Make Time For A Retirement Checkup

One thing I’ve learned two-plus years into my retirement is that handling legal and financial affairs can be a full-time job.

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Dealing with Medicare, filing for Social Security, monitoring your investments, minimizing taxes, figuring out required minimum distributions, updating your estate plan and end-of-life wishes … yikes!

Fortunately, Kiplinger’s is around to help. But I was also intrigued recently when I received an invitation to the Smart Money Retirement Expo, presented by the investment management firm of Edelman Financial Engines, the Funding Our Future Coalition and radio station WMAL in Washington, D.C. It sounded like a good opportunity to make sure I’m checking the right boxes and see what needs attention. So I attended several sessions of particular interest to people already in retirement and came away with a number of useful reminders.

For example, in the session on generating retirement income, one observation came as a jolt. Even if you have, say, $1 million in savings, you’ll probably have much less than that after paying taxes on withdrawals. Part of your Social Security income may also be taxable.