Personalized Life Planning
Social Security Optimization
- Have you checked your monthly benefit amount at full retirement age?
- Do you know your full retirement age?
- Have you completed an analysis to determine the optimal time to take Social Security?
- Will you be impacted by the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO)?
- Do you know how to apply for Social Security benefits?
Retirement Distribution
- Have you created a retirement plan and run it against scenarios to ensure you will not run out of money during retirement?
- Are you currently following the steps that plan requires?
- Have you made plans to create an "income stream" in retirement?
- Do you have a tax-optimized distribution strategy?
Budget Planning
- Do you have a budget that works for you?
- Do you know your credit score?
- Are you saving 10% or the amount required to reach your financial goals?
- Do you have three to six months of living expenses saved?
- Do you review your budget regularly?
- In the past six months, have you looked at your budget for ways to reduce spending?
Employer-Sponsored Retirement Plan
- Do you contribute to a defined contribution plan (IRA, 401(k), 403(b), etc.)?
- Do you know the maximum allowed contribution and are you making it?
- Are you contributing enough to get 100% of any company match?
- Are your investments (asset allocation) aligned with your risk tolerance?
- Do you review your investments/plan at least two times per year?
Life Insurance
- Will there be an income gap for your family if there is an unexpected death?
- Do you have life insurance?
- If you have life insurance, is it the right policy?
- Do you know how much life insurance you need?
- Do you know the key factors of how to select the best insurance?
- Do you review your life insurance policy annually?
Long-Term Care
- Do you have long-term care insurance?
- Do you have a family history of health issues?
- If care is required, do you have a plan?
- Does your current portfolio support the cost of care?
- Do you know the "right" time to buy long-term care?
- Do you know where and how to purchase a long-term care policy?
Health Care
- Are your healthcare costs in retirement currently part of your financial plan?
- Do you know when and how to enroll in Medicare?
- Do you understand the different Medicare Supplemental Insurance coverage options ( Medigap vs. Medicare Advantage)?
- Do you know how much supplemental insurance coverage will cost you in retirement?
- Have you estimated your out-of-pocket medical expenses in retirement?
Tax Optimization
- Are your taxable accounts managed in a tax-optimized way (e.g., tax-efficient selling)?
- Are you making contributions to an employer-sponsored retirement plan or IRA?
- Have you considered making Roth IRA contributions to reduce future tax liability?
- Are you minimizing your tax liabilities through charitable donations, a mortgage or other strategies?
Estate Planning
- Have you determined who should get what you own when you die?
- Have you determined who should be in charge when you can't make your own decisions?
- Do you have minor children? If so, have you determined who should care for them when you can't?
- Have you legally documented these decisions?
- Have you updated your estate plan and asset titles in the last two years?
- Do your beneficiaries and the people you've nominated to be in charge know what to do if something happens to you?
Education and College Planning
- Do you plan to help pay for your kids' or grandkids' college?
- Do you know how much they will need?
- Have you started saving for their education?
- Have you shared your plans with your children?
- Have you explored financial aid or scholarship