Unfortunately, hobbies don’t always fit those requirements. Retirees are advised to pursue activities that involve daily structure, relationship building, and working towards a goal to keep mentally sharp and motivated. Planning Tip: From a mental health perspective, make sure that you are retiring to something and not from something.Help coordinate benefits between care providers and insurance companies.Make a list of all your doctors as well as any medications.Planning Tip: Is relocating a consideration? Be sure to carefully consider this decision from both a social and financial planning perspective.Is there money available to pay for those eventualities (e.g.Have plans been made in the event of illness, disability or death of a spouse?.Do any changes or modifications need to be made to the house?.
Should you downsize? If so, when is the right time to do this?.Is your current housing situation suitable for an elderly person?.Term insurance, homeowners, etc.)? Is there other insurance that you now need to get or increase as you approach retirement (e.g. Planning Tip: Is there any insurance that you no longer need once retired or change living arrangements (e.g.Review health insurance coverage and consider whether it would be appropriate to add a Medigap policy to pay for costs not covered by Medicare.Review homeowners, auto and umbrella liability insurance to make sure they are adequate, appropriate and up to date.life, health, long-term care, etc.) with all relevant information. Make a list of all insurance policies (e.g.Include the contact information for your insurance advisors.If you are not on track, be sure to discuss the appropriate financial planning and lifestyle modifications that are required. 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. Planning Tip: Set up a time to meet with your financial advisor several years before retirement.Streamline bill paying and income to come out/go into accounts electronically.Make sure all beneficiary designations are up to date (e.g.Review Social Security benefits and automate payment where possible.Review investments and make sure they are appropriate for someone within retirement.Evaluate any pensions you may have and your options.Consolidate all old 401(k) accounts where appropriate.Consider consolidating all investment accounts to one firm for simplicity.Make a list of all accounts and where they are held.Include the contact information for all your financial advisors.Planning Tip: Set up a time to meet with your attorney, trustees, and any relevant family members to get the above items clarified and updated.Were trusts set up for estate/long-term care planning purposes? If so, are they up to date and do you have a copy of the trusts? Who are the trustees? Were the trusts funded?.Does your healthcare power of attorney contain a healthcare directive that spells out wishes for life-prolonging care?.Do you have a current durable power of attorney for healthcare?.
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