The Ultimate 70s+ Financial Checklist

You're in maintenance stage, so not a lot of changes should be made to your plan! That said, it's common for your financial goals evolve over time. Learn how a financial advisor can help keep your goals aligned to your situation.

Review Income Sources

Continue to review your passive sources of income; pensions, rental income, social security, etc. How much of your expenses do they cover?

Adjust Asset Allocation

Focus on proper asset allocation, withdrawal, and tax strategy in order to ensure your savings and portfolio can maintain your desired lifestyle and facilitate your goals.

Take Your Distributions

Are you correctly taking all of your Required Minimum Distributions (RMD)? There are big tax penalties if you are not. You may need to work with your advisor to calculate the RMD for each account separately, taking an RMD from each. You can always take more than the RMD for your accounts.

Update Your Estate Plan

Review and update your estate plan. Does it fall in line with current tax laws? Do your assets flow as you intend with current estate laws? Have you designated the proper beneficiaries?

Review Life Insurance Policies

If you still have life insurance policies, review them! Depending on your unique situation, it may no longer be relevant or necessary to maintain them.