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Kern County Employees' Retirement Association Pre-Retirement Planning Guide 11125 River Run Boulevard Bakersfield, California 93311 (661) 381-7700 office (661) 381-7799 fax www.kcera.org Last Revised

How to fill out pre-retirement planning guide

How to fill out pre-retirement planning guide:

1. Gather all necessary financial information, including bank statements, investment account statements, and Social Security statements.
2. Assess your current financial situation by calculating your net worth, determining your monthly income and expenses, and evaluating your existing retirement savings.
3. Set specific retirement goals, such as the age at which you want to retire and the lifestyle you envision for your retirement years.
4. Analyze your retirement income sources, such as pensions, employer-sponsored retirement plans, and personal savings. Determine how much income you will receive from each source.
5. Estimate your future expenses in retirement, considering factors like healthcare costs, housing, transportation, and leisure activities.
6. Assess your risk tolerance and determine an appropriate asset allocation strategy for your retirement investments. Consider diversifying your portfolio to manage risk.
7. Create a retirement budget, outlining your anticipated income and expenses. Make adjustments as needed to align your savings with your retirement goals.
8. Develop a plan to increase your savings if necessary, such as contributing more to your employer's retirement plan or opening an individual retirement account (IRA).
9. Review and update your beneficiaries for retirement accounts and insurance policies.
10. Consider seeking professional advice from a financial planner or retirement specialist to ensure you have covered all aspects of your pre-retirement planning.

Who needs pre-retirement planning guide:

1. Individuals who are approaching retirement age and want to ensure they are financially prepared for their post-work years.
2. Those who wish to evaluate their current financial situation and make necessary adjustments to improve their retirement outlook.
3. People who want to set specific retirement goals and develop a plan to achieve them.
4. Individuals who are unsure about their sources of retirement income and need guidance in assessing their pension, employer-sponsored plans, and personal savings.
5. Those who want to estimate their future expenses in retirement and ensure that their income sources are enough to cover these costs.
6. Individuals wanting to manage their investment risks and develop an appropriate asset allocation strategy for their retirement savings.
7. People interested in creating a retirement budget to ensure they have enough savings to support their desired lifestyle.
8. Those looking to increase their retirement savings and explore additional retirement saving options, such as individual retirement accounts (IRAs).
9. Individuals who need to review and update their beneficiaries for retirement accounts and insurance policies to ensure their assets are distributed as desired.
10. People seeking professional guidance and advice to optimize their pre-retirement planning and make informed financial decisions.

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What is pre-retirement planning guide?

Pre-retirement planning guide is a tool or resource that provides individuals with information, advice, and strategies to help them prepare for their retirement.

Who is required to file pre-retirement planning guide?

There is no specific requirement to file a pre-retirement planning guide. It is a voluntary resource that individuals can use to plan for their retirement.

How to fill out pre-retirement planning guide?

Since pre-retirement planning guides are typically informational resources, they do not generally require any specific form to be filled out. Instead, individuals can read and follow the guidance provided in the guide to plan for their retirement.

What is the purpose of pre-retirement planning guide?

The purpose of a pre-retirement planning guide is to assist individuals in understanding the various aspects of retirement planning, including financial planning, healthcare considerations, lifestyle choices, and other related topics. It aims to help individuals make informed decisions and take necessary steps to ensure a smooth transition into retirement.

What information must be reported on pre-retirement planning guide?

Pre-retirement planning guides generally do not require individuals to report any information. Instead, they provide guidance and information on various aspects of retirement planning.