Turning 60 Checklist: 10 Key Retirement Questions to Ask

Retirement is often a top priority for people when considering their finances and it is an exciting pursuit for many of us. In particular, however, when someone retires five to eight years after retirement, the "error rate" for planning errors decreases and the questions to be asked become more and more critical.
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I have found that age 60 can often be an important milestone and catalyst for customers to really look at various aspects that can affect them. With all the information on the Internet, I was surprised not to find a concise checklist of questions to give to my customers. As they say, necessity is the mother of invention. That's why we've developed these 10 questions you - and your financial advisor - need to ask as you near retirement.
Have I saved enough for retirement? If not, with probably five to eight years, what course corrections need to be made today?
At 59 ½ years of age, many people's 401 (k) and other retirement plans allow you to roll over to an IRA through employers even if you are still working. Is that a good idea for me? What are the pros and cons? *
Is my money in the right places? Is it properly diversified? Am I taking more risks than I have to (or should)?
What percentage of my retirement income versus expenses is guaranteed income (pensions, social security, income annuities, etc.) versus drawing on assets from accounts that can fluctuate?
What could long-term care cost me later and how could I, for example, handle an additional bill of over $ 10,000 per month for a few years if necessary?
Is my estate planning up to date? Is it right?
Should I convert some of my input tax money (e.g. traditional or rollover IRA) into a Roth IRA in order to later provide me with tax-free funds, also known as “tax diversification”? ** What are the pros and cons of this strategy? ***
Should I have life insurance that will last beyond retirement? Is my retirement plan ready for the effects of the death of myself or my spouse and what would the social security cut mean for the surviving spouse?
Do I have a written retirement plan?
When should I collect social security?
These are just a few of the things to consider when you turn 60, or what age you are seriously about to retire in the next five to eight years (or less). Since a lot of emphasis is placed on saving and investing, other important areas are often missing in the planning, such as: B. Estate planning, life insurance, and long-term care to name a few.
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It has been said that climbing a mountain is twice as dangerous as climbing it, and we find that so is retirement planning. For the majority of a person's professional career, this is pretty easy as people are on the budget mode without worrying about the fluctuations in the market.
As the finish line approaches - or the starting line as you can see it - we now need to convert assets into income and make sure there is enough income to last for possibly more than 30 years (and along with inflation To keep up) in the context of the other pitfalls that could arise if left unaddressed. Hopefully, however, with careful planning, one can retire and check off one's Peace of Mind Box® knowing these issues have been fixed and enjoy the retirement they have always dreamed of.
* If you are considering transferring the proceeds of your retirement plan to another tax-qualified option such as an IRA, please be aware that you may have the option to keep the funds in your existing plan or transfer them to a new employer plan. If necessary, contact your new employer to learn more about the options available to you under your plan, as well as the fees and costs involved. You may owe taxes when you withdraw funds from the plan. Please consult a tax advisor before withdrawing money.
** Neither New York Life Insurance Company nor its agents or affiliates provide tax, legal or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions
*** Contributions to a Roth IRA can in principle be withdrawn at any time without any tax consequences. In general, income can be withdrawn tax-free if the account is held for at least five years and withdrawals are made after the account holder is 59½ years of age. If income withdrawals are made before the five-year period or 59½ years of age, income taxes will be due and a 10% federal tax penalty may apply. If you are considering transferring the proceeds of your retirement plan to another tax-qualified option such as an IRA, please be aware that you may have the option to keep the funds in your existing plan or transfer them to a new employer plan. If necessary, contact your new employer to learn more about the options available to you under your plan, as well as the fees and costs involved. You may owe taxes when you withdraw funds from the plan. Please consult a tax advisor before withdrawing money.
This material is written by Caleb Harty, Principal of Harty Financial, for informational purposes only. This is not an advertisement for any product or service. All assumptions are hypothetical and are for illustrative purposes only. Harty Financial and its employees provide tax, legal or accounting advice. Please consult your own professional for these needs.
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