STAYING INDEPENDENT

STAYING INDEPENDENT

Planning for financial
independence in later life



TAKING STOCK


As retirement approaches, it is important for every
household to assess its financial identity (assess its
finances). Waiting too long might mean missing one or more
opportunities to preserve maximum financial independence in the
future. To help get you started, can you say "Yes" to the
following statements?

YES NO
We talk regularly and frankly about finances
and agree on our goals and the lifestyle we will
prefer as we get older.

We know our sources of income after retirement
how much to expect from each, and when.

We save according to plan and are shifting from
growth-producing to safe income-producing
investments.

We know where our health insurance will come
from after retirement and what it will cover.

We have reviewed our life insurance and
considered options such as converting to cash
or investments.

We each have our own credit history.

We each have a current will or living trust.

We know where we plan to live in retirement.

We have anticipated the tax consequences of
our retirement plans and of passing assets on
to our heirs.

Our children or other responsible relations know
where our important documents are and whom to
contact if there are questions.

We have executed legal documents, such as a
living will or power of attorney, specifying our
instructions in case of death or incapacitating
illness.