Summer is around the corner and many of us should have a little more free time to tackle that list of projects we’ve been postponing. But before you start re-landscaping the yard or cleaning out the garage, consider making a priority of getting your financial house in order.
If you would like to enjoy a financially independent retirement, then plan on creating a retirement file for your important documents, establishing a MySSA account using the Social Security website, and calculating the amount you need for retirement.
Create a retirement file
You should gather together the following information:
- The summary plan description provided by your employer
- Benefit statements from IRAs, 401(k) plans and other plans that show how funds are invested as well as the current value of these funds
- Information about the your Medicare, Medigap and long-term care policies
- Your will
- Any living wills or durable powers of attorney for health care
- Investment policy statements and withdrawal policy statements
- Any other relevant investment, tax, or legal documents