Your Retirement Checklist

Here are some things that you can check off in your run-up to retirement.

If you have more than 10 years to go:

1. Create some basic life plans to guide your financial plan. It is not too early to think about where you might live, how long you want to work, some bucket list items (you don’t have to wait for retirement to start these)
2. Develop your financial plans to ensure that you have an investment and savings strategy in place
3. Start thinking about work/life balance. You are probably entering your peak earning years and the tendency is often to sacrifice lifestyle for work advancement (especially if you are male)
4. Review your insurance coverage to make sure that you have done enough to protect your family’s lifestyle and income
5. Create an estate plan, and ensure that your will is up to date
6. Make sure that regular health check-ups are now part of your life

Five to 10 years to go:

1. If you have not put any of the above things in place, it is time to do so
2. Revise your plans based on how close you are to retirement
3. Make sure you would be financially OK in the event of involuntary retirement
4. If you are planning to move or downsize, research possible locations, prices, amenities, etc. You want to have a fair idea of what you are facing
5. Agree with the general timing of your retirement with your spouse or partner
6. Start to think about retirement activities that you want to engage in and start incorporating them into your life now
7. Have a clear view of the financial resources that you may have as you start your Retirement Transition

Five years to one year:

1. Do the same planning activities as above, but review where you are
2. Discuss your plans with your current employer
3. Reconsider the timing of your retirement if you need to, including working past your official retirement date
4. Think about work opportunities, new hobbies, or new careers. Start today to incorporate some of these into your life
5. Think about your plans to replace or repair capital items such as your car, home, vacation home, etc

Within one year:

1. Look at all of the above plans and review your situation based on your previous goals
2. Have a thorough health check-up and ensure that your health coverage is up to date and sufficient
3. You may be eligible for NZ Super. Check out what your options and responsibilities are to apply (three months in advance)

Review Your Plan Regularly

For both your life plan and your financial plan, regular reviews are important. We recommend once a year for your life plan up to five years in advance and then every six months until you are one year away from retirement. Your financial plan should be reviewed with your advisor at least once per year.

Looking to start your journey to financial freedom in retirement? Speak with one of our financial advisers today.