Retirement Readiness Checklist | Kraus Capital Management

Step 1 of 8

12%

Retirement Income & Cash Flow

I have a written budget for all necessary and discretionary spending.

Based on this budget, I have an estimate of the income I will need each year when I retire.

I understand my employer’s retirement benefits and when I am eligible to receive them.

I know all the income sources I will have in retirement and the amounts I will receive.

Social Security Income

Pension Income

Rental Income

Other Income

Income Strategy & Withdrawals

I know how each of these income sources will be taxed.

I know what year I will retire.

If within five years of retirement, my financial advisor has calculated and documented my income plan.

My income plan indicates which accounts to withdraw from in each year.

My income plan is inflation adjusted and runs through at least age 95.

I know the optimal time to draw Social Security to help maximize the net amount received after taxes.

I know the pension option to choose to help maximize my payments while still providing for my spouse.

I have an inventory of all household assets.

Home Value

Real Estate/Land

Checking/Savings

Money Market/CDs

401(k)s

Other Acct(s)

IRAs

Assets & Liabilities

I know how each of these assets will be taxed when I sell them or take withdrawals from them.

I have an inventory of all household liabilities/debts.

Mortgage

Auto Loans

Credit Card Balances

Other Debt

Healthcare & Long-Term Care

If retiring before age 65, I have a plan for major medical insurance coverage prior to Medicare.

After age 65, I know which Medicare options are the best for me, factoring in monthly cost, exposure, out-of-pocket expenses, and health concerns.

I am maximizing my health savings account (if applicable).

I know how I will cover long-term care or nursing care needs and have policies in place.

Advisor & Estate Planning

I have a full understanding of my management fees (fees my financial advisor charges).

I have a full understanding of fees within my portfolio (fees on the individual investments and accounts).

My financial advisor regularly reviews my accounts with me.

I have a will

I have a trust

My estate plan is reviewed and updated at least every three years.

My financial advisor coordinates with my estate planning attorney to optimize my estate.

Investment Risk

If within five years of retirement, my financial advisor has made changes to the risk levels of my investments.

My financial advisor has assessed my current tolerance and capacity for risk.

I feel my investments match my risk tolerance.

If there are changes in politics and policies, I’m confident my retirement will still be OK.

Tax Strategy

I have a CPA.

My financial advisor reviews my tax returns with me.

My financial advisor coordinates with my CPA to proactively optimize my tax savings.

My financial advisor has addressed a plan to potentially convert taxable retirement income into tax-free income.

I have a plan to help minimize required minimum distributions (RMDs) and taxes on my retirement accounts.

My estate plan helps to minimize the taxes my loved ones will have to pay on their inherited assets.

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Are You Ready for Retirement?

Questions To Consider

Take the Defend Your Retirement Checklist