The Retirement Planning Checklist That Isn't About Money

Retirement is a natural checkpoint. Nothing is wrong, and you are not planning for a crisis. It is simply a calm time to handle the parts of planning that are not about money.

How is this different from typical retirement planning?

Most retirement planning is about income and savings. This checklist covers the other half: health coverage, decisions you would want others to make for you, and making things easy for your family.

Should I check my Medicare timing?

Yes, and early. The first time you can sign up is the initial enrollment period, which lasts seven months. It starts three months before the month you turn 65 and ends three months after, according to the Washington State Office of the Insurance Commissioner. If your 65th birthday is in July, it runs from April through October.

Timing affects both your start date and your cost. A Nolo guide says Part B coverage starts the first of your birthday month only if you sign up in the three months before it. A financial firm explains that if you do not sign up for Part B when first eligible, a 10 percent penalty is added to the premium for each full 12-month period you could have enrolled. People still covered by an employer plan may qualify for an eight-month special enrollment period after that coverage ends. Ask Medicare, the Social Security Administration, or your State Health Insurance Assistance Program about your own situation.

Should I review my will?

Yes. Check that it matches your life now, and that your family knows where the original is. The National Institute on Aging suggests talking with a lawyer about a will, trust, power of attorney, or advance directive.

Should I update my beneficiary designations?

Yes. A law firm’s checklist advises coordinating life insurance, retirement accounts, and payable-on-death accounts, because they may name their own beneficiaries. Check each one.

Should I put health care directives in place?

Yes. Name a health care proxy and consider a living will. The National Institute on Aging says Medicare covers advance care planning as part of the annual wellness visit, so you can raise it with your doctor.

Should I consider a power of attorney?

A durable power of attorney for finances names someone to handle your money if you cannot, and it stays in place if you lose the ability to decide, according to the Institute. Choose someone you trust.

Should I think about long-term care?

The Administration for Community Living says someone turning 65 has almost a 70 percent chance of needing some long-term care, on average for three years: 3.7 years for women and 2.2 for men. About one-third never need it, and 20 percent need it more than five years. Think about where you would want to live if you needed help. See Medicaid Considerations for Long-Term Care.

Should I make sure my family knows where things are?

Yes. The Institute suggests keeping papers in one place; make sure a trusted person knows where. You can also record this in My Final Day Plan.

Should I talk to my family about what I have done?

It helps. Share who your proxy and agent are and where the papers are. See The Things Worth Organizing in Your 50s.

This is general educational information, not legal advice. Laws about wills, guardianship, and powers of attorney vary by state, so an attorney licensed in your state can confirm what applies to you.