Getting ready to retire

Author

Edward Jones - Chad Choate, AAMS

For more information about the author, click to view their website: Edward Jones-Chad Choate

Posted on

Dec 16, 2023

Book/Edition

Florida - Sarasota, Bradenton & Charlotte Counties

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You plan, dream and talk about it for decades and now it’s finally within sight: retirement. Now that your vision is about to become a reality, there are lots of details to take care of. In addition to talking to your financial advisor, this checklist can help you get started.

Checklist-Coming down the home stretch

  Take stock of your income, expenses, assets and other financial obligations. Your assets include:

   Retirement savings: IRAs and employer-sponsored plans

   Equity in your home and other real estate

   Cash value of life insurance

   Investments

   Bank accounts


  Work with your financial advisor to identify a specific goal for the amount of savings you want to have at retirement — and develop a strategy to reach it.


  If you still have a few years to retire, ramp up your retirement plan contributions and savings as much as possible. Limits on contributions to IRAs and many employer retirement plans — e.g., 401(k) and 403(b) plans — are higher for people 50 and over.


  Work to pay off all your debts, including mortgage, car loans, credit cards and home equity loans.


  Estimate your Social Security benefits — see www.ssa.gov to calculate your benefits — and any pensions or other government benefits.


  Think about when you'd like to retire. Your age when you retire will impact the amount of Social Security benefits you receive.


  Work with your financial advisor to estimate how much income you think you'll need in retirement. Take into consideration that some expenses (such as health care) may be higher in retirement, while others will be lower.


  What other financial obligations do you have? Are you caring for parents or supporting children? Do you want to help children or grandchildren with their education or leave an inheritance?

Do you wish to make donations to charity?


  Estimate how many years you may spend in retirement based on average life expectancy. If your family has a history of living well into the 90s or longer, expect that you'll live that long, too!

Put your plan into action

  Learn about the requirements for your retirement plans — how early you can start taking penalty-free withdrawals, when you must begin withdrawing, and how long you can continue making contributions.


  Review the beneficiaries listed on your retirement accounts, life insurance policies, annuities and trusts, and make sure they're up-to-date.


  Enroll in Medicare three months before you turn 65, and look into Medicare supplemental insurance. If leaving your job before age 65, determine how you will cover health care. Options may include:

   Enrolling in your spouse’s medical plan

   Obtaining insurance through the federal Health Insurance Marketplace

   Extending your employer’s coverage under COBRA

   Purchasing private insurance

   Consider purchasing long-term care insurance.


  Everyone knows about Social Security, but you may qualify for other benefits. You may be eligible for federal benefits to help pay for medications, health care or utilities. Visit www.benefitscheckup.org to find out.

  Meet with an estate-planning attorney to ensure you have a strategy in place that will carry out your wishes. Review and, if necessary, update your:

   Will

   Living will

   Durable health care power of attorney

   Health care power of attorney

   Trust


  Think about — and discuss with your loved ones — how you'd like to spend your time. Do you plan to earn income in any way, such as a part-time job or consulting? Or are you ready to leave the workforce altogether?


  Be sure to think about the nonfinancial considerations and discuss them with your loved ones. It's important to have a plan for how you'll spend your newfound free time.

 

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Local Services By This Author

Edward Jones - Chad Choate, AAMS

Financial Advisor 828 3rd Ave. W., Bradenton, Florida, 34205

Experience and Background I am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.