Planning checklist.

Personal.

  • Age
  • Employment income
  • Marital Status
  • Other Income
  • Dependants
  • State of Residence
  • Personal Health
  • Life Expectancy
  • State of Residence (in retirement)
  • Smoking Preference

Resources.

 

  • Sources of retirement income
  • Net worth
  • Taxable accounts
  • Tax deferred accounts
  • Emergence account
  • Tax free accounts
  • Social security optimization
  • Other assets (real estate, illiquid investments, etc.)
  • Willingness to save more
  • Current cash flow analysis
  • Deferred comp
  • Stock options
  • Restricted stock

Goals.

 

  • Desired retirement age
  • Health care costs (Medicare Part B, D, Medigap, Out of Pocket)
  • Basic retirement needs (food, clothing, shelter, taxes, utilities, etc.)
  • Expectations of what retirement will be like
  • General concerns or worries about retirement
  • Leave bequest/charitable giving
  • Major purchases
  • Travel goals
  • Car goals
  • Education goals
  • Home improvement goals
  • Providing care for parents
  • Wedding

Liabilities.

  • Mortgage
  • Credit card debt
  • Taxes owed
  • HELOC
  • Alimony or other recurring obligations
  • Student Debt
  • Vehicle loans
  • Business debt

Risk.

  • Client (and co-client) market risk/loss tolerance
  • Life insurance needs
  • Inflation
  • Longevity
  • Long-term care
  • Disability insurance needs
  • P/C or Umbrella needs

Stress tests.

  • Impact for inflation
  • Impact of additional savings
  • Impact of asset allocation
  • Impact of lower returns on plan
  • Impact of long-term care needs
  • Impact of unexpected losses on plan
  • Impact of premature death on plan
  • Likelihood of funding all goals
  • Likelihood of funding basic needs
  • Impact of sequence of returns on plan
  • Impact of concentrated stock exposure to plan