Getting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. But you might be more prepared than you think! This handy checklist of ten crucial steps can help you visualize how far you’ve come.

To measure your progress towards retirement preparation, check off your “Done” items from the list below.

1. 1. 1. 1. 1. Retirement Budget
               Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement.
            2. Emergency Savings
               Prepare for emergencies be saving at least 3 months’ living expenses and have that money easily available to you.
            3. Tax Strategy
               Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.
            4. Lifestyle & Location
               Consider where you’ll live, both short and long term. Have a plan for funding a move and understand the timing involved.
            5. 401(k)/457/403(b) Strategy
               Have a strategy for your retirement plan and determine the best time for you to access the money, based on your goals.[1]
            6. Bucket List
               Write down your personal goals for your retirement goals for your retirement years. Explore your dreams, priorities, and values.
            7. Extended Care
               Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care.
            8. Estate Strategy
               Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.
            9. Health Insurance
               Understand your options with Medicare and define a strategy for covering health care expenses for the long haul.
            10. 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, schedule a one-on-one retirement consultation with a PersonalSAGE Financial Coach here.

[1] Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59 ½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 73, you must begin taking required minimum distributions.