PART 1:

A HOLISTIC INCOME STRATEGY

• I know how much I will need to cover my expenses each month in retirement (about 80% of your current monthly budget is a solid estimate).

• I have estimates for how much extra I will spend each year on travel, home improvements, gifts, medical care, and other one-off expenses.

• I have a clear understanding of the guaranteed income I will receive from sources such as Social Security, pensions, annuities, veteran’s benefits, etc.

• I understand that as of 2023, an average retired couple age 65 may need approximately $315,000 saved for rising healthcare costs.

• My income strategies account for inflation (if I need $100,000 this year, I will need approximately $186,000 in 20 years to have the same quality of life at 3% inflation).

• I understand all my Social Security options and how to maximize my guaranteed lifetime income.

• My spouse and I have coordinated our claiming strategies to help maximize our income.

• Our income strategy helps protect a surviving spouse from loss of income.

• I have adequate liquid cash on hand for emergencies and unexpected expenses so that I’m not forced to liquidate investments.

• A financial professional has looked over my income strategy to identify any problems or mistakes.

WHY SHOULD YOU GET A PROFESSIONAL OPINION OF YOUR INCOME STRATEGY?

Turning your savings into enough income to last the rest of your life is complicated—plus adding frequent rule changes can make it all feel impossible to navigate alone.

PART 2:

MARKET READINESS STRATEGY

• I have completed a risk questionnaire and understand all the risks I’m taking with my retirement savings.

• I understand that my investing strategy will need to change in retirement so I don’t run out of money later in life.

• My income strategy includes guaranteed income to protect my lifestyle from market volatility.

• I understand “sequence-of-returns” risk and that withdrawing too much when my portfolio has lost value can have a lasting negative effect on my retirement.

• I have run multiple portfolio scenarios with different growth and inflation assumptions and am confident that my withdrawal needs are “safe.”

• My income plan is flexible, and I’ve planned for the inevitable ups and downs of the stock market.

• A financial professional has reviewed my market plan and assumptions to identify any problems.

WHY SHOULD YOU GET A PROFESSIONAL OPINION OF YOUR MARKET STRATEGY?

I have access to sophisticated software that lets me “stress-test” your portfolio under different market conditions to find the weak points and suggest solutions.

PART 3:

A FORWARD-THINKING TAX STRATEGY

• I have reviewed my strategies in light of recent tax legislation to make sure I’m using every opportunity to potentially lower my taxes now and in the future.

• I understand how Taxable, Tax-Deferred, and Tax-Free wealth buckets work, and how my drawdown strategy helps maximize my after-tax income.

• I understand that Medicare and Social Security depend on the future fiscal stability of the U.S.

• I understand that the debt held by the U.S. is expected to reach 6.9% of GDP in 2033 and my future tax rates may increase.

• I am staying abreast of changing tax rules and working with a financial professional to proactively plan for future taxes.

WHY SHOULD YOU GET A PROFESSIONAL OPINION OF YOUR TAX STRATEGY?

Simple. Don’t give Uncle Sam a dime more than you have to. Tax laws change constantly and your strategies need to keep up.

DISCOVER THE SUPPORT THAT COULD CHANGE YOUR COURSE

You might be feeling hesitant right now. But before you set this checklist aside, remember, the first step is always the hardest––and you’ve already taken it.

It’s okay not to have all the answers to the questions presented in this checklist. What’s important is identifying where you still need to take action. If you need some advice or encouragement, please call my office to schedule a chat.

And consider this: Even if you feel comfortable with your current retirement plan, I’d recommend getting a professional to confirm if the changes from the new retirement regulations impact your current strategy.