What You Need to Know

Thinking about retirement can never happen too early. Whether you are just starting your career or you are only a few years from retirement, being prepared will help you achieve your goals. Here are the top ten items to get your ready for a secure and happy retirement.

Risk comes from not knowing what you’re doing.

-Warren Buffet

  Daydream of Retirement

The first step on your road to retirement is daydreaming of what retirement means for you. Do you want to go back to school, volunteer, live by your children, or travel? How you envision your 20-30 years of retirement will help determine your plan. What is your plan? We'll get to that shortly.

  Find and Organize Your Important Documents

Organization is key to planning your future, and it starts with getting a handle on your critical documents. This isn't only important for your personal organization, but also for your loved ones to have access when something happens to you. These documents include your financial statements, health records, bills, phone numbers (doctor, lawyer), and your will.

Access your Everboxx to see all the documents you need to gather, securely store them, and share with your loved ones.

  Understand How Much Can & Want to Spend in Retirement

What you want to spend and the reality of how much you can spend in retirement doesn't always align. By knowing where you want to be and where you currently stand allows you to make adjustments to your savings, 401(k) contributions, and future expectations...and the earlier you know the better. Also, debt often lowers your chances of a successful retirement. You should understand, strategize, and retire your debt as soon as possible.

Access your Retirement Report to see how much you want to spend, how much you can spend, what others like you are doing, and recommendations to fix the issues. Access your Debt Planner to come up with a plan to reduce your debt.

  Create a Social Security Strategy

Social Security is often a key source of income in retirement. You need to understand what Social Security is, when you should take it, and how much you will get.

Find more information on Social Security and use the Social Security Planner to determine when to take it and how much you'll get.

  Build a Health and Medicare Strategy

Your biggest expense in retirement will be your health care..hands down. While Medicare can help with some coverage, it isn't free. You should first determine what your health care needs are and then the best coverage for you.

Access your Health Reviewer to see where you current health stands, your Health Care Cost Analyser to see how much you will pay, and the Medicare Navigator to see what options are available for you.

  Get the Right Amount of Long-Term Health Care and Life Insurance

Long-term health care can be vitally important if you're unable to take care of yourself. Without it, your finances could quickly be drained. Life insurance is also important, less for you since you won't be around to use it, if you have people who depend on you.

Learn more about your long-term health care insurance or use the Life Insurance Cost Calculator to figure out how much life insurance will cost you.

  Determine Where to Live in Retirement

This can be a nerve-wracking topic for many, but it doesn't have to be. It can actually be fun to explore different options, like the year round warm weather you've dreamed of. There are several questions to think about when searching for a new home: how close do you want to be by family, do you want a small town or large city, what kind of weather do you like, how important is culture and walkability in the new location, and what kind of access do you want to health care providers?

Access your Retirement Relocator to find amazing places that meet your needs.

  Stay Busy in Retirement

Earlier, we asked you to daydream of what retirement will be like. We did that because loneliness and feeling directionless in retirement is very common. There are many ways to find purpose and keep busy in retirement. Some travel, take up a hobby, go back to school, or volunteer. The important point is to not start retirement with the plan of "doing nothing".

Access your Volunteer Guide to find enjoyable opportunities.

  Create a Plan

The previous steps were about gathering and understanding your circumstances in preparation for successful retirement, but achieving that successful retirement is a different matter. How do you do it? The short answer is a Plan.

A plan is the key to understanding the actions to take, knowing when to take them, and tracking the progress (so you you can make adjustments). Just like above steps, the plan is inclusive of your financial, health, and life needs. It is not a static document, but adapts as your life changes.

Access your Plan from your Dashboard to get started on your next task.

  Figure Out When You Can Retire

Ah, we finally get to the most pressing question? We left this for last because it is the culmination of all the previous checklist items. Complete the first nine steps and you should have your answer: can you retire early, will you need to keep working, and what life style will have in retirement?

Your Dashboard gives a summary of where you currently stand for readiness (the chart).

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