Retirement Planning Checklist

Kiplinger.com reports that depending on where you are in your journey to retirement, smart retirement planning looks different. Ideally, you should your retirement planning checklist on your first day of work. But in reality, most don’t focus on retirement until much later in their established career. No matter when you start your list, make sure you’re saving throughout your career. However, once in your fifties, it might be time to start thinking about when you’ll retire, where you’ll live, and how you’ll spend your retirement years.¹

A Few Tips and Items that Might be on Your Checklist:

1. If you are currently making 401(k) contributions, consider shifting some of those contributions to a Roth 401(k). Having all of your savings in tax-deferred 401(k) plan or traditional IRAs can result in big tax bills when you start taking withdrawals, says Karen Van Voorhis, a CFP from Massachusetts. And while many dual-income-married couples earn too much to contribute to a regular Roth, there are no income limits on contributions to Roth 401(k) plans.

2. Be sure you are contributing to a Health Savings Account (HSA). If you are covered by a high-deductible health insurance plan, you can contribute up to $4,150 for individuals and $8,300 for families to an HSA. You can use the money to pay for medical expenses that aren’t covered by your insurance, but if you pay those expenses out of pocket and let the money in your HSA grow until you retire, you’ll have a stockpile of tax-free money to pay for medical expenses that aren’t covered by Medicare.

3. Pay off high-interest debt, such as credit cards or PLUS loans you took out for your children’s college education. Nearly one-fourth of retirees say that debt has made it more difficult for them to live comfortably in retirement, according to the Employee Benefit Research Institute’s Retirement Confidence Survey.²

4. Create your estate plan or update it if you have one already established. Everyone’s estate plan should include a will or trust, health care proxy, and power of attorney. Be sure to review all beneficiaries on your retirement plans and life insurance policies.

5. Rebalance your portfolio. It might be too soon to make a big shift from stocks to conservative investments, because you’re still years away from retirement. Stick to your target allocation (as determined with your financial advisor.)

Wherever you are in your retirement journey, let us help you reach your retirement goals. Contact one of our experienced advisors to see if you’re on track with your checklist.


1 https://www.kiplinger.com/retirement/retirement-planning/602869/retirement-planning-checklist
2 https://www.ebri.org/retirement/retirement-confidence-survey