FREE 10+ Planning for Retirement Checklist Samples in PDF | DOC

Most people around the world retire as soon as they are in their 60s. In the U.S., the average American retires at 66 and above. Retirement is a big transition in a person’s life as they have to deal with a new life after years of working. Preparing to retire is no easy task. You want to retire when you’re still strong to enjoy your retirement and at the same time, you should be financially secure. To make sure you’ll be able to follow this goal and have a happy retirement life, this article can provide you a guide on what to prioritize on your retirement plan checklist and some sample printable retirement checklist templates that you can follow from.

10+ Planning for Retirement Checklist Samples

1. Pre Retirement Planning Checklist

2.  Retirement Finacial Planning Checklist

3.  Retirement Planning Benefits Checklist

4. Before Retirement Planning Checklist

5. Professional Retirement Planning Checklist

6. Retirement Planning Schedule Checklist

7. Planning Checklist Retirement Readiness

8. Editable Retirement Planning Checklist

9. Pension Plan Retirement Checklist

10. Employee Retirement Planning Checklist

11. Printable Retirement Planning Checklist

Why Planning for Your Retirement is Important

Planning for retirement especially in 2021 is crucial more than ever because it will help you avoid running out of money and depend financially on your children or relatives. It is also important to cover your expenses, enjoy your retirement, and help you during emergencies.

How to Make a Retirement Checklist

Now that you’re prepared to make your retirement plan, list down the important things you need to know and have to be able to live financially independent when you’re finished having a job. These considerations will help you determine if you’re ready to permanently leave your job or you need some assistance and work to do before you retire.

Determine Your Post-Retirement Budget

Try to foresee your future once you’re retired. Your income and expenses will drastically change compared to when you were working steadily. To prepare for these changes, consider the following points: Knowing where your income will come from (e.g. pension, retirement account, allowances from family members, etc.), evaluating your lifestyle, getting an easy part-time job or volunteer work, choosing where to live, and calculating your expenses.  Once you’ve listed down your answers to these questions, it’ll be easier for you to come up with an estimated budget you’re going to need and prepare to set aside some money for it.

Settle Your Debts Before You Retire

Debt is usually what people set back when retiring early. Most older adults have loans or debts to pay, and it’s most likely you have at least one. If you’re dead set on retiring or soon be forced to retire, you should take care of paying off all of your debts. Your income will likely decrease and paying for debts can make a dent in your budget. Now is the time to study your debt inventory and plan on how to pay all of them. Add up how much you owe in each debt plus the interest rates. Whether you’re paying off your personal loans or credit card debt, track your payment schedule and record your progress to help keep you on track.

Take inventory of your assets

For you to be able to work out your budget for retirement and paying all your debts, figure out your finances while you’re still working. Note all your financial assets and liabilities such as your savings, investments, your income stream, loans, and any insurance policies you have. Include also your properties, vehicles, jewelry, and other valuable possessions you have. Knowing your financial situation can help you budget your needs and lifestyle post-retirement, and figure out which debt or loans you can pay off first.

Have an emergency fund

For sure, you might have some money stuffed away for emergency purposes. Having an emergency fund is especially important once you’ve entered retirement since your income is likely to be less. Props to you if you already have an emergency fund set aside for the future. If you haven’t or you used it up due to some unfortunate instances, save up accordingly to your living expenses. Set aside six months to a year’s worth of funds to help cover emergency cases. Safely keep your money where nobody can find it and help you avoid being tempted to spend all of it.

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