Retirement Planning Top 5-10 to do’s

[mwinga]

What do you think are the most important to dos pre age 55 for a successful retirement phase? Please help me prioritize and build on following thoughts:

A. Clear Budget for Retirement Phase with realistic cost assumptions
B. Financial Plan pre and post retirement
C. Transparency over income streams from all three pillars
D. Transparency over any additional income streams
E. Mortgage planning (as income drops banks may ask for pay down)
F. Completed last will and testament
G. Indicative decision on cashing out pension fund vs drawing an annuity
H. Health checks

Have I missed anything? What would your top 5 be? Thanks!

 

[hazeleyesis]

@mwinga I'd cover the financial aspects with these steps:
1. Establish timeline on part-time/full-time retirement
2. Setup Living & Travel budget (outgoing) for part-time/full-time retirement including mandatory AHV contributions during pre-retirement
3. Budget incoming cash requirements to cover 2. and additional major cash out like mortgage repayment / relocation / renovations / other major purchases like car replacement
4. Identify best approach regarding any 3rd pillar drawdowns and the 2nd pillar capital vs pension questions (incl taxes on those)
5. Establish cash withdrawal / bucket strategy

 

[mwinga]

@hazeleyesis Good point on major cash outs! Txs