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Lesson 12
Retirement Checklist
2 min read

Even though the exact amount you need to retire varies from person to person, there are some universal factors to consider when planning for retirement. Check out the list below.

  1.  If you want to retire in your early sixties, check your Retirement Score.

  2. Live lean—below your means—and invest the money you save toward your retirement.

  3. Test-drive your retirement budget for six months before you retire. Adjust it as needed.

  4. Plan out your income and withdrawal strategy that align with your goals.

  5. Set up an emergency fund with enough money to cover six months to one year of expenses.

  6. Make it a priority to pay off your mortgage before retiring. A mortgage-free house will be a gold mine when you retire. Maintain it well. If it’s available where you live, investigate when you can apply for a freeze on property assessments.

  7. If you think you might want to live out your retirement in a different location, consider moving before retirement so it’ll be easier to obtain a mortgage. This also allows you to ensure you like the area you’ve chosen.

  8. Make a plan for health insurance coverage until you’re 65. Familiarize yourself with all parts of Medicare.

  9. Make or update your will. Appoint a healthcare power of attorney. Draw up advance directives including a living will and organ donation specifics. Check into pre-paid funeral plans along with the insurances discussed in the earlier lesson “Long-Term Care and Life Insurance.”

  10. Store important papers—wills, deeds, mortgages, investments, etc. — in one safe place. Tell a trusted family member of its location.