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Financial Planning - Financial Independence Checklist

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.
  • Estimate 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. The toll-free number is 1-877-533-5020.
  • Review local contract for:
    A. Continuing life, health, and dental benefits
    B. Local early retirement benefits
  • Apply for WRS benefits three (3) months prior to termination date.
  • Apply for Social Security benefits 3-4 months prior to desired starting date.