Checklist

Countdown to Your Clients Retirement

July 2005

MONTHLY CHECKLIST SERIES

Countdown to Your Client’s Retirement

Retirement-age millionaires in America have a common concern—running out of money. Clients who are getting ready to retire need to follow a timetable and begin preparations up to two years in advance. Here’s a list for CPAs and their clients of what to do—and when to do it.

24 months prior to retirement

Build a sustainable budget.

Review the plan to pay off debts.

Interview investment advisers.

12–18 months prior to retirement
Work together to hire an investment adviser for at least 25% of the investment portfolio.
Develop an investment policy statement.
Acquire a written copy of company benefits policies.
Begin tax planning.

6–9 months prior to retirement
Reevaluate investment advisers with respect to the goals.
Complete the advisory team.
Accumulate company retirement forms.
Go through underwriting for any additional life or health insurance.

3 months prior to retirement
Have the investment adviser review the rules for the client’s company stock options.
Open a rollover IRA.
Evaluate purchasing new life/health or disability policies.
File retirement forms with the benefits department.
Set up direct deposit and tax withholding for retirement payments.

Source: Adapted from How Millionaires Stay Rich Forever by J.M. Trippon, CPA, Bretton Woods Press, Bellaire, Texas, www.stayrichforever.com , 2004.

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