American Bandstand’s Top 10 with a Twist
Many of you may recall watching American Bandstand, where they regularly reviewed the top ten pop music songs during a specific time period. You may also recall the rush of seeing and listening to superstars such as the Beatles, ABBA, and Jefferson Airplane perform live on television.
Today we want to introduce anyone hoping to retire to our “Top 10 things to take care of before you retire.” This may not give you the same rush, but it is far more relevant to how you want to spend your time post work.
Retirement requires careful planning and preparation. Similar to an itinerary that you would set for a vacation, this one plans out the lifestyle you want to lead when your career wraps up. A well-thought-out retirement plan considers financial, lifestyle, and health factors. While the plan may look differently for everyone, the steps to get there will be very similar.
Here’s the MFSA’s Retirement Top 10 Checklist
| Checklist | Done ☑ |
|---|---|
|
Set Your Retirement Goals: Define your retirement lifestyle. Determine the age of retirement. | ☐ |
| Assess your financial situation:
Calculate your current expenses and estimate future needs. Review your savings, investment and retirement accounts. | ☐ |
| Create a budget:
Develop a realistic budget that aligns with your retirement goals. Consider healthcare costs, travel expenses and leisure activities. | ☐ |
| Maximize retirement savings:
Contribute to retirement accounts such as RRSPs, TFSAs and other tax-advantaged plans. Take advantage of employer-sponsored retirement plans and matching programs. | ☐ |
| Diversify investments:
Review and adjust your investment portfolio to manage risk. Consider consulting with a financial advisor for personalized advice. | ☐ |
| Healthcare planning:
Understand your options for medical care/coverage. Plan for possible long-term care needs. | ☐ |
| Debt Management:
Aim to pay off high-interest debts before retirement. Evaluate mortgage and other loan obligations. | ☐ |
| Social Security Planning:
Understand your social security benefits and eligibility. Decide on the optimal time to start receiving benefits. | ☐ |
| Legal and Estate Planning:
Create or update your will and other legal documents. Designate beneficiaries for retirement accounts and insurance policies. | ☐ |
| Review insurance coverage:
Assess your life insurance, health insurance and property insurance needs. | ☐ |
Whether you’re years away from retirement or on the brink, the key is to start planning now and make informed decisions that align with your goals and aspirations. While you may not scream as loud or exuberantly over this top 10 list, it just might set you up to enjoy retirement, like one of the musicians you once idolized.
~Ainsley Cunningham
Founder and Project Coordinator, MoneySmart Manitoba
Manager, Education & Communications, Manitoba Financial Services Agency
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