The Pre-Retirement Checklist
July 7, 2023
How prepared are you?
Getting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. But thanks to our work together, you might be more prepared than you think! This handy checklist of ten crucial steps can help you visualize how far you’ve come.
To measure your progress toward retirement preparation, check off your “Done” items from the list below.
Understand what your income will be, and how you can confidently spend the money you have accumulated for retirement.
Prepare for emergencies by saving at least 3 months’ living expenses, and have that money easily available to you.
Consider where you’ll live, both short- and long-term. Have a plan for funding a move and understand the timing involved.
Have a strategy for your 401(k) plan and determine the best time for you to access the money, based on your goals.1
Write down your personal goals for your retirement years. Explore your dreams, priorities and values.
Make arrangements in the event that you or a loved one encounters a health issue requiring full-time care.
Develop an estate approach that includes how you want your assets to be allocated, and who will handle your estate.
Understand your options with Medicare and define a strategy for covering health care expenses for the long haul.
Have a sound tax strategy to guide you through the process of spending money from both taxable and tax-deferred accounts.
Not quite ready?
If you’re not as prepared for retirement as you’d like to be, just reach out. Together, we can fine-tune these strategies so you can finish your checklist and get started on that bucket list.
1Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 73, you must begin taking required minimum distributions.
*Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2023. Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union Members. SEC Marketing Disclosure.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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