Pre-Retirement Checklist

May 11, 2023

By cdarmody on May 11, 2023

Our team at RMB has retired hundreds of times. No, not personally, but we have guided hundreds of clients into this stage of life. Each client has unique goals. Some move south full-time for the warmer climate, others pick up a new hobby, and almost all spend more time with loved ones. I personally aspire to travel abroad more and even spend a year living in a new city – I’m taking suggestions on this one (an idea prompted by a client!). 

You only have one retirement. What should you do today to prepare for such a big decision? Outlined below are some steps and considerations to help you prepare for your “second act.”  

  • Determine your annual spending plan. I don’t like the word budget. It’s too constraining. I much prefer to think of it as a spending plan. Assess your monthly cashflow, making sure to incorporate larger, one-off expenses not thought of as month-to-month costs (i.e. insurance, property taxes, vacations, and gifts). 
  • Know your balance sheet and income sources. Where are your assets and how liquid are they? Do you understand the tax implications of each investment account? Most Americans will begin collecting social security in retirement. Make sure you are aware of the amount and most advantageous time to file. If you have a pension, be sure you know the amount and your options. 
  • Evaluate your healthcare needs. If retiring before the Medicare age of 65, make sure to know your private plan costs and which plan suits you and your family best. Even once you reach the age of 65, Medicare has many options to choose from. I recommend working with a qualified Medicare agent to achieve a cost-effective plan that fits your needs.  
  • Have a financial plan in place. It’s great to think through the categories above, but how will you bring them all together? A financial plan will tell you if you can maintain your current lifestyle throughout your retirement period and accomplish your other goals. This is the true indicator of financial success. 
  • Don’t just retire from something, retire to something. Make sure you are psychologically ready to make the transition. It can be difficult to go from having a routine and purpose in your work life to having time to do what you want. Sounds a little backwards, right? Knowing your emotional readiness is an important step that you don’t want to skip. 

Retirement is a significant life event that requires careful planning and preparation. Our purpose is to financially prepare you to meet your goals so you can focus on what’s most important: living your best life! 


The opinions and analyses expressed in this communication are based on RMB Capital Management, LLC's ("RMB Capital") research and professional experience are expressed as of the date of this presentation. Certain information expressed represents an assessment at a specific point in time and is not intended to be a forecast or guarantee of future performance, nor is it intended to speak to any future time periods. RMB Capital makes no warranty or representation, express or implied, nor does RMB Capital accept any liability, with respect to the information and data set forth herein, and RMB Capital specifically disclaims any duty to update any of the information and data contained in this presentation. The information and data in this presentation does not constitute legal, tax, accounting, investment, or other professional advice. Past performance is not indicative of future performance, and there is a risk of loss of all or part of your investment. This information is confidential and may not be reproduced or redistributed to any other party without the permission of RMB Capital. RMB Asset Management is a division of RMB Capital Management.

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