A Guide To Retirement: Your Financial Checklist

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Prior to making any investment related decisions for retirement (and when we say prior to, we mean years before the time comes), the first thing you must do is figure out what is most important for you financially. Since everyone will find themselves in a different position as they approach retirement, it's only obvious that what you need in terms of your finances will likely be different from your spouse, your neighbor or your best friend. However, there are a few topics that apply across the board; here are 18 questions we should all be asking in order to prepare:

1. What is the size of your retirement nest egg? (In simpler terms, how much have you set aside for this period of your life?)

2. If applicable, have you met with your employer about your pension plan? How will your funds be dispersed?

3. Have you spoken with Social Security to discuss retirement benefits? Do they know that you are ready to receive them?

4. Should you be working when benefits are available to you, are you familiar with the income limitations that will be placed by Social Security?

5. What arrangements are being made to move your liquid and equity assets into sources of income?

6. How much will you need to make on your invested money in order to generate the income you need during retirement?

7. Are you aware of tax laws and how they will impact your retirement income?

8. Do you know what your living expenses will be like during retirement?

9. How much gross income will you need during retirement? (Don't forget to consider account inflation, taxes and the cost of living!)

10. Are you aware of your current cost of living?

11. Have you been cutting back on living expenses so that you can pay off debts prior to retirement?

12. Can any of your insurance policies be restructured or canceled once you retire?

13. Have you prepared estate-planning documents? Do you understand the laws revolving around taxes, probate and inheritances?

14. In the event that you become incapacitated, do you have someone who has power-of-attorney for you? If so, what does it include?

15. Does your spouse/child/relative/close friend know where they can find important records of yours?

16. Did you consider higher medical costs and less coverage from Medicare when planning your budget? Have you thought about home health care or long-term care as well?

17. Do you know where you want to live when you retire?

18. Have you met with a certified financial planner to discuss all of your retirement needs?

Though this is quite a lengthy list, it is absolutely imperative that you go through these questions well before you plan to retire to ensure that everything is all squared away before the time comes. For more retirement tips, be sure to check out the book 50 Fabulous Places to Retire in America by Lee and Saralee Rosenberg.

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.