Thursday, April 3, 2014
Where should you start when beginning your retirement planning? Below are some areas you should be checking and evaluating:
- Projected income sources: Social Security, pensions, annuities, possible inheritances, life insurance, income from investment, and sale of real estate and personal property.
- Projected expenses: Rent, mortgage, loans, taxes, credit card debt, health care, insurance, relocation, and travel/vacation costs.
- Estate planning: Updated will, power of attorney, DNR, contact information, list of passwords and location of important documents.
- Additional concerns: Reduce debt, find reliable professionals, and determine your longevity.
See Art Koff, Your Retirement Planning Checklist, Market Watch, March 31, 2014.