Retirement planning is something that people should always think about, but the way that they think about it and its level of precision changes as they approach retirement. Earlier in life, you’re trying to figure out how much to save and put towards retirement. Within 5-10 years of desired retirement age, you should be thinking about the below checklist to prepare for a smooth transition to retirement: 1.

Currently, the average American predicts that they’ll be retiring at the age of 66 and 25% of them believe that they will need at least $1 million to retire early and live comfortably. Ok, fair enough. But, here’s the thing. It’s not always about the amount of money that you have when you retire. There is no perfect “retirement calculator”. Your comfort level through retirement depends on how well you plan for it.

Actually receiving an inheritance from someone who has passed away isn’t a taxable event, but how much tax you’ll pay when you take money out of that asset—for example by selling a stock or distributing money from a retirement account—depends on the asset itself. Here’s why. Got a step-up in basis? You’ll owe less tax if you sell. When an heir receives an asset from a decedent, the value of the property must be determined.

There’s more to a business transaction than just tallying up numbers–it’s a complex, three-dimensional idea that requires thoughtful reflection as a business owner. You’ve spent time and energy tenaciously building your business and it’s about to pay off. So, it’s worth thinking about the following factors as you ask yourself “should I sell my business?”

Tips and challenges for transitioning into retirement  

A Guide for Saving and Investing for Short and Long-Term Goals

Download the PDF version of this checklist: Private Wealth Design Checklist

It sounds like a simple question, but it’s actually pretty difficult to answer: what matters most to you? The most productive charitable giving comes from first determining what your charitable goals are.