Retirement Planning- Check List

What aspects are to be considered in retirement planning?

Step 1:- Your Goals, Your frame of Mind
- First of all be ready to think big and long into the future
- Be with the person whom you are going to spend your life with
- Discuss out yours and your partners future life plans
- Get your priorities right
- Understand what you feel like doing in life at this very moment
- Keep in mind that though you think life is uncertain and things will change with time but think what you want to achieve in future as of now
- Changes to your plan can be incorporated in the future

Step 2:- Documents
Be ready with your financial documents which people assume to be a lot of hassle.
Here is a list of documents needed which can be used as a check list to see what all forms a part of your requirement
- All your bank statements
- Last 3 years Income Tax returns
- Latest salary slip, business balance sheet and Profit and loss statement (If any)
- Other forms of income from Rental Property, Pension Income, Business Income, Agricultural income, Royalty Income (If Any)
- List of your Monthly expenses broken down into;
- Household
- Food
- Transportation
- Healthcare
- Travel & Holiday
- Education
- Loan EMI's
- Lifestyle
- Miscellaneous

- A list of your assets with approximate valuation on a pessimistic side which would include your
- Employee Provident Fund
- Public Provident Fund
- Stocks
- Mutual funds
- Cash and bank accounts
- Pension accounts
- Annuity account
- Insurance products
- Gratuity accounts
- Personal assets
- Real assets
- Any loans given by you to others


- A list of your liabilities with latest statements including your
- Auto loans
- Credit card loan
- Student loan
- Personal loan
- Home loan
- Business loan

- A list of all your insurance policy details with the latest valuation and surrender/cash value

Step 3:- Choose your financial planner by seeing his
- Knowledge
- Experience
- Execution abilities
- Avenues of services offered
- Sources of income for the planner
- The client to planner ratio

Step 4:- Maintain the trust once formed- If you feel that the person is trust worthy enough to provide with all your personal financial details
then disclose the information to him
- Once the relation has started then trust his ability to guide you and manage your personal finances.
- To decide if a person is well qualified or no see if he is a CFP Certified or a CFP candidate.

Following this checklist will help you in the initial step of starting a relationship with a financial planner and moving up with your retirement plan.