6 May 2019

The Retirement Checklist: Your Personal Guide

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By Michael Rambaldini

Director |Certified Financial Planner |Aged Care Professional

As part of your retirement preparation, it’s recommended to have a checklist that will not only serve as your reminder but also as a goal tracker. When you engage the help of a Professional Financial Planner to specifically discuss your options at retirement, this checklist will outline the points that you want to achieve when you retire. 

Here are some important sample items for your checklist:

  • Savings Plan – You need to indicate your estimated annual expenses that will need to be covered for approximately 25 years (avg. life expectancy after age 60). You can also re-calculate this if you are receiving pensions or other forms of constant income. It will lessen your expenses per year and thus adjust the projected savings amount.
  • Aged Care – planning ahead for healthcare and aged care needs are important considerations that will impact your finances. Emergencies, hospitalisation, home care or full time care will happen at sometime. You can set aside a plan on how to address these challenges.
  • Additional Income – Even when you have already retired, you can still opt to earn money which will increase your retirement financial resources. Whilst others may want to enjoy their relaxing moments by not working, there are a number of elderly who would prefer to continue working. If this is part of your plan, don’t hesitate to include this discussion with your Financial Planner.
  • Your Legacy and Estate – A concise and realistic estate plan will have an impact for your loved ones and family. This is one aspect in your checklist that has to be updated on a regular basis. Have open communication with your family and include it in your checklist.
  • Elderly Recreational Activities – The number of elderly Dementia cases have increased in the last few years and will continue to do so in the future. Including this in your checklist will also help you determine your activity goals that will help you maintain a sound mind and body. The key is to develop a plan for activities that will enhance your routine for a healthy lifestyle.

Do you have more items to include in your retirement checklist? You can talk to us and reach us through www.verante.com.au for more information on Aged Care and Retirement.

Verante Pty Ltd is a Corporate Authorised Representative of Viridian Select Pty Ltd, ABN 41 621 447 345, AFSL 515762. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information consider its appropriateness, having regard to your objectives, financial situation and needs.