Photo of Ray Ferrara CFP Ray Ferrara CFP Jun 07, 2022

If you are nearing retirement, you may be nervous about making sure you have all your ducks in a row. Investment strategies may need to change as you get closer to retiring, so it’s important to make sure you have the right guidance to keep you up to date. We recommend meeting with a financial advisor at the very least, once a year. So, what else should you prepare for as you near retirement? Here is a checklist with just about everything you should know.

What should be on your checklist of financial goals 5 years out from retirement?

  1. Estimate your spending patterns — By understanding your typical spending patterns, you can identify where you should cut back and in what areas you can afford to spend. You should identify how much you need on average to live comfortably and if your future income or the amount you have saved can sustain this way of living.
  2. Plan for your paychecks to stop — It’s important to have plans in place for sources of income past retirement or, if this isn’t possible, to save extra for times where you might need more than you originally planned for.
  3. Decide when to collect your Social Security — Deciding when to claim your Social Security benefits can affect how much you are eligible to receive. If you can afford to wait a little longer before claiming, you receive more. 

Talk to a ProVise CFP® professional about your retirement checklist

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance, and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about your retirement checklist? Contact ProVise today to schedule a complimentary consultation.