Retirement Income Checklist | C.H.A. Insurance Agency

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Income picture

Estimate essential monthly expenses and discretionary monthly expenses separately.List expected income sources such as Social Security, pensions, wages, rental income or other recurring income.Identify any gap between dependable income and essential expenses.

Liquidity and time horizon

Identify money you may need for emergencies, near-term purchases or health expenses.Separate funds that must remain liquid from funds you may be able to commit for a longer period.Write down your expected retirement date and the age at which you may need income from the funds being reviewed.

Questions for any annuity discussion

What guarantees are included in the contract and which features are not guaranteed?What surrender period, withdrawal limits, charges or market-value adjustments can apply?How is interest credited, and can caps, participation rates, spreads or declared rates change?What income options or riders are available, what do they cost and what conditions apply?What happens at death, and how are beneficiaries handled under the contract?

Coordinate the decision

Compare the proposed contract with your existing accounts and insurance before replacing anything.Ask a qualified tax professional about tax consequences specific to your situation.Keep the full illustration, contract disclosures and replacement documents with your records.

Your notes

Write down what you want to follow up on.

Essential monthly income targetFunds that must stay liquidQuestions about guarantees and surrender termsBeneficiary and legacy goals

Educational organizer only. It is not legal, tax, investment or medical advice and does not replace an insurance policy, contract, plan document or advice from a qualified professional. Insurance products, eligibility, underwriting, benefits and availability vary by carrier and state.