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Retirement planning checklist

by , 19 November 2014

If retirement is quickly approaching and you know that there is no more time to waste, then it's time to get more organized and determined in your planning.

Here is a checklist of things you should do before and during retirement, to ensure that you have everything under control.

1. Make sure you can afford to retire. You may want to retire when the time is right, but can you actually afford to? Do your homework and determine whether you have sufficient assets and savings to retire comfortably.
2. Re-evaluate your investment plan. You don’t have any time to waste when it comes to retirement investing. Make sure your portfolio is rebalanced in accordance with your retirement goals and the current market.
3. Evaluate or re-evaluate your retirement expenses. Due to inflation and market fluctuations, what you envisioned for retirement years ago may not be accurate anymore. Re-evaluate your retirement expenses and find out if you are short on savings.
4. Find a more affordable retirement destination. Whether it’s changing neighborhoods or moving abroad, you can reduce retirement expenses by relocating after retirement. Check out to see which countries or towns have lower living costs.
5. Find out how much you have left to pay on your mortgage. This is crucial, because you want to pay off what is left before you retire.
6. Determine your total debt and pay it off as quickly as possible.
7. Get in touch with your pension provider(s).
8. Beware of an increase in health care expenses once you retire. Take these extra expenses into consideration when you plan for retirement.
9. Get in touch with a financial planner who can help you understand your retirement needs and readjust your investment portfolio.
10. Identify how you will spend your time during retirement. Traveling the world may have been on your list, but can you actually afford to do it once you retire? It’s time to be honest and find less expensive activities that can fill up your retirement and make you feel useful and content.
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Retirement planning checklist
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