Ben Mohr Retirement Checklist

Looking to retire? Questioning if it’s time? Before you retire you will want to have all your proverbial ducks in a financial row.

Ben Mohr financial advisors will guide you through the process and see what the best options are for you and your future.

First things first - when can you retire?

The golden number. Retirement age in California is 66 to collect full benefits (for those born in 1955). Retirement age in California for those born in 1960 or later will be age 67 - for full benefits. Of course, early retirement age in California is still 62 however, benefits will be reduced. These numbers are dictated by your employer, your state, and your year of birth.

Retirement age in California is as stated, 66 however, a financial bonus for delayed retirement of up to 8% each year collection is delayed.

Your retirement may include one or more of the following - CalPERS pensions, Social Security as well as your own personal savings. The California PERS official government page does a great job explaining the relationship between your CalPERS pension and Social Security.

Before you make any financial decisions you’ll want to make sure you being your retirement process in California, 1year in advance of your retirement goal date.

Once you’ve made the decision to retire and you meet the retirement age in California, you’ll want to follow the below checklist to ensure it aligns with your financial goals:

• Inventory of assets

We will sit down to calculate what you need to live your best life as a new retiree.

• Emergency of funds

Things out of our control will inevitably happen. Making plans now to ensure you are financially set up should anything arise, is what Ben Mohr’s Financial team looks out for.

• Debit free

Financial freedom is important when you’re looking to retire. Making large purchases prior to your retirement isn’t a wise financial decision. Having cash that isn’t tied to a loan will help guarantee that in case of an emergency, those funds are free to support you and your needs.

• List out your needs

What are your basic needs for retirement? Now, what are your wants during retirement? Even better - what are your goals during retirement? Ben Mohr’s financial team believes asking yourself these questions lays out the best roadmap for you in terms of financial independence.

• Health insurance

Health insurance after retirement is important. Looking into options that support you long term as well as financially is important.

• Look into investments

It’s never a bad time to look at investing. Ben Mohr financial advisors believe that setting yourself up for success, also means looking into areas that you’re able to give back to yourself. Looking into retirement investments that could supplement earning potential post-retirement, relieves the stress of financial income.

Ben Mohr’s Financial Advisors will help you with the tough decisions such as, ‘am I ready to retire?’

This question alone bears a lot of weight. Making the decision to leave a stable income is a scary one - but taking the steps to ensure you’re set up along the way and post-retirement, is a decision you’ll never regret.