How To Create Your Retirement Checklist

Estimated reading time: 18 minutes

Ensure a smooth retirement with a comprehensive checklist. Plan to navigate potential emergencies and life crises.

Preparing a Retirement Checklist ahead of your retirement will be one of the most innovative steps next to investing.

Plan Today For The Life You Want To Live Tomorrow

Aging in place allows seniors to stay at home while utilizing various community and government services.

Canadian seniors would rather live in their own homes during retirement, although this doesn’t always happen.

Knowing what you are stepping into is essential to allow yourself the best possible retirement before you get off the bus.

By this, have you investigated your retirement, crossed all your T’s, and dotted all of your I’s?

Trust me when I say that it can be a hell of a ride if you haven’t, and the last thing you want after retirement is to deal with red tape.

I’m far from my retirement, but having just gone through 3 years of dealing with death, illness, and retirement, I’ve learned quite a bit.

It was a blessing because now we know what to expect and the relevance of a retirement checklist.

Age To Start Planning Your Retirement Checklist

As you will read further, our retirement financial checklist starts as early as our first investment.

When you have assets, investments, or children, you should start thinking about tomorrow.

It’s common for people to get a life insurance policy at a young age.

So you see, even without thinking ahead too far, we start the retirement checklist far in advance.

How far you take the retirement checklist is up to you.

Mrs. CBB is in her mid-40s and has already been plowing through the retirement checklist.

There are questions we still cannot answer; however, for most of them, we feel confident that we have a plan in place.

The next step for us is to update our Will, which we need to investigate, and I’ll report back on that process once it’s complete.

My answer to this question is to start before you retire and not after retirement when you should enjoy your days.

Retirement Is A Whole New World

Retirement is like a whole new world that we must learn from scratch, like going to school for the first time.

If you’re working, say goodbye to your co-workers to start an adventure outside 9-5 living.

As Canadians, we are so conditioned to save for our retirement that it becomes part of our budget, as it should be.

Above and beyond saving money for retirement living comes planning for executing retirement.

Questions To Consider For Your Retirement Checklist

Below are many topics I will discuss in today’s blog post to educate and remind everyone of tomorrow’s importance.

What kind of retirement lifestyle do I/We want to live?

Consider what you want to do during your retirement, whether completing a bucket list, visiting relatives, etc.

All these cost money and travel insurance if you plan to leave the province or country.

Find out how travel insurance will be affected by age or illness from your insurance company.

Should I create an asset inventory?

Absolutely, and I believe everyone should have an asset inventory from financial to stuff such as vehicles, furniture, valuables, etc.

If there is a fire in your home, this asset inventory will be helpful when filing your insurance claim.

When you plan to move, it will help you to know what you have in your home and garage for selling purposes.

Leaving an asset inventory behind also alerts your power of attorney (POA) to what you have and its location.

Credit Card Tracking, Loans and Debts

Do I have a list of credit cards and loans in my name?

Yes, always keep a running list of the credit cards, loans, and debts you owe.

You’ll want to include numbers and any pertinent information that would help you or your POA if you cannot care for your finances.

Password Storage Options

Where do I store all of my passwords?

You can write your passwords in a book and store them in a fireproof safe or purchase an online app, which we do.

I use the app Keeper to protect my passwords and stay safe online, so I never have to worry.

Retiring With Debt

How much debt will I/we have when I retire?

Hopefully, you’ll have zero debt, but this is not true for many Canadians.

While you can pay off debt aggressively as possible, you will have little when you retire.

When should I/we retire?

In Canada, most people will retire at 65, although you don’t have to. Retirement age depends on whether you want to stop working or not.

Your health and that of a loved one may factor into your decision to continue working, as would your financial situation.

Emergency Savings For Seniors

Should I/we still have an emergency savings fund when I/we retire?

YES. Always have an emergency savings fund.

Keep or Sell Vehicle

Will I/we need my vehicle when I retire, or should I/we sell it?

This is a great question to consider. The costs of owning and maintaining a vehicle may not be in your budget.

Declining health may also put a stop to using a vehicle, so it’s essential to learn about transportation services in your area.

Transportation Services In Your Area

What transportation services are available for seniors in our community?

Almost every community has a city bus service, taxis, and services for seniors. Community churches may also offer services through volunteers.

Community Seniors Programs

Are there any senior programs we can get involved with, and where are they located?

Contact senior community services or your local city hall to direct you to programs in your area.

How much money do I need when I/we retire?

Once you create a budget for your retirement, you’ll know how much you’ll need to fund the basics of living.

Factor in anything extra you want to do, such as traveling, eating out more, and so forth, to understand the depths of retirement money you’ll need.

Should I/we create a retirement budget?

Yes, we should have a budget at every stage of life to understand where our money is going and how much we need to survive.

How to create a retirement budget that works

How will I/we protect ourselves from fraud?

Contact local authorities to ask about any fraud program you can get involved with for seniors.

You might also talk with friends, family, and your children about how you can be protected from fraud.

For instance, if someone tells you to pay a large amount, don’t do it until you talk to your trusted POA or family.

