirement planning checklist to give you plenty to think about. Of course, all checklist items are estimated:

BE SPECIFIC:IRA:$___________
401K:$___________
Investment Income:$____________
Hobby:$__________
Job(PART-TIME OR FULL-TIME):$_________________
Social Security:$____________
Consultant Work:$____________
Other:$________________

Take Action!Saving for retirement is of the highest priority--do not make it an afterthought.

Food $______
Travel:$_______________(how many trips a year would you like to take)
Gifts $_______(How many birthdays/anniv/holidays a yr)
Restaurants$_______ (how often would you like to eat out)
Clothing/hair/makeup:$________
Entertainment:(movies, theater)_____________
Misc (phone/cable etc):$_____________
(most financial planners will have a detailed list of all items of daily living that you can use)

You will find that food/nutrition become very important. You will be very concerned with eating the right foods and you won't want to cut back on anything affecting your health. If you don't have enough money, you may have to cut back on entertainment or dining out. You also will be very concerned with getting exercise and you want to make sure there are opportunitiesfor exercising--You can see why it may be important to be closer to activities you enjoy and that are free.

Decide where you will live (pick one option) and add it to monthly costs:

Option 1: If in your current home: What is the mortgage/taxes/ins per month: $_________
Total Current Home Monthly Costs:$___________
Other home expenses (upkeep,utilities) $_________

Find out:

How old will you be when your home is paid off________or How much equity will you have in your home at retirement $_________

Option 2: If you move and sell your home:

State #1:______________________

taxes
housing
living costs
other

State #2:_____________________

taxes
housing
living costs
other

State #3:_____________________

taxes
housing
living costs
other

Community #1___________________

housing
living
crime
taxes
activities in area
medical in area
climate
other

Community #2___________________

housing
living
crime
taxes
activities in area
medical in area
climate
other

Communitiy #3___________________

housing
living
crime
taxes
activities in area
medical in area
climate
other

Now take the preferred choice from above and apply the following:

How much new home will you qualify for:

How much equity in your current home $______________

How much will you apply to your new home (how much will you have to use to qualify--interview mortgage lenders, financial planners, attorneys, tax accountants, Realtors and other professionals to determine this) $______________

How much will you use for moving expenses, pay off debts etc $_____________How much is left over for retirement savings. *$_________*Please check with your financial planners and expertsas above to determine a financial plan for your retirement monies.

Costs to move to another state:$__________________

What type of home do you prefer/afford:

single family home $________
Condo $____________
Mobile $___________
Co-op $________

Assisted living apartment $___________
Continuing Care Community $___________

Choose one of each type and compare housing and living costs:

Single family home:

Condominium:

Mobile/Manufactured Home:

Co-op:

Assisted Living/CCR:

Other:

Can you save here. How much can you save each month if activities are in the area, if shopping and restaurants are walkable, if entertainment you like is nearby etc. Is there a farmers market in the area. How close is medical, bookstoresor library etc - you can save a lot by having things you do on a daily basis nearby the community. Y's and senior centers in thearea are good too.

Current Monthly Health Insurance: $____________
After medicare kicks in:$___________
Prescriptions: $_____________

How far to doctor visits and expenses: $____________

How many cars:(will your insurance be lower if you have only one car):$________

Auto Insurance (any discount after 55):$___________

Gas, oil, repairs: $____________

Debts:$_________ (you may wish to not have any consumer debt going into retirement) Pay off credit carddebt first and then pay a little extra on your mortgage eachmonth--even $30-50 a month extra helps

Credit Card Balances:

#1:$___________
#2:$___________
#3:$___________

Question: Can these be paid off by retirement. If not, then you must add them into your total monthly expenses. Remember, these are just estimates as you may have more or less credit card debt at retirement.

Two websites about investments and savings: www.dolans.comwww.irahelp.com Savings

How much do you want to leave to your heirs
Do you have a will
Do you have a living trust
How much is your total net worth:$_________

Additional questions to explore:

How will you make your money last

Will you need long term care insurance.

Monthly contribution for grandchild's education or helping adult children

If you live longer than expected, how will you handle it:

Option #1: Live with your adult children
(Have you discussed this with your children)

Questions: Will it mean another move for you.
Where do your children live now. Where will they live in the future.
Will it be another costly move to relocate to where your children live

Option #2: Will you go into assisted living
How will you pay for assisted living

NOW ADD THE TOTALS:

What you can do now: Read and visit websites like this about retirement, places and communities

Visit retirement communities
Increase your knowledge about retirement living, places and communities to live

Increase your income or cut back your spending - SAVE FOR RETIREMENT

Assess where you are at now--have a realistic picture of what retirement will cost

YOUR NOTES ON THINGS TO TAKE ACTION ON NOW OR IN THE FUTURE:

We believe retirement can be better with the more income you have. You can cut back on expenses in retirement in many creative ways but there are some things you will not want to cut back on. Decide what your highest priorities are.

Some people are more financially prepared and better off than others for retirement and need estate planning advice. But even those with plenty of retirement savings can see their money disappear as in the recent case of Ed McMahon whose home was in danger of foreclosure in his retirement years after a long and lucrative career in television. How prepared you will be is a very individual and personal thing.

I have made mistakes like everyone and most often when I don't see the forest for the trees. Bottom Line: What will make you happy in retirement.

We hope this checklist helps to give you a betterpicture. No one knows the future but all we can do is plan for it as best we know how.

(We are not financial planners and this general checklist is not intended to take the place of advice from experts. Please do your own checking into how best to plan for retirement.

This is general information only which we hope can be helpful but is not intended as advice or even opinion.

This is not intended to be a complete checklist and is very general as you may have expenses that are not on this list.

This is a personal checklist fromour own "been there done that" experience that you may or may not experience when you retire. Your own experiencewill be unique to you but this gives you some advance ideas.)

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