Envision Your Retirement

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Build a Comprehensive Retirement Income Plan

Life can change in a moment. Global pandemic, market uncertainty, income loss, mandatory business shutdown and social distancing have changed the world. Retirement should be your time – from the start. What that looks like in today's world may be vastly different from what you imagined. But that’s OK. By being prepared and having a plan on how to best use your savings, you can help ensure your retirement goals stay on track, such as maintaining a stable home and family, and managing through market volatility and healthcare expenses. Yet even if you’re well prepared, with all of the things you need to consider, retirement can start with stress, not satisfaction. But it doesn’t have to be that way.

Use this simple worksheet to craft your retirement vision and create an accurate picture of your income needs. Share the PDF output with your trusted agent or advisor.

What worries you?

Transitioning from full-time work to retirement may create tremendous change in your life. You may rely on new sources of income. You may live in a new location. You may need to build a new social network. What worries you most? You may need to adapt to new health conditions. Financial worries may not be your first concern.

What are your most important goals?

Your life goals probably changed many times over the years. As children, we dream about what we want to be "when we grow up". Few of us paint a vivid picture of what we want to do after we stop working on a full-time basis. What do you hope to accomplish in the next chapter of your life?

When do you plan to fully retire?

Sometimes, people retire on a specific date. Others gradually transition from a career to part-time work over the course of many years. This critical decision impacts your retirement plans in many ways. Will you immediately need to personally fund all health care costs? Can you afford to defer taking Social Security until a later age? Your health, your profession, and your personal desire will all help determine your date and path.

What will you find most fulfilling in retirement?

Close your eyes. Imagine yourself ten years from now. What are you wearing? What do you see? Who are you with? How do you feel? Where will you spend time today? Build a vivid picture of that world.

What are your toughest questions?

Planning for the rest of your life can seem daunting and unique to your personal circumstances. For instance, when should you file for Social Security? How will you maximize benefits and minimize taxes? How will your spouse's plans impact yours' and vice versa? How will you fund your future health care expenses? How long will you be able to maintain your current lifestyle?

Create a summary of your personal financial picture

Your Personal Information

YOU

YOUR SPOUSE/PARTNER

Personal Income Summary

Income
Employment Income
Full time income
$ .00
Part time income
$ .00
Other
$ .00
$0.00
Retirement Income
Social Security income
$ .00
Pension income
$ .00
Annuity income
$ .00
Other
$ .00
$0.00
Total Income
$0.00
$0.00
Expenses
Housing
Rent/fees
$ .00
Taxes
$ .00
Insurance
$ .00
Utilities
$ .00
Maintenance & repairs
$ .00
Other
$ .00
$0.00
Food
Groceries
$ .00
Dining out
$ .00
Other
$ .00
$0.00
Transportation
Lease payments
$ .00
Fuel & maintenance
$ .00
Car insurance payments
$ .00
Other
$ .00
$0.00
Health Care
Health insurance premium payments
$ .00
Co-pays & uncovered expenses
$ .00
Drugs & medical supplies
$ .00
Other
$ .00
$0.00
Insurance
Long-term care
$ .00
Life insurance
$ .00
Personal liability insurance
$ .00
Other
$ .00
$0.00
Recreation
Entertainment
$ .00
Travel
$ .00
Hobbies
$ .00
Other
$ .00
$0.00
Personal Care
Clothing
$ .00
Products & Services
$ .00
Other
$ .00
$0.00
Gifts
Cash & presents
$ .00
Charitable donations
$ .00
Other
$ .00
$0.00
Taxes*
*For real estate taxes see 'Housing' above.
Income tax
$ .00
Other
$ .00
$0.00
Miscellaneous
Other
$ .00
$0.00
Total Expenses
$0.00
$0.00
Total Income/Expense
$0.00
$0.00

Personal Balance Sheet

Assets
Banking and Investment Assets
Checking/Savings/Cash
$ .00
$ .00
$0.00
401(k), IRA, Mutual Funds
$ .00
$ .00
$0.00
CDs, Annuities
$ .00
$ .00
$0.00
Other
$ .00
$ .00
$0.00
$0.00
$0.00
$0.00
Property and Vehicle Assets
Home
$ .00
$ .00
$0.00
Auto
$ .00
$ .00
$0.00
Real Estate, property
$ .00
$ .00
$0.00
RV, boat, motorcycle
$ .00
$ .00
$0.00
Other
$ .00
$ .00
$0.00
$0.00
$0.00
$0.00
Total Assets
$0.00
$0.00
$0.00
Liabilities
Property Related
Home mortgage
$ .00
$ .00
$0.00
Home equity loan
$ .00
$ .00
$0.00
Other property mortgage
$ .00
$ .00
$0.00
$0.00
$0.00
$0.00
Personal Loans & Debt
Outstanding credit card debt
$ .00
$ .00
$0.00
Student loans
$ .00
$ .00
$0.00
Vehicle loans
$ .00
$ .00
$0.00
Other debt obligations
$ .00
$ .00
$0.00
$0.00
$0.00
$0.00
Total Liabilities
$0.00
$0.00
$0.00
Total Assets/Liabilities
$0.00
$0.00
$0.00

This information is provided by Nassau for educational purposes only. It is intended to provide a summary of your current financial situation and is not intended to be legal, tax, accounting, financial or other advice. Nassau provides no warranty or guarantee of any kind regarding the completeness or accuracy of this information. Please consult with a qualified professional with respect to the suitability of this information for your specific needs.
BPD 40151