Retirement Planning Checklist
A practical checklist of the key areas to consider as you prepare for retirement.
Start With Your Retirement Timeline
Before working through the financial details, consider when you expect to retire and what milestones may occur between now and then.
Where Are You Now?
Consider your current savings, income sources, expenses and expected retirement timeframe.
What Needs Attention?
Think about upcoming decisions involving Social Security, healthcare, employment, savings and other retirement considerations.
What Will Change?
Consider how your income, spending, healthcare and use of savings may change once work income decreases or stops.
Checklist thought: Your retirement date does not have to answer every financial question. It provides a timeline for identifying which questions may need attention.
Review Your Retirement Expenses
A realistic estimate of retirement spending can help you understand how much income you may need and where your financial resources may be directed.
Don't only look at today's expenses. Consider expenses that may change when you stop working, as well as costs that could emerge later in retirement.
Expense Review
ConsiderChecklist tip: Separating essential expenses from discretionary spending can make it easier to see which costs may need to be supported regardless of market conditions or lifestyle changes.
Identify Your Retirement Income Sources
Before thinking about how much you may need from your savings, identify the income sources that may already be available to you in retirement.
Social Security
Consider when you expect to claim benefits and how Social Security may fit into your overall retirement-income picture.
Pensions & Other Guaranteed Sources
If applicable, review pension benefits, annuity income, or other sources that may provide recurring retirement income.
Employment or Part-Time Income
Some people continue working after reaching retirement age. Consider whether employment or other earned income may be part of your plan.
Retirement Accounts
Identify your 401(k), IRA, Roth IRA, and other retirement accounts and consider how they may contribute to future income.
Personal Savings & Investments
Include taxable investment accounts, cash reserves, savings, and other assets that may be available to support retirement needs.
Other Income
Consider rental income, business income, royalties, or other sources that may be relevant to your individual situation.
Listing your potential income sources can help you see which expenses may be covered by recurring income and where your savings may need to play a role.
Review Healthcare & Insurance Costs
Healthcare can be an important part of retirement spending. Review the types of coverage you may need and the costs that could affect your retirement-income needs.
What Should You Include?
Consider both expected healthcare expenses and the types of coverage that may be relevant at different stages of retirement.
Questions to Review Before Retirement
Healthcare planning is more than estimating a monthly premium. Consider coverage, out-of-pocket expenses, changing needs, and how healthcare spending fits into your broader retirement-income picture.
Review Your Savings & Investments
Understanding where your retirement savings are held—and how those assets are positioned—can help you evaluate how they may fit into your overall retirement plan.
Start With the Full Picture
Retirement savings are often spread across several types of accounts and investments. Begin by identifying what you own, where it is held, and how each account may be used.
What Should You Look At?
As Retirement Gets Closer, Review the Role of Your Investments
Consider how your investments are spread across different asset classes and holdings.
Consider how much market fluctuation may affect assets you expect to use during retirement.
Consider how your investment strategy relates to the income you may need from your portfolio.
Knowing what you own is only the beginning. Consider how your savings, investments, time horizon, income needs, taxes, and risk considerations fit together.
Review Taxes & Required Distributions
Taxes can affect how much of your retirement income is available to spend. Review the tax characteristics of your accounts and understand whether required distributions may apply.
Different Accounts Can Have Different Tax Considerations
Withdrawals from traditional retirement accounts may generally be included in taxable income, depending on the circumstances.
Roth accounts have different tax rules. Understanding the account type and applicable withdrawal requirements is important.
Investment income and transactions in taxable accounts can have different tax consequences depending on the investment and circumstances.
Understand RMDs
Required minimum distributions, or RMDs, may apply to certain retirement accounts once you reach the applicable age. The rules can depend on the account type and your circumstances.
Review current IRS rules and your individual circumstances when determining whether and when an RMD applies.
Look at the Bigger Picture
The tax impact of retirement withdrawals can depend on where the money comes from, how much you withdraw, and your overall tax situation.
Questions to Consider
Retirement planning is not only about how much you have saved. Understanding how different accounts may be taxed and when distributions may be required can be an important part of the income-planning conversation.
Review Debt & Major Financial Obligations
Debt and recurring financial obligations can affect how much retirement income you may need. Review your major expenses and consider how they may fit into your retirement timeline.
Know What You Will Carry Into Retirement
Make a list of your current debts and consider the expected payment amounts, interest costs, and time remaining on each obligation.
Ask How These Obligations Fit Into Your Plan
Review What Can Be Adjusted
Account for Ongoing Obligations
Questions to Consider
Debt does not automatically prevent someone from retiring, but it can affect the amount of income needed to cover ongoing expenses. Understanding your obligations can help create a clearer retirement cash-flow picture.
Build Your Retirement Income & Withdrawal Strategy
Retirement changes the question from how much you have saved to how those resources may be used to support your income needs over time.
Start With the Income You May Need
Begin with your estimated retirement expenses and compare them with the income sources you expect to have available.
Look at the Pieces Together
There Is More Than One Way to Think About Withdrawals
Some retirees use scheduled withdrawals from savings to supplement other sources of income.
Spending needs can change. Some strategies allow withdrawals to be adjusted as circumstances change.
Retirement income may come from a combination of Social Security, pensions, investments, savings, and other sources.
Review These Variables
The amount withdrawn can affect how much remains available for future needs.
Investment values can fluctuate, which may affect the amount available when withdrawals are needed.
Retirement savings may need to support income over many years.
Rising costs can change how much income is needed over time.
The tax treatment of different accounts and withdrawals can affect available income.
Spending, healthcare, and other circumstances may change throughout retirement.
