Retirement Manifesto (married, travel, insurance, investments)

[StealthRabbit]

A good Retirement Planning worksheet has much of that detail.

Fidelity recently launched eMoney Advisor (More comprehensive planning).(made available to your profile / start page... if you ask)

+/-, as it aggregates all your accounts, and makes your Fidelity assets ONLY planning a bit more complicated.

I still have not found a planning program that changes your filing status from Joint to Single when one dies (you input longevity, so it has a projected date!). That math would be VERY easy to add, and very important to know... Your tax planning WILL change significantly!

[NewbieHere]

I’m impressed, feel like an underachiever now.

[Blondy]

I think its a great plan OP. But then I never met a plan or back up plan I didn't like lol!

Don't listen to the naysayers.

A couple things I would add. Obviously, for people who relocate in retirement there are a lot of issues to be added.

I didn't see final/funeral expenses/plans included.

I wasn't sure if you covered what happens if one/both require nursing home care or in home care.

The other thing I would say is if you are a planner and your spouse is not, leave detailed instructions on what they need to know. If they don't thank you, the person they turn to for help will. That should include imo an explanation of your investment strategy.

I also didn't see you list a consideration of life insurance. That can be a lifesaver if one spouse dies pretirement.

Forgot to say, retirement is a good time to check that all assets/accounts are titled the way you want with the appropriate beneficiaries. Make sure as little as possible has to go through probate. Also, a good time to update wills if necessary and or medical direcitves and POA's.

[Parnassia]

One thing I've learned over the years about planning....the more meticulous or tightly scripted the plan, the easier it is for one small unexpected item to mess the whole thing up. If there's no "flex" or "we'll see" built in to it, things tend to break.

[reneeh63]

Seems like 90% of this forum is about some aspect of planning but someone posts something specifically on that and everyone comes out of the woodwork saying that planning doesn't work or OP has overdone it!

[fluffythewondercat]

If we'd tried that, it never would have gotten any farther than:


Retirement Objectives - List objectives here

[otterhere]

Originally Posted by Deoge

I am generally well organized but my upcoming retirement planning was driving my crazy. (I know, it's a very short trip) with all of the options and scenarios that are possible. For example, what happens regarding my spouse's income if I die 6 months before retirement? What is my spouse's income if I die 6 months after retirement? Even though my wife was in agreement on most items, I was not sure if she was on board with everything.


My solution was to write a "Retirement Manifesto" to outline most of the possibilities and for me to organize my thoughts. I found it very useful, so I thought I would present it here if it could help others.



If this is not your thing, that is certainly fine, but it helped me immensely. Of course, use as many or as few of the topics that pertains to your retirement situation to prepare for your retirement. List topics that I have not yet though of.



If you are already retired, then use a subset of the topics below as needed.
Some topics require a short paragraph, other topics may entail an entire page.

Planning not your thing? Ignore and let the others use as they see fit.

The way I see it I don't retire every day and this is my chance of getting it right the first time.



Major sections:

Retirement Objectives - List objectives here
Retirement Age - What dates are your and your spouse will retire. Alternate dates?
Retirement Preparation - What are doing now before your retirement date to get ready
Retirement Living - Where are you going to live after retirement? How long?Retirement Longevity - Assumptions used for retirement calculators
Retirement Assets - List your assets here
Retirement Present Debt - List your current debtRetirement Future Debt - Kids weddings, home improvements, etc.
Retirement Toys - Future RVs?, campers?, boats?computers?Retirement Budget
Early Retirement – First 10 years - list trends such as more travel

Mid Retirement - Second 10 - list trends such as more medical

Late Retirement – Third 10 - list trends such as much more medical
Retirement Planning Assumptions - Guesstimates regarding income and predicted inflation rate
Retirement Taxes - Guesstimate regarding income and investments

Retirement Reduction in Spending - List money your will be saving (401K payments, office gifts)Retirement RMDs - Pre-retirement conversion strategy

Retirement 401K to IRA Conversion Post Retirement - enough saidRetirement Legacy - Inheritance to kids, charities
Retirement Pension Payout - Lump sum or annuity? Joint and Survivor benefitspercentages
Retirement Income for Spouse if Husband dies before he Retires - list moneyRetirement Money: Spouse normal retirement age, Husband normal retirement age - list money
Retirement Money: Spouse Survivor, Husband Dead - List moneyRetirement Money: Spouse Dead, Husband Survivor - List money
Retirement Maximizing Social Security Payments - Why or why notRetirement Medical Cost for Husband - Guesstimates and projections
Retirement Medical Cost Spouse - Guesstimates and projectionsRetirement Medical during Travel - Travel Insurance? Medivac insurance?

Retirement Long Term Disability - list payments, policy holderRetirement To Do List Husband - projected activities
Retirement To Do List Wife - projected activities
Retirement Time Line - What happens when?


Everyone, thank you for reading this post. I enjoyed composing it

I honestly think I need a retirement "counselor" to help me figure mine out; I go around and around until I'm dizzy and simply can't decide. But this would be a good thing to write up and bring with me. Thanks!

[Sand&Salt]

Originally Posted by NewbieHere

I’m impressed, feel like an underachiever now.

Me too! Now I can use this acronym: TL/DR

But NOT criticizing. GOOD for OP, to be such a meticulous planner. That is commendable. I could never get that detailed, but I do occasionally do "back of the envelope" planning.

We sat down with a financial planner and ran the pertinent numbers, including the 4%, then we sold everything, got residency status and a shipper, and just went for it.

It was already way complicated by then.

Like Mathjak says, we just see where we are financially as time goes by, then adapt to that.

[SunGrins]

A lot of those Manifesto items are the topics of individual threads on this forum. People do give retirement planning some thought but not in this exhausting process. And then there are some drifting along without a clue. The problem, of course, is when life throws you a beanball.

[jertheber]

We go around quite a few corners in life--and all too often find that what's ahead isn't part of our script. Before I retired my co workers were curious about "what I would be doing" in retirement, they thought of retirement as something akin to vacation, well planned and executed. My wife died three months into my retirement and things got pretty dreary after that.

Planning isn't a bad idea, but the expectations of that plan working as it was meant to, has it's flaws. Better to adjust your life around what's happening than to try to make life fit the plan. I did the retirement math on the idea of my wife and I being together for a long time, and her retirement income wasn't all retained at her death, I did fine just for the fact that we can always find ways to compensate for change, if we try. To the OP, I hope all turns out well for you, looks like you have done all you can with respect to planning, have a great retirement..