Financial & Retirement Benefit Planning Checklist

Financial & Retirement Benefit Planning Checklist

Evaluate Eligibility for Social Security & Retirement Benefits

• Review your Social Security earnings record annually to correct any errors and ensure accurate benefit calculations: SSA.gov
• Use the SSA benefits calculator to estimate monthly Social Security payments and assess the impact of different retirement ages: Social Security Calculator
• Apply for Social Security benefits at least 3 months before retirement age to avoid delays in receiving payments.
• Determine the best time to claim benefits—waiting until full retirement age (66–67) or later can result in higher monthly payments.
• Explore spousal and survivor benefits for additional financial support.
• Set up direct deposit for Social Security payments to ensure timely access to funds.
• Review tax implications of Social Security benefits, especially if receiving additional income from pensions or investments.

Check Eligibility for Medicare & Medicaid

• Review Medicare coverage options including Parts A, B, C (Advantage), and D (Prescription): Medicare.gov
• Apply for Medicare at least 3 months before your 65th birthday to avoid late enrollment penalties.
• Compare Medicare Advantage and Medigap plans to determine the best fit for your health needs and budget.
• Check Medicaid eligibility for low-income healthcare support: Medicaid.gov
• Determine if you qualify for Medicare Savings Programs (MSPs) to help cover costs like premiums and co-pays.
• Explore Extra Help programs for prescription drug cost assistance.
• Schedule a Medicare wellness visit and enroll in preventative care programs for long-term health support.

Apply for Veterans’ Benefits

• Check eligibility for VA healthcare, pensions, disability compensation, and long-term care: VA Benefits Website
• Contact a VA benefits counselor or Veterans Service Organization (VSO) for help with applications and appeals.
• Gather and submit necessary documentation, including DD-214 discharge papers, financial records, and medical history.
• Apply for Aid & Attendance benefits to support in-home care or assisted living.
• Explore VA home loan programs for affordable financing on home purchases or modifications.
• Check eligibility for the Veterans Pension program for supplemental income for wartime veterans with limited income.
• Look into state-specific veteran benefits like property tax relief, transportation discounts, or education assistance.

Maximize Retirement Savings & Income

• Review balances in retirement accounts (401(k), IRA, Roth IRA) and develop a tax-efficient withdrawal strategy.
• Calculate required minimum distributions (RMDs) to avoid tax penalties.
• Explore income sources such as annuities or pension plans that offer predictable payments.
• Consider part-time or freelance work to supplement retirement income.
• Meet with a financial planner to develop a long-term investment and income strategy.
• Create a retirement budget that includes healthcare, housing, transportation, and leisure.

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