Are You Really Ready to Retire?
- Nikki Ockenden ,RFC®
- 12 minutes ago
- 4 min read
For many people, retirement feels like a finish line—the day you clock out for the last time and step into freedom. But at ThriveRight Financial Group, we know retirement isn’t a single date on the calendar. It’s a process. And like any important journey, it requires a clear plan and thoughtful preparation.
The decisions you make today will shape not only your lifestyle in retirement but also your ability to thrive financially, emotionally, and personally for decades to come. Whether you are five years away or fifteen, this comprehensive retirement checklist will help you prepare, protect, and prosper in the next stage of life.
Define Your Retirement Vision
Before numbers and spreadsheets come into play, ask yourself a vital question: What does retirement look like to me?
If you’re married or partnered, it’s essential to have this conversation together. For some, retirement means travel and new adventures. For others, it’s about pursuing hobbies, volunteering, or even starting a part-time business.
When spouses or partners discuss their visions, they often find differences. That’s normal. The goal isn’t perfect alignment, but open conversation and compromise. By clarifying expectations now, you’ll avoid surprises later and create a retirement lifestyle that feels fulfilling for both of you.
Take Inventory of Your Assets
To plan your retirement income, you first need to understand what resources you currently have. Many people forget to include memberships, valuable personal property, or recreational assets like travel clubs, yet these are part of your overall financial picture.
The best way to approach this step is to create a comprehensive worksheet. Be sure to include every category of assets you own—cash, savings, brokerage accounts (both qualified and non-qualified), insurance policies, trusts, properties, vehicles of all types, travel or recreational memberships or clubs that are already paid for, valuable possessions, emergency or disaster funds, inheritances due to you, and anything else that reflects your current financial standing. Having everything clearly listed in one place gives you a true snapshot of your wealth today and becomes the foundation for your retirement roadmap.
Assess Your Expenses and Liabilities
Understanding what you owe and what you spend is just as important as knowing what you own. Begin by reviewing your mortgage, car loans, credit card balances, personal loans, and any outstanding medical debt. From there, take into account the regular bills that keep your household running, such as utilities, insurance premiums, groceries, and healthcare costs. Don’t overlook lifestyle expenses either—things like subscriptions, gym memberships, entertainment, or travel often make up a larger portion of spending than expected.
Two critical areas that deserve special attention are long-term care and taxes. Both are often underestimated, yet they can have a dramatic effect on retirement security. Planning ahead for these costs will reduce surprises and help preserve your savings.
For context, the U.S. Bureau of Labor Statistics reported that the average American household spent $77,280 in 2023, a 5.9% increase from the prior year. While your own spending may be higher or lower, having a clear baseline offers a valuable reality check when comparing your current expenses against projected retirement income.
Build a Retirement Budget
Once you have a clear view of your assets and an accurate record of your expenses, the next step is to build a realistic retirement budget. This means identifying the income streams you can rely on once you step away from full-time work and comparing them against the expenses you expect to carry into retirement.
The purpose of this budgeting step is not to restrict your lifestyle but to give you clarity and peace of mind. With a realistic plan in place, you can make confident decisions about how you will fund your retirement years and ensure that your money lasts as long as you do.
Develop a Comprehensive Retirement Plan
Budgeting is just the beginning. A truly successful retirement strategy also includes:
Investment Planning: Ensuring your portfolio is diversified, aligned with your risk tolerance, and positioned to last 20–30+ years.
Tax Strategy: Minimizing taxes on Social Security, retirement withdrawals, and investments so you can keep more of your hard-earned wealth.
Estate Planning: Protecting your assets, naming beneficiaries, and avoiding unnecessary probate costs.
Healthcare & Long-Term Care: Preparing for rising medical expenses and unexpected health events.
Tackle Debt Before Retiring
Carrying debt into retirement can be a costly mistake. Every dollar spent on interest is a dollar less for your retirement lifestyle. Start by targeting high-interest balances like credit cards, then work toward eliminating larger loans such as mortgages or car payments.
The goal isn’t necessarily to be 100% debt-free, but to reduce financial pressure so your retirement income goes toward living, not paying interest.
Decide When and Where to Retire
Your retirement date and location will have lasting impacts on your financial security.
When to Retire: Consider healthcare eligibility (Medicare at 65), Social Security strategies (full retirement age at 67), and whether working a few more years could strengthen your financial position.
Where to Retire: Dream destinations are exciting, but affordability matters. Evaluate cost of living, taxes, and proximity to loved ones before making a decision.
Knowing your vision, assets, and budget will make these choices much easier and grounded in reality.
Organize Essential Documents
One of the most overlooked but important steps is gathering your key financial and legal documents. These may include:
Account information (banking, retirement, insurance)
Estate planning documents (wills, trusts, advanced directives)
Loan agreements
Legal contracts
Passwords and contact information for advisors
Keeping everything in one secure location—like a safe or safe deposit box—will not only simplify your planning but also ease the burden on loved ones later.
Why Professional Guidance Matters
Retirement is too important to leave to chance. With so many moving parts—investments, taxes, Social Security strategies, healthcare planning, estate planning—it’s easy to feel overwhelmed. Working with a trusted advisor ensures that nothing gets overlooked and that your plan is both comprehensive and adaptable.
At ThriveRight Financial Group, we help families and individuals prepare with clarity, protect what they’ve built, and prosper in retirement.
Visit www.ThriveRight.com and start your FI journey today—on your terms, with the right support. Because financial freedom shouldn’t be a dream—it should be your plan.
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