Always review your credit report and score annually or purchase a monthly statement.

Use security software on your computer to make sure you keep scammers and viruses away.

Never send money or pay for something you are not sure of. You won’t go to jail. Don’t listen to those phone scam liars.

Get your Free Credit Score and $1 Credit Report Now!

How might our eating habits change?

As we age, we tend to eat less, but you may want to explore different types of foods that you may not have afforded before.

Your grocery budget is variable, so you can play around with it based on your eating habits when you retire.

Grocery Shopping Services For Seniors

Are there local grocery shopping services to assist with shopping?

Almost every community has someone who runs a grocery shopping service for seniors.

If grocery shopping is difficult and you still own a vehicle, you could order groceries online and pick them up or deliver them by the grocery store.

Available Canadian Tax Credits For Seniors

Are there any tax credits that I/we may be eligible for?

There are many tax credits Canadian seniors can look into and take advantage of during tax season.

Here are just a few you can claim:

Canada Caregiver Credit: For your spouse or common-law partner, you may be entitled to claim an amount of $2,230 in the calculation. You could also claim an amount up to a maximum of $7,140.
Pension Income: You may be able to claim up to $2,000 if you reported eligible pension, superannuation, or annuity payments
Medical Expenses: Medical Expenses You Can Claim On Your Income Tax

Financial Advisor and Insurance Reviews

When was the last time you met with your insurance and financial advisor? (learn how to withdraw funds from your investments)

We meet with our financial advisor once a year to discuss how things are going with our investments.

We met with his team last year, and they put together a full summary and financial plan for us based on today’s numbers.

I’d suggest talking to your advisor every year and not waiting until the year you want to retire.

What service people do I/we need to talk to before I retire?

It would be best to decide what you want to ask these people before you set up a meeting.

When you call them, you could ask if it were possible to come in and chat about retirement and how it might affect your services. (if at all).

Financial Advisor to advise them you are retiring and the next steps
Employer to let them know you’re retiring
Lawyer to Review Your Estate Plan
Bank to Review Your Banking Services, loans, credit cards
Power of Attorney to discuss anything of importance
Pension Plan Advisors or holders to discuss your work pension or other pensions

Owning A Fireproof Safe

Should I/we purchase a fireproof safe for important documents and assets?

Yes, everyone should own a fireproof safe to house documents of importance, such as a Will, Power of Attorney, money, jewelry, or other essential items.

Estate Planning Retirement Checklist

Have I/we created a Will and Power Of Attorney? Where is your copy of the power of attorney kept?

If you are near retirement and have not created an Estate Plan, I would suggest doing so.

You can create a Will in many ways, from online to investing in a lawyer to help draw up your Will and Power of Attorney.

Keep a copy in your fireproof safe; the lawyer should do the same at their office if you hired one to draw up your Will.

Can I/we take the Canada Pension Plan Early?

In Canada, you can take your CPP as early as 60.

The standard age at which to start a pension is 65. However, you can start receiving it as early as 60 or as late as 70.

If you start receiving your pension earlier, your monthly amount will be smaller. You’ll receive a more considerable monthly amount if you decide to start later.

There’s no benefit to waiting after age 70 to receive the pension. The maximum monthly amount you can receive is reached when you turn 70. – Canada Pension Plan

Are all of my banking needs automated, including government?

This is something that I feel is important, especially when it comes to any banking, government cheques, or bills you have to pay.

As long as you ensure the money is in the bank account where the bills will be debited, you only need to review them for accuracy.

When cheques are deposited directly into your bank account, it saves you time and gas money going to the bank.

Also, you can do mobile deposits with your smartphone if you understand the process. It’s pretty simple, though.

Am I/we allowed to work after age 65?

Yes, you can work after age 65 in Canada but will still pay into your Canada Pension Plan. You can also work while you are collecting a pension in Canada.

Your CPP contributions will go toward post-retirement benefits. These benefits will increase your retirement income when you stop working.

Would pension income splitting help lower your taxes?

Pension income splitting can help lower your taxes. It also allows a spouse to give up to 50% of their eligible pension income to their spouse for tax purposes only. – source Retire Happy

Where will I/we live when I retire, and what are the costs? Downsize? Condo? Rent?

Again, these are considerations to discuss to understand better what type of dwelling you’d like to live in and at what age.

The costs and maintenance of each should be of particular relevance to the topic of discussion.

Long-Term Care Planning

What retirement living home or long-term care facility might you prefer?

If you plan to retire in the city where you live, tour the different retirement facilities.

Sometimes, it’s nice to know where you are headed or see where you plan to apply for residency if you need to go.

You don’t always have to be sick to go into a retirement villa, but for long-term care, this is different but worth the tour and discussion.

Adaptive Clothing For Long-Term Care and Seniors

You might think it’s strange to consider the costs before you retire for adaptive clothing and accessories, but trust me; you’ll need them.

We use Silverts for my mother-in-law’s needs, and they deliver straight to the LTC home.

Free Shipping over $100 anywhere in Canada. *not an affiliate link

This fantastic company has everything you need for your loved one in long-term care or retirement.

