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Your Retirement Checklist - Financial Must-Dos Before Retiring

September 25, 2023

Retirement is like embarking on a new adventure, but before you set sail, there are essential financial tasks to check off your list. I'm here to guide you through these key steps in our latest newsletter. So, let's dive in and help ensure your retirement journey is smooth sailing. 

  1. Evaluate Your Retirement Savings: 

It's time for a financial health check. Assess your retirement savings to determine if you're on track to meet your goals. If not, we'll strategize on how to catch up.Will your savings and investments cover that trip to Europe you have been planning for years? 

  1. Social Security Planning: 

Maximize your Social Security benefits that work for you, by understanding your options. Exploring when to start claiming benefits and how to make the most of this important income source is an extremely important step to starting retirement. Is waiting a little longer to retire the answer? Could you retire right now? This step could potentially play a large part in answering this question! 

  1. Create a Retirement Budget: 

Crafting a realistic budget for retirement is crucial. Outlining your expenses, so you know exactly how much income you'll need, is the first step before looking at income options. A solid budget will guide the investment selection. Another important guiding factor to put into your retirement budget is things like vacations, and financial goals. For example if a goal of yours is to contribute to a college account for grandchildren, that is an important thing to add to the budget, even if it is not quite set up. 

  1. Health Insurance Coverage: 

Navigating healthcare costs in retirement can be challenging. Medicare, supplemental insurance, and how to ensure your health is financially protected is a crucial step to a secure financial future. If you are not preparing for the worst and it comes, your financial path could be seriously altered. 

  1. Long-Term Care Planning: 

Don't forget about long-term care. Exploring options like long-term care insurance or alternative strategies to protect your assets, is an important step to protecting the wealth you have built. If your mom and dad lived to be 100 and you are not accounting for the possibility of an above average lifespan, you may run out of money earlier than you would like. 

  1. Estate Planning: 

Ensure your legacy is secure by reviewing your estate plan. Discussing wills, trusts, and strategies to try and minimize estate taxes, is a crucial part of leaving a lasting legacy! 

  1. Pay Down Debt: 

Before retiring, aim to reduce high-interest debts. Looking at the best ways to tackle outstanding loans before retiring can often be the difference between a comfortable retirement, and one that is more financially tight.

  1. Investment Strategy: 

Now for the fun part, investment strategies! Your investment portfolio should align with your retirement goals and risk tolerance. A customized strategy that works for you, your goals, and needs. There are seemingly more investment options than there are stars in the sky and having a solid strategy in place can help make this daunting piece of the puzzle much more manageable. 

  1. Seek Professional Guidance: 

Finally, remember that you don't have to go through this checklist alone. As a financial advisor, I'm here to provide personalized guidance and support as you prepare for retirement. These questions are hard to answer alone, and professional advice is often the right move! 

Mason Carhart, Financial Advisor, 

Cell - 458-216-2060 

Email - 

Securities and investment advisory services offered through NEXT Financial Group, Inc. (“NEXT”), Member FINRA/SIPC. Lighthouse Financial Planners and Advisors is not an affiliate of NEXT. Mason Carhart is a Financial Advisor. Phone: (458)-216-2060, Address: 33 N Central Ave., Suite 317 Medford, OR 97501