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Retirement Planning Checklist

This is a checklist of most of the major issues you need to consider when planning your lifestyle in retirement and to the timing of these events.  Financial planning is not the major focus here but is included as it is closely linked to lifestyle planning.  It is not always possible to control the timing of your retirement but the earlier you start planning the better.

  15-20 years before retirement 5-10 years before retirement 1-2 years before retirement 6 months before retirement 3 months before retirement
Financial plans Develop financial plans (in consultation with financial adviser) based on your personal and financial goals.

Develop financial plans considering:

  • The amount of money you will need to live on in retirement and how much money you will have available;
  • Strategies to decrease any gap between the amount of money you want to live on and the amount of money you will have available for retirement;
  • A possible retirement age for your circumstances;
  • Retirement investment options;
  • Your superannuation plan;
  • Tax issues;
  • Possibility of any government assistance.
 Review your financial plans and budget. Review your financial plans and budget and make any adjustments to these.  If you haven’t already done so, obtain statements from your Superannuation Fund.
Review any life insurance schemes.		 As for 6 months.
You may be eligible for the age pension – this can be applied for in advance.  Talk to Centrelink.
Work/Life Develop activities other than work. Try some new activities you think you will enjoy in retirement and make some new friends/contacts. As for 5 –10 years. As for 5 –10 years.  
Work Skills   Do you have any skills that you may be able to market or use to earn additional income when you are retired?  Do you need to update these skills? Consider the option of working part-time or other flexible work options during the last few years of your working life.*
See also 5 – 10 years.		 As for 5 – 10 years.  
Retirement Expectations   Discuss retirement and your expectations with your partner.  Agree on the general timing of retirement. Consider the timing of your retirement – can you afford to retire when you had planned or do you need to remain working for longer than you thought?   Review your proposed retirement date to check that it is still the best time for your circumstances.
Retirement lifestyle – Miscellaneous     Consider where you will be living in retirement.
Does your home need any substantial repairs or maintenance?  Will your current home meet your needs in retirement?
Do you need to build a workshop or shed to cater for any proposed retirement activities?
Does your car need replacing?
If you’re planning to travel in retirement, start collecting brochures and possibly look for less expensive times to travel.		 Have a thorough health check and review any health insurance you may have.  
Estate Planning Prepare or revise your will.
Make arrangements for an Enduring Power of Attorney.		     As for 15 – 20 years. As for 15 – 20 years.

* If you are considering working part-time for the last few years or months of your working life, you will need to discuss this with your superannuation fund to examine the impact of your benefits and to discuss any options to minimise any negative financial repercussions.