3-Year Retirement Planning Calendar

Transcription

1 3-Year Retirement Planning Calendar Note: Planning should start much earlier than 3 years prior to retirement. We suggest you start the retirement planning process at least 10 years prior to retirement. 36 Months Before Retirement 1. Generate a specific plan for retirement: a. Financial (current and future budget provided by the Buckeye Group) b. Psychological (retire to, not from... what will you do with your time?) c. Professional (will you pursue a second career?) 2. Review your employer s retirement benefits. a. General pension estimates for your retirement day. b. Health benefits that carry into retirement. 3. Secure your Social Security statement online ( to verify your historical annual income statistics and projected monthly benefit. The Buckeye Group can help you with this. 4. Meet with the Buckeye Group s Certified Financial Planners to: a. Determine your net worth, assets/liabilities. b. Review retirement lifestyle plans. c. Estimate financial need. d. Run projections to determine if you have sufficient resources to last you in retirement. e. If current resources are not sufficient, consider: i. A later retirement date. ii. Increased retirement savings. iii. Lower spending expectations.

2 24 Months Before Retirement 1. Review your employer s retirement benefits. 2. Review your Retirement Plan developed by the Buckeye Group last year. 3. Review your Social Security statement on line Months Before Retirement 1. Plan for insurance coverages at retirement: a. Medical b. Dental c. Prescriptions d. Social Security (Medicare A & B or alternative) 2. Meet with a health insurance advisor to determine the best health care options. The Buckeye Group can assist you in finding an advisor. 3. Review tax strategies for your final year of work with your tax advisor 12 Months Before Retirement 1. Visit Social Security for review and update: a. Social Security benefits. b. Effects of taking benefits earlier or later than full retirement age. c. Please speak with the Buckeye Group before you make a final decision based on any recommendations by the Social Security office. 2. The Buckeye Group can assist you in running scenarios on the optimal time for you to begin taking benefits. 3. Apply for retirement estimate forms from your employer. Be sure to investigate payout options: a. Single life only. b. Spousal coverage in the event that you predecease your spouse. 4. Review your will and trust to determine if they reflect your current wishes.

3 6-10 Months Before Retirement 1. Review and update the exact dollar amount of benefits at retirement. 2. Develop a tentative budget for the first two years of retirement. 3. Meet with the Buckeye Group to review your retirement income plan. 4. Meet with your company HR person to review retirement estimates. 3 Months Before Retirement 1. Update all retirement benefits with your HR person. 2. Check in with health insurance specialist to finalize supplemental health insurance choice. 3. Visit Social Security and apply for benefits where appropriate. (see below for Social Security info) 2 Months Before Retirement 1. Obtain a thorough physical examination, as a change in health could affect the health benefit options you select. 2. Review Social Security Benefits. 1 Month Before Retirement 1. Contact your HR at work to ensure prompt submission of retirement forms to appropriate pension agencies. 2. Review all retirement data. Be sure to file all papers in a permanent file. After Retirement 1. Consider whether you should rollover your 401(k) or other qualified retirement plans to your Morgan Stanley IRAs. 2. Monitor your retirement spending as it relates to your proposed budget. 3. Review your financial plan with The Buckeye Group annually. 4. Enjoy your retirement!

4 SOCIAL SECURITY PLANNER You should apply for benefits no more than four (4) months before the date you want your benefits to start. Social Security benefits are paid the month after they are due. If you tell Social Security you want your benefits to start in May, you will receive your first benefit check in June. If you are not getting Social Security and you are not ready to retire, you should still use the Social Security online benefit application to sign up for just Medicare three (3) months before your 65 th birthday. How to apply: 1. Online use the Social Security/Medicare Benefit application. 2. Phone - call (For hearing impaired, call TTY In person visit your local Social Security office. You may be asked for your birth certificate. Have your bank information handy so you can sign up for Direct Deposit.

5 The Buckeye Group at Morgan Stanley 3635 Boardman-Canfield Rd. Canfield, Ohio Phone Russell W. Spitz, CFP Scott Murray NMLS # Daniel E. Betts, CFP Business Development Associate Josh B. Blumental NMLS # Madeleine Midge Stevens Beth Ann Hudzik-Moran Wealth Management Associate Morgan Stanley Smith Barney LLC and its s do not provide tax or legal advice. Individuals should seek advice based on their particular circumstances from an independent tax advisor. Please be advised by clicking on a third party URL or hyperlink, you will leave morganstanley.com. Morgan Stanley Smith Barney LLC is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the web site. Morgan Stanley is not responsible for the information contained on the third party web site or your use of or inability to use such site. Nor do we guarantee their accuracy and completeness Morgan Stanley Smith Barney LLC, member SIPC