Essential Retirement Documents
We all have important documents that would need to be found in case something happened to you tomorrow. They are around here somewhere, right?
Before you retire, it's a good idea to gather these documents together and create a bit of an inventory. Why before you retirement? Well, it's a time when you are still in the game. You are mentally active, up to the challenge of sorting through old documents and problem-solving when tracking things down. You may be even more up to the challenge after you retire, but you may also be less likely to think about things like contingent beneficiaries and policy numbers once you have left the daily grind. Prepare now so you can relax later.
The first thing you need to do before you retire is make sure your Last Will and Testament is in order. It's not morbid, it's just time to make sure that everything is divided up the way you'd like it to be. The other important document, which may come in handy sooner rather than later, is a Power of Attorney. It allows you to hand over the reins of your financial and legal documents in case you become disabled and incapacitated.More »
This is more about checking that the beneficiaries named on every account are up to date. If you pass away with outdated beneficiaries listed on your retirement or insurance accounts, the money will go into the wrong hands. So make sure the people who are assigned to receive your accounts (your spouse, children, parents) are the same names you would choose today. More »
For the Social Security Administration to determine your retirement benefits, it may ask to for certain documents. These include your Social Security card, birth certificate or proof of citizenship, W-2 forms or self-employment tax returns and, if applicable, military service papers. If you don't have all of these documents at the ready, don't let it stop you from applying. The administrators at SSA may be able to help you track down some of your information online or in hard copy. More »
Now is the time to make sure all insurance policies are up-to-date and you know where to find them. You should always have current copies on hand with a contact at the insurance company.
It's good to get these documents sorted while you are still active and able to go on intellectual scavenger hunts. You want to get together a list of all of your investment accounts, of course, and gathering statements from each is a good idea. It also helps to track things like cost basis (the original price or value of your investments), which matter when you take a distribution from your investments. Any stock certificates or original paperwork? Sort it out now, you may need to have it handy in the future.
Keep account information for all of your health insurance plans, including work-based plans, Medicare and Medicaid, and private insurance. If you have a long-term care policy, review the details of your plan before retirement. Discuss any questions about your policy with a company representative, and bring one of your kids or another third-part along so there is someone else who understands the details of your plan.
While you are compiling lists, it's not a terrible idea to create a list of prescription medications, along with dosages and recommended daily allowances.
Before you retire, it's a good idea to gather these documents together and create a bit of an inventory. Why before you retirement? Well, it's a time when you are still in the game. You are mentally active, up to the challenge of sorting through old documents and problem-solving when tracking things down. You may be even more up to the challenge after you retire, but you may also be less likely to think about things like contingent beneficiaries and policy numbers once you have left the daily grind. Prepare now so you can relax later.
1. Will and Durable Power of Attorney
The first thing you need to do before you retire is make sure your Last Will and Testament is in order. It's not morbid, it's just time to make sure that everything is divided up the way you'd like it to be. The other important document, which may come in handy sooner rather than later, is a Power of Attorney. It allows you to hand over the reins of your financial and legal documents in case you become disabled and incapacitated.More »
2. Beneficiary Forms
This is more about checking that the beneficiaries named on every account are up to date. If you pass away with outdated beneficiaries listed on your retirement or insurance accounts, the money will go into the wrong hands. So make sure the people who are assigned to receive your accounts (your spouse, children, parents) are the same names you would choose today. More »
3. Documents You Need to Get Social Security
For the Social Security Administration to determine your retirement benefits, it may ask to for certain documents. These include your Social Security card, birth certificate or proof of citizenship, W-2 forms or self-employment tax returns and, if applicable, military service papers. If you don't have all of these documents at the ready, don't let it stop you from applying. The administrators at SSA may be able to help you track down some of your information online or in hard copy. More »
4. Insurance Policies
Now is the time to make sure all insurance policies are up-to-date and you know where to find them. You should always have current copies on hand with a contact at the insurance company.
5. Investment Documents
It's good to get these documents sorted while you are still active and able to go on intellectual scavenger hunts. You want to get together a list of all of your investment accounts, of course, and gathering statements from each is a good idea. It also helps to track things like cost basis (the original price or value of your investments), which matter when you take a distribution from your investments. Any stock certificates or original paperwork? Sort it out now, you may need to have it handy in the future.
6. Health Care and Long-Term Care Documents
Keep account information for all of your health insurance plans, including work-based plans, Medicare and Medicaid, and private insurance. If you have a long-term care policy, review the details of your plan before retirement. Discuss any questions about your policy with a company representative, and bring one of your kids or another third-part along so there is someone else who understands the details of your plan.
While you are compiling lists, it's not a terrible idea to create a list of prescription medications, along with dosages and recommended daily allowances.