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Pre-Retirement Checklist: Are You Ready for Retirement?

How do you know if you're ready for retirement? Review this pre-retirement checklist to help you determine how prepared you are today and what steps you may need to take to plan for your financial future.

#1: Think about your retirement lifestyle

Start by writing down your goals for your retirement years. Do you want to travel the world? Spend time with the grandchildren? Pick up a new hobby? Move into a new home? Continue working part-time? Your desired retirement lifestyle will help you determine how much you need to save and the timeline for your retirement.

#2: Calculate your future retirement income

A pre-retirement calculator​ can help you estimate your monthly income generated by retirement vehicles like your 401(k). It's important to re-evaluate your expected retirement income on an ongoing basis. Inflation, fluctuations in the economy and changes to your personal situation may all affect your future retirement income.

#3: Identify potential gaps

As you get closer to retirement, you might discover that your estimated retirement income won't be quite enough to meet your future needs. The difference between your retirement income and actual expenses is called a Retirement Income Gap. If you find yourself in this situation, don't panic. Knowing that you have a possible gap is an important step to help you get back on track and improve your retirement outlook.

#4: Test your retirement budget

Once you have a clear understanding of your retirement income and expenses, consider taking your retirement for a test drive. Practice following your retirement budget for a month, using a set amount for things like groceries, travel and entertainment. If your planned budget feels too tight, you'll know far enough in advance to make adjustments.

Everyone's road to retirement is personal and unique. It takes careful preparation and planning to make your goals ​​a reality. The good news is, you don't have to do it all on your own!

At Wright-Patt Credit Union (WPCU), your retirement goals are our passion. Let the WPCU Retirement Solutions* financial advisors help you develop a personal plan that will help put you on your path to success.

Schedule a complimentary appointment today with one of our Financial ​Advisors to review your current retirement plan.

​​​​​​​​*Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Wright-Patt Credit Union® and WPCU® Retirement Solutions are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using WPCU Retirement Solutions, and may also be employees of Wright-Patt Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Wright-Patt Credit Union or WPCU Retirement Solutions. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency | Not Wright-Patt Credit Union ​Guaranteed | Not Wright-Patt Credit Union Deposits or Obligations | May Lose Value


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​​The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.