SENIOR RESOURCE GUIDE
6 Worcester Business Journal | October 21, 2024 | wbjournal.com
Senior life planning
checklist
RETIREMENT TRANSITION
Determine financial readiness
• Identify assets
• Determine income replacement(s)
- Social Security
- Pension & retirement accounts
- Savings account
- Investment proceeds
- Veteran benefits
- Public assistance
• Check for accrued vacation pay
• Calculate living expenses
• Plan for healthcare costs
• Evaluate credit needs
• Factor in future taxes
• Create a leisure budget
(activities, dining out, travel)
Pay down debt
Identify and train successor
Consider emotional readiness
Plan for extra time
• Enjoy hobbies and travel
• Volunteer
• Work part time
HEALTHCARE PLANNING
Identify health insurance options
• Medicare & Medicaid
• Long-term care insurance
• Private plan via spouse
• Veteran benefits
Compare prescription drug coverage options
Prepare advance directives
• Living will
• Durable power of attorney for health care (healthcare proxy)
STOCK ILLUSTRATION / YEKATERINALIM
