Make a list of all of your other assets, including your home, cars, and collectibles such as jewelry, antiques, artwork, and other miscellaneous items of value. These assets may become a source of cash should your retirement assets fall short. See the section The Role of Your Home in Retirement where it discusses how your home can be a source of cash in your retirement. You also may be in line to receive an inheritance. To the extent you are comfortable anticipating this amount, you may take it into account for your retirement planning.
You'll also need to know your total assets, including the value of your pension and other retirement savings to determine your net worth in order to do estate planning. See the section Estate Planning for more information.
Taking Inventory
The following questions can be used to help you take inventory of your assets:
Income
Pension Benefits/Deferred Compensation
1 If you have decided on a payout option, use an estimate based on that option. Otherwise, use the monthly single life annuity option estimate you receive from your company.
Expenses
Loans
Do you have any loans that will take more than a year to repay?
Rate of Return
What do you expect your rate of return will be on your investments during retirement?
Taxes and Inflation
Savings
Insurance
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. Premier America Credit Union and Premier America Investment & Retirement Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Premier America Investment & Retirement Services, and may also be employees of Premier America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Premier America Credit Union or Premier America Investment & Retirement Services. CA Insurance License #0759204, TX Insurance License#1643255.
Securities and insurance offered through LPL or its affiliates are: