Investments Article | Transamerica

Take Inventory of Your Retirement Savings

Most of us keep fairly close tabs on our retirement savings accounts. However, as you begin to make the transition into retirement, it is important to conduct an in-depth inventory of all your savings and accumulated assets.

Once you’ve inventoried all of your savings accounts and accumulated assets you’ll have a better understanding of all of the resources available to develop your retirement income plan.

Taking your inventory 

Start by answering the following questions—and don’t forget to include your spouse or partner’s information as they may also play a key role in your planning: Take Inventory

  • Do you have any funds set aside for retirement in 401(k), 403(b), 457, Keogh, SEP, SIMPLE, or IRA (traditional or Roth) plans?
  • Do you have any cash-value life insurance?
  • Do you own any stocks or bonds that you plan to use in retirement?
  • Do you expect any special income in retirement (e.g., inheritance, gifts, or income from a trust)?
  • What property, if any do you currently own? Do you plan to sell your primary residence? If so, what do you anticipate the proceeds will be?
  • What other high net worth assets do you have, i.e. vehicles, jewelry, etc?
  • Will you receive any income from your current employer's pension plan, or from a previous employer's pension plan?
  • Are you eligible for any nonqualified deferred compensation arrangements from your current or previous employers?

Creating a detailed inventory of your retirement income sources is a critical step for effective retirement planning. How you answer these questions can help you evaluate what you have today so you can realistically plan your lifestyle tomorrow.