Questions to Consider
A retirement-income strategy is not simply about choosing a withdrawal amount. Consider your income sources, spending needs, taxes, investments, time horizon, and the possibility that circumstances may change.
Review Estate Planning & Legacy Goals
Retirement planning also involves considering what happens to your assets and financial responsibilities if your circumstances change or after your lifetime.
Review the Documents That Support Your Plan
Estate planning documents can help communicate your wishes and provide direction for financial and personal decisions.
Check Your Beneficiary Designations
Retirement accounts and certain financial products may pass according to beneficiary designations. Make sure those designations are consistent with your current wishes.
What Matters to You Beyond Retirement Income?
For some households, retirement planning also includes decisions about family, charitable giving, business interests, or other goals for assets that may remain.
Consider who you want your assets and financial resources to benefit.
If charitable giving is important to you, consider how it fits into your broader plan.
Include other legacy or family objectives that may be relevant to your circumstances.
Questions to Consider
Estate planning can involve legal and tax considerations. Consider coordinating with qualified legal and tax professionals as appropriate for your circumstances.
Create an Emergency & Contingency Plan
Retirement plans can face unexpected expenses and changing circumstances. Consider how you would respond if your income, spending, health, or investment environment changed.
What Could Change?
A contingency plan does not have to predict exactly what will happen. It can help you think through how your retirement finances might respond to different circumstances.
Consider These Four Areas
Think Through Different Circumstances
You do not need to predict the future. Instead, consider how your plan might respond if one of several common circumstances occurred.
What would happen if healthcare, housing, or another major expense increased?
How might your plan change if an expected income source were lower than anticipated?
How might you respond if investment values declined while you were taking withdrawals?
Questions to Consider
A contingency plan is about flexibility, not predicting every possible event. Knowing what resources and options you may have can make it easier to review your retirement strategy when circumstances change.
Set a Review Schedule for Your Retirement Plan
Retirement planning is not a one-time decision. Regular reviews can help you consider changes in your income, expenses, investments, healthcare needs, and personal circumstances.
Review Regularly
As retirement approaches, review your savings, income sources, expenses, retirement date, healthcare considerations, and investment strategy.
Revisit the Income Picture
When work income changes or stops, review how Social Security, pensions, savings, investments, and other resources may fit together.
Adjust as Circumstances Change
Continue reviewing spending, income, healthcare, taxes, investments, and other factors that may change throughout retirement.
Some Changes May Call for an Earlier Review
You do not necessarily have to wait for a scheduled review. Significant changes in your circumstances may be a reason to revisit parts of your retirement plan.
Marriage, divorce, death in the family, or other significant changes may affect your financial priorities.
A significant change in income, assets, debt, or expenses may affect your retirement-income picture.
A change in your retirement date, work plans, Social Security timing, or spending needs may warrant a review.
Changes in healthcare coverage, expenses, or family circumstances may affect your planning assumptions.
Significant changes in your portfolio or investment circumstances may be worth reviewing.
New family, charitable, travel, legacy, or lifestyle goals can change the priorities you want your plan to address.
What Should You Revisit?
Keep Your Plan Current
A review does not necessarily mean changing everything. It can simply provide an opportunity to compare your current circumstances with the assumptions behind your retirement plan.
Questions to Consider
A retirement plan should reflect your current circumstances. Set a regular review habit and revisit your plan when significant financial or personal changes occur.
Put It All Together
Retirement planning involves more than one decision. Use this checklist to review the key areas that may shape your retirement-income picture.
Have You Reviewed These Areas?
Retirement Timeline
Know where you are today and what may need attention before retirement.
Retirement Expenses
Estimate essential expenses, lifestyle spending, healthcare, taxes, and other costs.
Income Sources
Identify Social Security, pensions, employment, retirement accounts, savings, and other income.
Social Security
Review estimated benefits, claiming considerations, and how Social Security fits with other income.
Healthcare
Consider Medicare, insurance, out-of-pocket costs, and potential long-term care needs.
Savings & Investments
Review accounts, investment allocation, diversification, costs, taxes, and time horizon.
Taxes & RMDs
Understand the tax characteristics of your accounts and whether required distributions may apply.
Debt & Obligations
Review mortgages, loans, recurring obligations, and how they may affect retirement cash flow.
Income & Withdrawal Strategy
Consider how different income sources and savings withdrawals may work together.
Estate & Legacy Goals
Review wills, trusts, powers of attorney, beneficiaries, and legacy objectives.
Emergency & Contingency Planning
Consider emergency savings, spending flexibility, unexpected expenses, and changing circumstances.
Ongoing Reviews
Set a review schedule and revisit your plan when significant circumstances change.
Your Retirement Plan Is More Than a Number
Retirement planning brings together income, expenses, savings, investments, healthcare, taxes, and personal goals. The right questions can help you better understand the decisions ahead.
This material is provided for educational and informational purposes only and is not intended to provide personalized investment, tax, legal, or retirement advice. Individual circumstances vary. Consider consulting qualified financial, tax, and legal professionals regarding your specific situation.
Review Social Security & Retirement Benefits
Social Security and other retirement benefits may represent an important part of your retirement-income picture. Review what you may receive and when those benefits may begin.
Check Your Estimated Benefit
Review your Social Security earnings and benefit information so you have a clearer starting point for retirement-income planning.
Consider When to Claim
Your retirement date and your Social Security claiming date do not necessarily have to be the same. Consider how timing may fit with your broader income needs.
Coordinate With Other Income
Look at Social Security alongside pensions, retirement accounts, savings, investments, and any other income sources you may have.
Have You Reviewed These?
Social Security can be an important part of retirement income, but it is only one part of the overall picture. Review it together with your other income sources, expenses, savings, and retirement timeline.