Retirement Planning Checklist

18 items · Lifestyle · Hard difficulty · 2 hours

Plan your retirement with clear, practical steps for finances, health, and lifestyle.

• Set retirement goals

  Define age, lifestyle, location, and must-do activities.

• Gather financial documents

  Collect statements for pensions, investments, bank accounts, and recent tax returns.

• Collect pension statements

  Include occupational, personal, and state pension details and projected values.

• Collect investment account statements

  Gather brokerage, retirement accounts, and annuity summaries for last 2 years.

• Collect recent tax returns

  Use last 2–3 years to confirm income, deductions, and taxable events.

• Calculate current net worth

  Add assets, subtract liabilities to get a baseline.

• Estimate annual retirement expenses

  Include housing, healthcare, food, travel, taxes, and leisure costs.

• Decide target retirement income

  Set a realistic annual income goal after taxes and inflation.

• Project income from pensions and investments

  Estimate guaranteed pensions, expected withdrawals, and portfolio returns.

• Assess risk tolerance

  Use a questionnaire or advisor to match investments to your timeframe.

• Review and adjust investment strategy

  Rebalance allocations to align with income needs and risk tolerance.

• Review tax and Social Security strategies

  Check optimal pension/benefit claiming ages and withdrawal order to minimize taxes.

• Plan for healthcare and long-term care

  Review Medicare, supplemental plans, and long-term care options and costs.

• Create estate and legal plan

  Prepare or update will, beneficiaries, power of attorney, and advance directives.

• Set up emergency and contingency fund

  Keep 1–3 years (or more) of accessible savings for retirees' stability.

• Explore downsizing and housing options

  Compare costs, taxes, maintenance savings, and lifestyle trade-offs.

• Plan daily activities and purpose

  List hobbies, volunteer work, or part-time roles to stay engaged.

• Schedule annual retirement plan review

  Set a yearly calendar reminder and update numbers or meet an advisor.

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