The Ultimate Pre-Retirement Checklist: Must-Do Tasks Before You Retire
Retirement should be a time of freedom, fulfillment, and peace of mind. But to enjoy your golden years to the fullest, it’s essential to prepare early and thoroughly. From managing finances to planning healthcare and lifestyle changes, the decisions you make now will shape your future comfort and security.
This pre-retirement checklist is designed to help you navigate those decisions with confidence. Whether you’re a few years away from retiring or just starting to think about it, this guide offers practical steps to ensure your retirement is everything you’ve imagined—and more.
At Lake Forest Place, we believe thoughtful preparation leads to a more rewarding retirement. With predictable costs, bundled services, and comprehensive healthcare, our Life Plan Community can simplify many of the complexities of retirement planning.
Take Inventory of All of Your Assets
Before you can plan for the future, you need a clear picture of where you stand financially. Take stock of:
- Retirement accounts (401(k), IRA, Roth IRA)
- Pensions and annuities
- Social Security estimates
- Investments and brokerage accounts
- Real estate and property values
- Any other income sources or savings
Knowing your total net worth helps determine your retirement timeline, your ideal budget, and what type of lifestyle—or senior living community—you can comfortably afford.
Plan for Future Healthcare Costs
One of the most underestimated expenses in retirement is healthcare. Be sure to consider:
- Medicare premiums and deductibles
- Out-of-pocket expenses (co-pays, vision, dental, etc.)
- Prescription drug coverage
- Long-term care and in-home services
At Lake Forest Place, our residents enjoy access to a full continuum of care—from Independent Living to Skilled Nursing—which helps remove the uncertainty of future healthcare needs.
Pay Off All Outstanding Debt
High-interest debt can quickly erode your retirement savings. Now is the time to:
- Eliminate credit card and personal loan debt
- Explore whether paying off your mortgage makes sense for your situation
- Avoid taking on any new debt
Entering retirement debt-free gives you more control over your finances during your fixed-income years.
Build an Emergency Fund
Even in retirement, unexpected expenses happen. Aim to have 6–12 months’ worth of living expenses in a liquid, easily accessible account. This fund can cover:
- Emergency medical expenses
- Major home or car repairs
- Rising living costs due to inflation
At Lake Forest Place, maintenance-free living helps residents reduce surprise repair and upkeep costs—making your emergency fund go even further.
Meet With a Financial Advisor
Even with diligent planning, a professional perspective can provide peace of mind. A financial advisor can:
- Help structure a tax-efficient retirement income strategy
- Review Social Security and pension distribution timing
- Advise on withdrawal strategies for your investment accounts
- Show how a senior living community like Lake Forest Place fits into your financial plan
Understand Your Health Insurance Options
Health insurance decisions don’t stop at retirement. It’s a good idea to take the time now to explore:
- Medicare Part A, B, D, and supplemental plans
- Medicare Advantage vs. Medigap
- Long-term care insurance coverage
- Transitioning from employer coverage
Planning ahead reduces stress and prevents coverage gaps—which is especially important when considering deductibles and out-of-pocket limits.
Set a Post-Retirement Budget
A successful retirement depends on knowing how much you’ll spend—and on what. Include:
- Housing
- Food and groceries
- Travel and entertainment
- Healthcare
- Personal care and household services
Choosing a community like Lake Forest Place makes budgeting easier, thanks to predictable monthly fees that include many living expenses.
Consider Downsizing
A smaller home can mean greater freedom. Downsizing reduces:
- Maintenance and repairs
- Property taxes and utilities
- Insurance premiums
Lake Forest Place’s cottages offer a rightsized lifestyle—all the comforts of home, plus access to community amenities and services.
Update Your Estate Plan
Your estate plan should reflect your current wishes. Review and update:
- Wills or trusts
- Powers of attorney
- Healthcare proxies
- Life insurance policies
- Beneficiary designations
- Digital assets and document storage
A current estate plan ensures your wishes are honored and your loved ones are protected.
Prepare for Unexpected Costs
Even with a solid plan, it’s smart to build in flexibility. Consider the impact of:
- Inflation
- Market fluctuations
- Health changes or emergencies
- Supporting a loved one
Living at Lake Forest Place means fewer surprises—with comprehensive services, on-site care, and maintenance-free homes, residents are better shielded from sudden, unplanned expenses.
Retirement Planning Made Simpler With Lake Forest Place
Your retirement should be about enjoying life—not worrying about finances, home upkeep or unpredictable costs. By following this pre-retirement checklist, you’ll be better prepared to make the most of this next chapter.
Lake Forest Place offers the independence, security, and peace of mind you’re looking for—all in one beautiful, supportive community. From predictable monthly expenses to built-in care services, we help simplify your planning so you can focus on what really matters.
Planning for Retirement While Considering Your Future Living Situation?
Lake Forest Place offers the perfect blend of independence and security for your retirement years.
Contact us today to schedule a tour and discover how our community can be part of your retirement planning journey.
