Retirement Planning • Checklist

Retirement planning checklist

29 things to think through, in five groups. Tick them off as you go, and print it for your own records.

Educational only. This is general information, not advice for your situation. Retirement rules and figures change every year. Amounts that change yearly are linked to their official source, and the one table of contribution limits is labeled with its year. Verify current figures with official sources such as ssa.gov, medicare.gov and irs.gov, and consult a qualified professional before making decisions.

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Picture your retirement income goal

List essential monthly expenses: housing, food, utilities, transportation, insurance, health care and taxes.
List discretionary wishes: travel, hobbies, gifts, helping family.
Note big one-time costs ahead, such as a roof, a car or a move.
Pick a target retirement age, plus a backup plan if work ends sooner.
Plan for the money to last to at least 90 or 95.
My own item

Map your income strategy

Get your Social Security estimate at ssa.gov and compare claiming at 62, full retirement age and 70.
If married or partnered, compare claiming and pension choices with the survivor in mind.
Review pension options: monthly payments or a lump sum, single life or joint and survivor.
Match essential expenses with dependable income, and find the gap.
Set aside a near-term reserve of a few years of planned withdrawals.
Invest long-term money in a mix that fits your time horizon and risk.
Decide which accounts to draw from, and in what order, with taxes in mind.
Mark your RMD start age (73, or 75 if born in 1960 or later).
My own item

Protect the plan

Plan health coverage before and after 65, and mark your Medicare enrollment window.
Budget for Medicare premiums and out-of-pocket costs, and check whether IRMAA could apply.
Discuss how long-term care would be handled and paid for.
Review life insurance and survivor income needs.
Keep an emergency fund for one-time surprises.
Learn the warning signs of scams that target retirees.
My own item

Documents and legacy

Will written or updated.
Beneficiaries reviewed on every retirement account and insurance policy.
Financial power of attorney in place.
Health care power of attorney and advance directive in place.
Trust documents reviewed, if you have any.
A trusted person knows where documents and account information are kept.
My own item

Keep it on track

Review the plan once a year and after big life events.
Revisit your withdrawal rate after large market moves.
Check that limits, premiums and tax rules are current for this year.
Bring tax, legal and investment questions to qualified professionals.
My own item

GRIP Financial Planning • gripfinancialplanning.com • For educational purposes only. Figures and rules change; verify with official sources and a qualified professional.

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