We’re going to continue this series of videos for folks approaching retirement on important items to have on your “aging checklist.” Today, we are going to discuss financial items to consider on this checklist.
- First, You should include the contact information for all your financial advisors.
- Make a list of all accounts and where they are held. Your loved one’s shouldn’t have to go on a treasure hunt looking for where everything is held.
- Consider consolidating all investment accounts to one firm for simplicity.
- Consolidate all old 401(k) accounts where appropriate.
- Evaluate any pensions you may have and your options.
- Review investments and make sure they are appropriate for someone within retirement.
- Review Social Security benefits and automate payment where possible.
- Make sure all beneficiary designations are up to date (e.g. importantly, remember to remove ex-spouses).
- You should Streamline bill paying and income to come out or go into accounts electronically.
- Planning Tip: Set up a time to meet with your financial advisor several years before retirement. Speak with him/her regularly for the next few years to make sure your finances are organized and you are in a position to fund your lifestyle as you age. If you are not on track, be sure to discuss the appropriate financial planning and lifestyle modifications that are required.