By Mark Lloyd -- The Lloyd Group, Inc.

    SUWANEE, Ga., March 24 /PRNewswire/ -- Success in retirement takes the
same discipline and attention to detail as we applied in building our
career, family life or investment portfolio. A checklist helps navigate
this process. Here are my Top Six points for a pre-retiree's (or soon-to-be
retiree's) financial planning checklist.

    Should I retire -- or stay in the workplace? Our work and free time
goals, family issues, health, and marketability in the workforce all impact
this important decision. From a financial standpoint, here's what you must
consider:



    -- Will my retirement account provide 80% of my current income presently?
       If the answer is no, then you would need to prepare for a considerable
       lifestyle change.

    -- If I have a defined contribution plan (401k, 403b, IRAs, etc.), what
       will be my accumulated balance? It is imperative during retirement to
       rebalance your savings plan to ensure that it is protected and will
       last for your lifetime. There are specific plans available that are
       designed to achieve that goal.

    Should I take a reduced pension (providing a survivor benefit) or a
life only pension that ends at my death?

    Pension options include: Single Life, which lasts until the retiree
passes away or Survivorship, which is designed to support the spouse after
the retiree passes away. This option reduces the monthly pension payment.
Some retirees have a choice to take a lump sum in retirement and invest it
for their spouses' and their children's future. Seek professional help in
making the best decision for you.

    IRA distribution/savings plan rollover. Due to their tax-deferral and
self-directed features, IRAs remain an outstanding investment, regardless
of tax bracket. Many workers can take advantage of "rollovers" from
company- sponsored plans to individual IRAs upon retirement, preserving
tax-advantaged investment growth. Be on alert that IRAs do have distinct
and sometimes complicated rules when it comes to taxation (i.e. Roth vs.
traditional IRA), when distributions must be taken, ownership structure,
beneficiary designations and transfer upon death. Just two examples: IRAs
cannot be transferred to trusts during a lifetime and they cannot be
jointly owned like property.

    Plan on taxes/Plan for taxes. Many retirees will not see a tremendous
difference in their tax bracket when it is time to take IRA distributions.
At 70 1/2 it is mandatory to start withdrawing the required minimum
distribution from your traditional IRA or defined contribution plans such
as 401k, 403b, etc. (RMD). To reduce future income tax, it may be
beneficial to take distributions from your retirement plan earlier.

    How to use your nest egg in retirement is just as complex as funding
your nest egg. The stakes are even higher for today's retirees and
pre-retirees. Having a strong pre-retirement flight plan will help you soar
to your anticipated retirement rewards.

    Founded in 1994 by Mark Lloyd, The Lloyd Group, Inc. solely serves the
distinctive financial needs of those nearing retirement and those already
retired. The Lloyd Group, Inc. is a member of the Metropolitan Atlanta
Better Business Bureau and the International Association of Registered
Financial Consultants.

    Mark Lloyd is an approved member of the National Ethics Bureau and the
Million Dollar Round Table "Top of The Table." He is an Investment Advisor
Representative and advisory services are offered through Envision
Investment Advisors, LLC, a Registered Investment Advisory Firm.