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Created: January 4, 2019
Modified: June 7, 2023

Pre-Retirement Checklist

What You’ll Learn:
Much like a pilot has a pre-flight checklist, you need a pre-retirement checklist to help you along your journey. Find out what should be atop your list.

[00:29] –The End Of Mid-Terms.

  • As we enter 2019, we’re all thankful the mid-term elections are over. Joel reflects on the past election season.

[1:32] – New IRS Announcement.  

  • The IRS is increasing contribution limits for IRAs and 401(k)s in 2019. That could change your contribution strategy as you’ll be able to increase your savings.

[2:56]  – The Importance Of An Income Plan.    

[4:38] – Rates Of Return.

  • Part of your income could come from withdrawals from your investments. If so, you’ll want to be sure your investments are making good enough rates of return to last you through retirement. You also need to strategize which accounts you’ll withdraw from and when in retirement. Doing so will help you minimize your tax burden and ensure you have the income you need.

[6:09] – Joel Shares A Story. 

  • Joel shares the story of a client who came in with a jumbled assortment of unorganized retirement accounts. He was able to help this gentleman get financially organized and develop an income plan for his retirement.

[11:32] – The Importance Of A Checklist.

  • Going through your pre-retirement checklist will help your chances of a successful retirement. Use the following items to help you determine whether you’ll be ready to retire.

[12:09] – How Much Income Will You Need?

  • To build your income plan, you need to determine how much income you’ll need each month. Look at your bills, statements, and spending patterns and figure out what your budget will be each month.

[14:27] – When Will You Withdraw Social Security?

  • Social Security is a crucial item on your checklist. Most folks absentmindedly turn on their Social Security income stream. Don’t do this. Work with your advisor to determine the best time for you to begin withdrawing Social Security.

[18:19] – Addressing Longevity.

  • These days we’re living longer, and that’s good news, but longevity isn’t without its challenges. Specifically, we don’t want you to outlive your money. If you’re going to live to be one hundred years old, you’d better make sure you have enough income to get you there.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.

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