Retirement Approaching? Use This Planning Checklist to Help Prepare

Planning for retirement may be one of the most exciting things that you ever do, but it’s also one of the most serious. A mistake in your retirement plan could mean not being able to retire at the age you want, or not being able to live your desired lifestyle during your retirement years. At Harvest Wealth Partners, we can help you to plan for your retirement years. Reach out to us today to learn more about creating a retirement plan with the help of one of our retirement planning professionals; in the meantime, use this planning checklist to help prepare—

20+ Years Until Retirement

As a young professional who’s just embarking on their career, the key to retirement planning right now is saving. Thanks to compounding interest, the more you save now, the more you’re likely to earn over the years. Even if you’re not making a lot—indeed, earnings tend to be less as an early career professional—setting aside even five-10 percent of your paycheck in a tax-advantaged retirement account could be very advantageous long-term. 

10+ Years Until Retirement

As you get closer to retirement age, there are a few things that you’ll want to do with intention to ensure that you’re on track to retire when you want to. These include:

• Review your current savings and savings plan. Meet with a financial professional to review your current savings strategy and how much you have put away for retirement. The professional can let you know whether you’re on track and what, if any, changes you should consider.
• Boost your contributions. Chances are that you’re now earning more than you were as an early career professional. If you’re over age 50, you can contribute more to your workplace retirement plan and IRA. Now’s the time to boost your savings through these catch-up contributions. 
• Consider diversifying your investments. When you’re younger, having your investments in more aggressive accounts can be a wise strategy; as you get older, though, you may want to consider more conservative accounts and also diversify your investments so that in the event investments go belly-up, your money isn’t all in one place. 
• Think about other components of retirement planning. When planning for retirement, there are other things that you want to think about too, like what type of insurance coverage you carry and how Social Security retirement contributions will impact your plan. 

5-1 Years Until Retirement

As you start to count the years until your retirement date, you’ll want to determine when you’ll start to withdraw Social Security, create a strategy for retirement withdrawals, review your healthcare and Medicare options, anticipate major expenses you’ll incur over the years, and continue to monitor your plan.

Get Help from a Retirement Planning Professional

At Harvest Wealth Partners, our retirement planning professionals are here to support you. As you think about your plan for retirement and where you see yourself during your retirement years, consider working with our team for the professional support you need. Reach out to us today for a no-cost initial meeting. 

This material was prepared for Harvest Wealth Partners financial advisor’s use.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.