Retirement Checklist

So, you want to retire? Congratulations! That is the first step. Where do you want to go from here? As a retirement planner, you might imagine creating this pathway is in large part of what I do. It starts with reviewing your investment needs with your financial advisor. If you do not already have one, you will want to choose one. In your meeting, you will want to discuss your risk tolerance as this may change when you stop earning a paycheck. Rebalancing your portfolio and learning how to withdraw funds and minimize taxes will also be a top priority. Your advisor can work with you to decide when to sign up for social security. At this time, you may want to consider an annuity and take note of your guaranteed income sources.

Next up, take inventory of your assets and evaluate your current budget. Write down every debt, liability, savings balances, insurances, etc. This will give you a full view to realign your budget during retirement. Determine how much money you want per year vs how much do you truly need.

There might be unexpected expenses along the way so build an emergency fund with at least six months’ worth of funds to cover your bills if need be. Planning out your health insurance and long-term care is very important. Where will your health coverage come from? Will you be completely covered by Medicare or have supplemental insurance? This will depend on whether you are retiring early or not as well. If you are retiring early and Medicare is not an option, or you do not receive coverage from your former employer or your spouses’ employer, you will need to obtain insurance on your own.

Once you have decided on your retirement date, notify your HR/Employer. Determine if you will still want to work in retirement and decide where you want to retire to. Do you want to move and need to sell/buy a house? Are you staying in your current home? At this point, try to eliminate all debt. Tackling the debt with the highest interest rates and smaller balances first and leaving mortgages for last since they will most likely have a lower interest rate.

Finally, plan out your estate. This will consist of creating a will and appointing a power of attorney. If needed, establish guardianship for living dependents and appoint beneficiaries for life insurance plans, retirement accounts, and shared assets. Coordinate funeral arrangements and designate sentimentally valuable family heirlooms. You will want to review your plans every five years, or when you experience a life changing event.

If you would like a copy of a retirement checklist, please contact our office and we would be happy to provide one for you. Retiring is a big life decision, but with patience and the help from a financial advisor, it can be an easy milestone to achieve.

Jason LaBarge, Financial Advisor and President of LaBarge Financial

7 Riggs Avenue, Severna Park, MD 21146 · 443-647-4321

www.LaBargeFinancial.com - Retire with more than just money.

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. MAS and LaBarge Financial are not affiliated entities. 2210050-01/24