Personalized Retirement Readiness Checklist

What a good one includes

• A chronological countdown timeline detailing specific actions to take at key milestones, such as five years, one year, and six months before your target date.
• A consolidated breakdown of all your active and legacy pension accounts, including contact details and projected payout dates for each.
• Exact filing windows and eligibility criteria for state-sponsored retirement benefits, social security, or national pensions specific to your country.
• A clear transition plan for healthcare coverage, outlining how to bridge the gap between employer-sponsored insurance and senior public health options.
• A tax-efficient withdrawal sequence guide that suggests which accounts to draw from first to minimize your overall tax burden.
• A basic post-retirement cash-flow worksheet to match your guaranteed income sources against expected essential and discretionary living expenses.

Common mistakes to avoid

• Neglecting to track down and consolidate forgotten pension pots from previous employers, which leads to leaving unclaimed money on the table.
• Underestimating the impact of inflation and rising healthcare costs on your monthly post-retirement budget.
• Waiting until your actual retirement month to apply for government benefits, causing a stressful income gap due to processing delays.
• Ignoring the tax implications of lump-sum pension withdrawals versus taking structured, lifetime annuities.

Frequently asked questions