The prices are excellent, and you won’t find anything cheaper in the stores or online.

You can also ship your order directly to a senior’s home in Canada, which is excellent if you don’t live in the same city.

Should I/we sell my house before I retire?

Everyone wants to know this big question; the answer depends on what you want from your retirement.

Also, where will you plan to live once you sell?

Can you downsize and buy a smaller living space?

Doing so lets you invest or save any equity from your home that you don’t put into the smaller house.

Where do I/we want to live when we retire?

You may want to leave your community and move across the province.

This is another critical topic to discuss, and perhaps you should plan far in advance if you are moving out of the city.

Contacting a real estate agent to help you find a new home or accommodations in your chosen city may be wise.

How will I/we maintain our home during our retirement years?

Do you have the extra money to pay for services to maintain your house if you or your spouse cannot?

Find out the pricing for these services when creating your retirement budget.

Please remember that prices will always change, but knowing where your money will go is nice.

If you feel you cannot maintain your home, perhaps it’s time to downsize or consider other community services.

Should I/we invest in a home security system for protection?

This is not a bad idea at all; today, so many types of security systems are on the market for sale.

We invested in an Arlo Pro security camera system for my mother-in-law’s home two years ago.

Also, so we didn’t have to worry about recharging the batteries, we spent the extra money to purchase Arlo solar panels.

The solar panels would charge the camera batteries all year, even through the winter months, without issue.

It has been amazing, and I would recommend it to anyone who wants to protect their home.

We could watch her home 24/7 via the app on our smartphone, which gave her and us peace of mind.

You can also install the Arlo Pro inside of the home to monitor what is going on if a loved one is ill or needs watching over.

When should I/we start to downsize what we own?

I always say that we should downsize as we go along.

By that, I mean if you don’t use something for six months and it holds no significant value, then get rid of it.

As for large pieces of furniture, get rid of what you don’t need closer to retirement or whenever you feel comfortable doing so.

You can donate the furniture or give it to your family if it holds significant meaning to you and them.

For example, we keep pieces from my wife’s grandmother’s tea cart in our china cabinet.

How do I/we invest the money earned from my house sale after I retire?

This is an excellent question, as well as why you should meet with your financial advisor beforehand.

There’s no reason to ask them this question until you are close to retirement.

It will give them an idea of where you plan to put your money, and you will know what would work best for your money.

You want to keep it somewhere safe to give you the best returns available for the lowest cost.

What happens if I lose my financial independence before or after I/we retire?

Can I/we afford a caregiver?

Caregivers do not come cheap; you may not qualify for government assistance if you have income saved.

If you are low-income, community services may send in a PSW or nurse if needed, but there’s a process you need to go through.

It’s always wise to contact your local health integration networks for those living at home who are in need.

Local Health Integration Networks arrange all government-funded services for people living at home.

LHINs are responsible for deciding who receives care, the level of care you need and for how long.

These services used to be provided through Community Care Access Centres – or CCACs. – Ontario Home Care

Home care includes a range of services, such as home support, that help clients remain independent and in their own home as long as possible.

Home support services are provided by community health workers to clients who require personal assistance with activities of daily living, such as:

mobilization
nutrition
lifts and transfers
bathing
cueing, and
grooming and toileting.

Spouse Death Or Health Problems

How will my life change if my spouse passes away or is put into a retirement home or long-term care?

Another great topic to chat with your spouse about ahead of time because you never know what can happen.

Perhaps you could move into a retirement villa together, or if your loved one must go into long-term care, you’ll need to live at home or find a smaller accommodation.

Moving in with family is another option that many seniors consider if available to them.

Retirement Discussions

Do I/we have family or children I/we need to sit down and discuss anything with? What questions will I/we ask, and what will I/we discuss?

I would sit with your children and a power of attorney to discuss with them everything they need to know before you retire and in the event you find out you are sick with a life-long illness.

Again, this depends on family dynamics, as not all families get along.

Perhaps create a list of questions you may want to ask them or tell them about and have them write down the answers for reference.

If you already have a Will prepared, a power of attorney should have all the information they need unless you need more to tell them in person.

Your Retirement Path Can Change At Any Moment

While there are quite a few questions without answers, they are all essential.

You may even have more questions when creating your retirement checklist because our lives differ.

I want you to know that if you haven’t been through the process of dealing with any of the above, you’ll thank yourself.

You might even remember reading this blog post and being happy you moved forward with a retirement checklist.

Thinking about your future today will give you greater control over your decisions when the time is right.

Aging in peace without the stress of worrying about not being prepared is a gift you can give yourself by preparing today.

You can download a retirement checklist from the Forum of Federal and Provincial-Territorial Ministers responsible for seniors here.

Relevant Retirement Posts

I know I’ve given you lots to think about, but rest assured you’ll be thankful you took the time to read this.

Anything you can do before retirement will be considered another task ticked off your retirement checklist.

Make retirement a time to enjoy and not stress about money and the unknown.

Mr.CBB

Discussion: What else should older people consider adding to their retirement checklist? What is something you wish you should have done before you retired?

Leave me your comments below, as I’d love your feedback and experiences.