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In this video, I talk through the activities I undertook today as I work toward my retirement.

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@w.breckenridge5143 asked me the question, “did you develop a check-list for your retirement plans?”. He or she said, “I am of a similar age as you and always feel that i am forgetting something in my pre-retirement efforts.” So I thought I would answer the question here…

So the short answer is no, I didn’t develop a #checklist. But I will say I have contemplated the following as I prepared for retirement

1. What do I want my retirement to look like (i.e. what are my goals in retirement) – Your goals will have a big impact on the perceived success of your retirement
2. Will I have enough money to last until I die?
• How long do I think my wife and I will live?
If I predecease her, what do I need to do to leave her in the best possible situation to live out her days
If she predeceases me, what do I need to supplement my income in addition to her final expenses
• What assumptions can I make with regard to general #inflation, #medicalinflation, #socialsecurity #cola, #housingappreciation #rate, my #taxrate in retirement by year
• Will I continue to own a home or will I rent a home
• Will I live in my current location or will I move to a new location
• Should I consider the value of my home in my usable #networth calculations or should I exclude it
• Do I have any income streams beyond my #savings / #investments
o Social Security
 If you are married, model your retirement on a dual SS amount as well as a single social security amount to test your plan post a spouses death
o #wholelife #policies
 Will you include or exclude the value of these in your planning calculations
• How are my investments allocated
o Do I need to update any of my allocations before retiring
o Should I do #ROTHconversions
o Can I use cash on hand to optimize my tax situation once I retire
o Do I expect anything to trigger an #IRMAA (Income Related Medicare Adjustment Amount) increase
 Most people are OK when they are married unless you get a significant inheritance once you are in retirement. But if your spouse dies, you could be thrown into an IRMMA bracket which starts at $133,000 Modified Adjusted Gross Income (#MAGI) in 2025 for a single filer especially if you are doing ROTH conversions
• What will I do for healthcare before #Medicare?
o Do I need #dental or #vision coverage?
• What will I do for Medicare, traditional Medicare with higher monthly costs plus #Medigap plus Drug plan or #MedicareAdvantage that covers everything including drugs
• #Longtermcare #insurance
• Evaluate pre-paying for #finalexpenses versus leaving it for your spouse or heirs to do
• What, if any, #financiallegacy do you want to leave and who do you want to leave it to
• What significant non-recurring #expenses do we expect to incur during our retirement
• What is the detailed #monthlybudget now and what do we expect it to be in retirement for recurring expenses
• Can I retire #debtfree
o If not, how quickly can I become debt free
• Use a software tool such as #boldin / #newretirement to run #financialplanning #scenarios
3. Have my wife open a new #creditcard with me as the secondary user with a #creditlimit similar to my primary card
4. Should you need to finance anything, and I’m not suggesting that you go into retirement with debt, but if you need to, do it before your recurring income stream from a job is no longer verifiable
5. Don’t get #divorced post-retirement, from a financial perspective, unless you are extremely wealthy, both spouses quality of life in retirement will become very challenging
6. To both make it easier on my loved ones and to make sure things go as I would like them to go, I have or will update my #lastwillandtestament, #financialpowerofattorney, #medicalpowerofattorney, #livingwill or #livingtrust, #beneficiary #designations, #finalwishes document, #password and #account #list

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DISCLAIMER: NOTHING CONTAINED IN THIS VIDEO SHOULD BE CONSTRUED AS ADVICE OR AS A RECOMMENDATION. NO ACTION SHOULD BE TAKEN BASED ON THE COMMENTS MADE IN THIS VIDEO. THIS VIDEO WAS CREATED FOR ENTERTAINMENT PURPOSES ONLY. THIS IS MY STORY AND THE ITEMS DISCUSSED WITHIN THIS VIDEO ARE SPECIFIC TO ME. YOU NEED TO DO YOUR OWN RESEARCH AND WORK WITH A LICENSED PROFESSIONAL BEFORE MAKING ANY HEALTH OR TRAVEL OR INVESTMENT DECISIONS.