Financial
Planning
Financial Independence Checklist
- Determine current income needs.
- Project retirement income needs by subtracting pre-retirement related
expenses. (Determine desired income level at retirement)
- Estimate Wisconsin Retirement system benefits.
- Request an estimate of Social Security benefits.
- Determine value of income-producing assets.
- Estimate income from income-producing assets.
- Project levels of income available at various retirement ages. What
difference would working one more year make in expenses (mortgage paid
off, social security benefits (spouse now age 62), Wisconsin retirement
benefits, and the value of income-producing assets (TSA deposits).
- Within twelve (12) months of retirement date, contact the Wisconsin
Retirement System for a retirement packet and benefit estimate.
- Review local contract for:
A. Continuing life, health, and dental benefits
B. Local early retirement benefits
- If necessary, review alternate health care providers such as the
State Local Annuitant Health Plan.
- Apply for WRS benefits three (3) months prior to termination date.
- Apply for Social Security benefits 3-4 months prior to desired starting
date.
