A successful retirement requires planning across multiple financial areas. Use this checklist to assess your readiness and identify gaps in your preparation, whether retirement is decades away or right around the corner.
10+ Years Before Retirement
- Estimate your retirement expenses, including housing, healthcare, travel, and daily living
- Maximize contributions to employer-sponsored retirement plans (401(k), 403(b), 457)
- Open and fund an IRA or Roth IRA if eligible
- Review your asset allocation and ensure it aligns with your time horizon
- Pay down high-interest debt
- Build or maintain an emergency fund covering 3-6 months of expenses
- Create a My Social Security account at ssa.gov and verify your earnings record
- Review your pension plan details if applicable — understand vesting, benefit formula, and survivor options
5-10 Years Before Retirement
- Run detailed retirement income projections using online calculators or with a financial advisor
- Take advantage of catch-up contributions if you’re 50 or older ($7,500 extra for 401(k) in 2024)
- Consider Roth conversions to manage future tax liabilities
- Evaluate your healthcare coverage options — research Medicare eligibility and supplemental plans
- Begin thinking about Social Security claiming strategy
- Pay off your mortgage if feasible, or plan for housing costs in retirement
- Review and update your estate plan, including wills, trusts, and beneficiary designations
- Assess whether your current savings rate will meet your retirement income needs
1-5 Years Before Retirement
- Determine your target retirement date and create a transition plan
- Compare Social Security benefit amounts at different claiming ages (62, FRA, 70)
- If married, coordinate your Social Security claiming strategy with your spouse
- Research Medicare Parts A, B, C, and D — understand enrollment windows and penalties
- Create a detailed retirement budget with realistic expense estimates
- Plan your withdrawal strategy — which accounts to draw from first and in what order
- Consider long-term care insurance or alternative plans for potential care needs
- Gradually shift your portfolio toward a more conservative allocation if appropriate
Year of Retirement
- Enroll in Medicare during your Initial Enrollment Period (3 months before to 3 months after turning 65)
- Apply for Social Security benefits 3-4 months before you want payments to begin
- Roll over employer retirement accounts if appropriate
- Set up systematic withdrawals from retirement accounts
- Confirm health insurance coverage for any gap between employer coverage and Medicare
- Update your budget based on actual retirement expenses
- Notify your pension plan administrator and elect your payout option
Ongoing in Retirement
- Review your budget and spending annually
- Take Required Minimum Distributions (RMDs) from traditional retirement accounts starting at age 73
- Monitor your investment portfolio and rebalance as needed
- Review Medicare coverage annually during Open Enrollment (October 15 – December 7)
- Stay informed about changes to Social Security, Medicare, and tax laws
- Update your estate plan as circumstances change
- Keep beneficiary designations current on all accounts and policies