A Financial Checklist to Avoid Common Mistakes
Feeling overwhelmed? Don’t be. Here is a simple checklist to keep your retirement finance on track. Work through these steps one by one to build a strong financial foundation.
First, analyze your Social Security claiming options and decide on a strategy that maximizes your lifetime benefit based on your personal circumstances. Second, if you are over 73, calculate your RMD for the year and set a clear plan to withdraw it before the deadline. Third, thoroughly review your healthcare coverage, including Medicare and any supplemental plans, and start thinking about a long-term care strategy. Fourth, look at your investment portfolio to ensure it is balanced appropriately for your age and risk tolerance. Fifth, create or update your essential estate planning documents, including your will and powers of attorney. Finally, create and live by a detailed monthly budget that reflects your actual retirement income and expenses. Taking these concrete steps will help you avoid the most damaging financial mistakes seniors make.
