Tax Planning

Getting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. This handy checklist of ten crucial steps can help you visualize how prepared you are.

□ Retirement Budget

Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement.

□ Emergency Savings

Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you.

□ Tax Strategy

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

□ Lifestyle and Location

Consider where you’ll live, both short- and long-term. Have a plan for funding a move and understand the timing involved.

□ 401(k) Strategy

Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.¹

□ Bucket List

Write down your personal goals for your retirement years. Explore your dreams, priorities and values.

□ Extended Care

Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care.

□ Estate Strategy

Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.

□ Health Insurance

Understand your options with Medicare and define a strategy for covering health care expenses for the long haul.

□ Social Security Strategy

Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.

If you’re not as prepared for retirement as you’d like to be, just reach out to a financial professional. Together, you can fine-tune these strategies so you can finish your checklist and get started on that bucket list.

^{1. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions.}