Today we’re going to walk you through the Retirement Checklist Challenge. This checklist covers five crucial areas: income planning, medical and healthcare, advanced financial planning, risk management, and tax-efficient strategies. Whether you’re preparing for retirement or already retired, this checklist helps you assess your preparedness and identify areas that need attention.

The goal? Score as high as possible—ideally, a perfect 34 out of 34! If your score is lower, it might be time to consult a financial professional to bridge any gaps. At the end of this blog, we’ll tell you how to get your complimentary copy of the Retirement Checklist so you can find your score. Let’s get started!

The Five Key Categories of the Retirement Checklist Challenge

1. Income Planning: Will Your Money Last?

One of the biggest fears retirees face is running out of money. Even if you’ve saved diligently, market downturns, unexpected expenses, and inflation can impact your financial security. The Retirement Checklist Challenge ensures you have a solid plan in place by addressing the following questions:

• Do you have a clear budget or spending plan for retirement?
• Have you identified your essential and discretionary expenses?
• Do you know where your income will come from? (Social Security, pensions, investments, rental income, etc.)
• Have you considered tax implications on different income sources?
• Have you optimized your Social Security strategy to maximize benefits?
• Do you have a strategy for withdrawals from retirement accounts (401(k), IRA, etc.)?

Understanding your income sources and how they align with your retirement budgeting is essential for maintaining financial stability.

There’s more information about this in the article “The High Net Worth Guide to Secure Your Retirement”.

2. Medical and Healthcare Planning: Are You Covered?

Healthcare costs can be one of the biggest expenses in retirement. Planning ahead ensures you’re not caught off guard by unexpected medical bills or long-term care needs. Here are key considerations:

• Do you understand your Medicare options and have a plan in place?
• If retiring before age 65, have you considered health insurance options?
• Have you factored in potential long-term care needs?
• Do you have a Health Savings Account (HSA) or other healthcare funding strategies?

Medicare and long-term care planning are critical components of a secure retirement plan, ensuring you have adequate coverage for the future.

3. Advanced Financial Planning: Are Your Finances in Order?

Beyond basic budgeting and income planning, financial planning for retirement involves evaluating fees, estate planning, and overall financial structure:

• Do you understand the fees associated with your investment accounts and financial advisor?
• Have you reviewed your estate plan (wills, trusts, power of attorney)?
• Have you updated beneficiary designations on retirement accounts and insurance policies?
• Are you utilizing wealth management strategies that align with your long-term goals?

Many retirees overlook estate planning, but having these documents in place protects your loved ones and ensures your wishes are carried out.

4. Risk Management: Are You Prepared for Market Volatility?

Market fluctuations are inevitable, so having a risk management strategy is key to preserving your wealth:

• Have you assessed your risk tolerance as you approach retirement?
• Does your retirement investment strategy include non-correlated assets?
• Do you have a plan in place to protect against market downturns?

Having a balanced mix of assets, including alternative investments, can help minimize risks while still providing growth opportunities. If your risk exposure feels too high, adjusting your portfolio to align with your retirement goals may be necessary.

5. Tax-Efficient Strategies: Are You Minimizing Your Tax Burden?

Taxes don’t stop when you retire—strategic tax planning can help maximize your savings and reduce unnecessary tax burdens:

• Have you considered Roth conversions to minimize taxable income later?
• Are you taking advantage of charitable giving strategies for tax efficiency?
• Have you planned for Required Minimum Distributions (RMDs) from retirement accounts?
• Do you have a strategy to minimize Social Security taxation?

Tax planning isn’t just about filing returns—it’s about implementing proactive strategies to reduce what you owe over time.

How to Get Your Retirement Checklist Score

This challenge isn’t just about completing a checklist—it’s about ensuring you have a secure retirement plan in place. If you’re working with Peace of Mind Wealth Management, our goal is that you easily score 34 out of 34!

What If Your Score Is Low?

If your score is below 30, don’t panic! It just means there are areas where you may need professional guidance. Whether it’s retirement income planning, Social Security strategies, estate planning, or risk management, we can help tailor a strategy that fits your needs.

To get your copy of the Retirement Checklist Challenge, simply email us at info@pomwealth.net or call our office at 919-787-8866 and request the Retirement Challenge checklist. It’s a fillable document that allows you to assess your readiness and identify areas for improvement.

Secure Your Retirement with a Plan

Retirement isn’t something you should leave to chance. Taking control now means enjoying financial stability later. The Retirement Checklist Challenge helps ensure you’re on the right track, giving you peace of mind as you approach retirement.

If you’d like more information on this topic, check out the article “Retirement Planning: The Key Steps to Retiring Comfortably”.

Once you find your score, you can schedule a complimentary 15 minute call to discuss your questions with us. Check out the calendar to find a time for your 15 minute call.