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Retirement Planning Checklist

Hard 18 items · 2 hours
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testuser Published 4 weeks ago
Lifestyle

This checklist helps you turn retirement goals into a practical plan, covering pensions, investments, healthcare, housing, and legal steps. It’s for people preparing to retire or wanting to refine their retirement strategy with clear, actionable tasks.

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  1. Set retirement goals — Define age, lifestyle, location, and must-do activities.
  2. Gather financial documents — Collect statements for pensions, investments, bank accounts, and recent tax returns.
  3. Collect pension statements — Include occupational, personal, and state pension details and projected values.
  4. Collect investment account statements — Gather brokerage, retirement accounts, and annuity summaries for last 2 years.
  5. Collect recent tax returns — Use last 2–3 years to confirm income, deductions, and taxable events.
  6. Calculate current net worth — Add assets, subtract liabilities to get a baseline.
  7. Estimate annual retirement expenses — Include housing, healthcare, food, travel, taxes, and leisure costs.
  8. Decide target retirement income — Set a realistic annual income goal after taxes and inflation.
  9. Project income from pensions and investments — Estimate guaranteed pensions, expected withdrawals, and portfolio returns.
  10. Assess risk tolerance — Use a questionnaire or advisor to match investments to your timeframe.
  11. Review and adjust investment strategy — Rebalance allocations to align with income needs and risk tolerance.
  12. Review tax and Social Security strategies — Check optimal pension/benefit claiming ages and withdrawal order to minimize taxes.
  13. Plan for healthcare and long-term care — Review Medicare, supplemental plans, and long-term care options and costs.
  14. Create estate and legal plan — Prepare or update will, beneficiaries, power of attorney, and advance directives.
  15. Set up emergency and contingency fund — Keep 1–3 years (or more) of accessible savings for retirees' stability.
  16. Explore downsizing and housing options — Compare costs, taxes, maintenance savings, and lifestyle trade-offs.
  17. Plan daily activities and purpose — List hobbies, volunteer work, or part-time roles to stay engaged.
  18. Schedule annual retirement plan review — Set a yearly calendar reminder and update numbers or meet an advisor.
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