Why a Checklist Matters for Retirement

Retirement planning is essential in preparing for retirement. Developing a structured retirement checklist will help guide you to prepare financially and emotionally for the big day. Having a retirement planning checklist can also help reduce uncertainty and help increase your confidence when it is time to retire.

There is quite a bit to remember when you begin your personal retirement planning, and it is never too soon to make a checklist for retirement planning. Developing a retirement checklist will help to ensure you are not forgetting anything. To start, retirement planning involves accounting for your expected retirement savings, developing a retirement income strategy, reviewing healthcare costs, withdrawal rates, Social Security benefits, legacy planning, and more.

Each retirement plan is different and can be tailor made to the individual. Your retirement planning advisor at Portfolio Advisors is here to help you get started.

Define Your Retirement Vision & Timeline

Any checklist for retirement planning should begin with identifying your retirement goals. What is it you want to do in retirement? More retirees are finding a mixed lifestyle of part-time work, some travel, volunteering, and free time works best. The answer depends on you.

Think of your personal goals and ambitions and write them down so you have some clarity. This is an important part of the process of developing a retirement plan. Take a moment to think about how these goals will be affected by your health and financial needs. More retirees are living longer so you will want to figure a reasonable retirement timeline so you will not run out of funds.

When you think about your retirement plan you need to assess many things. This is where your retirement checklist comes in handy. What are your assets, liabilities, and current lifestyle look like? Are there any lifestyle changes you want to make in retirement, such as moving to a warmer climate or perhaps a smaller home. Now is the time to write these plans down as part of your checklist for retirement planning.

Take An Inventory of Your Financial Picture

An inventory should include an accounting of your major assets, such as a primary and secondary home.
You will also want to review any defined retirement accounts you hold, for example a pension, 401(k), and any individual retirement accounts (IRA): traditional and Roth.

You should include any Social Security benefits, annuities, life insurance, brokerage and bank accounts, and any other liquid investments. Personal valuables, such as jewelry, automobiles or an art collection, can be considered if you intend to use these to finance your retirement.

Estimate Retirement Income & Expenses

In retirement you will need to know your retirement income and retirement savings. You also should review how often you will need to dip into your retirement savings. Once you have prepared a list of your sources of retirement income you will also want to develop a list of any expenses you may have. Healthcare expenses, mortgages, outstanding loans, and daily living expenses are important to calculate and include in your budget.

Once you have this information you can develop a retirement plan budget to track your expenses in retirement. Using a budget will help ensure you are not going to outlive your retirement savings.

Evaluate Your Savings & Investment Strategy

Now is the time to review your retirement account contribution rates. For 2026, the Internal Revenue Service (IRS) has increased the annual retirement account contribution rates to $24,500 for 401(k) and 403(b) plans.

If you are age 50+ you can contribute an extra $8,000 for a total of $32,500 in 2026. For those age 60 to 63 you can take advantage of a special catch-up provision and contribute an additional $11,250 for a total of $35,750.

You may want to consider increasing your contribution rates if your situation allows. If you have extra income available a traditional IRA or Roth IRA is a good retirement account option. In 2026 you can contribute $7,500 and if you are age 50+ you can contribute an extra $1,100 for a total of $8,600.

No matter what age you are you should meet regularly with a financial advisor to discuss your investment strategy, goals and time horizon. Your retirement planning advisor at Portfolio Advisors can help you create a retirement plan that meets your needs. Learning your risk tolerance, how to rebalance your retirement account, and developing a retirement planning checklist is part of the comprehensive investment management services offered at Portfolio Advisors.

Plan for Taxes & Withdrawal Strategy

As part of your retirement planning, you will need to determine your withdrawal strategy. This includes how much to withdraw each year from your retirement accounts and which accounts to tap into first. Retirement income withdrawals should generally not exceed 5% of your total retirement savings. While this is a general rule each individual’s retirement plan will differ.

Social Security benefits, and when to take them, is another consideration to review. Most retirees will find delaying a Social Security benefit claim is the best option. Waiting past age 67, and even to age 70, can generally increase a retiree’s Social Security benefit by about 8%. You should model some projections on the best timing to take your Social Security retirement benefit. You can do this by visiting ssa.gov, the official site for Social Security.

You will also need to assess any taxes that must be paid in retirement. This can affect your retirement income and retirement savings. Investors generally have either taxable accounts or tax-advantaged accounts. Each has a different purpose as part of your retirement plan.

Taxable accounts are generally your standard brokerage accounts that offer stocks, bonds, mutual funds, exchange traded funds (ETFs), and other securities. You pay taxes on any dividends and capital gains realized during the year and you pay taxes when you sell any securities.

Tax-advantaged accounts offer tax-deferred growth or tax-free growth. These accounts are 401(k)s, traditional IRAs, Roth IRAs, health savings accounts (HSAs), and specific trusts. You pay taxes the taxes generally on withdrawal, or in the case of Roth IRAs, you use already taxed funds and pay no taxes on withdrawal.

Starting at age 59½, you can withdraw from your IRA or 401(k) retirement account without incurring a federal 10% early withdrawal penalty. By law, required minimum distributions (RMDs) from most retirement accounts must be taken at certain intervals or you can incur a penalty. It is best to speak with your financial advisor as to the timing of any RMDs to minimize taxes and any penalties.

Create a Healthcare & Insurance Plan

One of the most important decisions you will need to consider as part of your checklist for retirement planning is healthcare costs. Many retirees choose Medicare, a federal health insurance program, for their healthcare coverage, while some choose private insurers.

Medicare has four parts: Medicare Part A covers hospital costs; Part B covers doctor’s visits; Part C, also known as Medicare Advantage, is coverage from private insurers that covers medical, dental, vision, and prescription medications; and Part D is a supplemental plan for Parts A and B that covers prescription medications.

For more information on what plan is right for you visit Medicare.gov, the official Medicare site for details.

A common mistake retirees assume is Medicare or your Social Security retirement benefit will cover and pay for all your medical expenses. This is not true and the mistake can be quite costly. Premiums and deductibles can eat away at your retirement savings and Social Security benefits will generally cover little of these costs.

As healthcare costs rise each year, it is a good idea to set aside more funds than you think you may need for healthcare costs in retirement. You might also want to think about and plan for possible long-term care costs, such as home health aides, skilled nursing, assisted living, and nursing home costs.

Review Estate Planning & Legacy Documents

Many retirees forget to include a will as part of their retirement checklist. A will is a simple estate planning document allowing you to convey your wishes after your death. A will can be part of your legacy, allowing you to detail how you want your estate distributed after you pass. A properly created will helps your beneficiaries avoid probate court and possible creditors of your estate. If you do not have a will the state where you reside decides on how best to distribute your estate.

It is also highly advised to develop a living will, which is separate from your estate will, directing and detailing your healthcare preferences in the event you are incapacitated and cannot make decisions. This document lets loved ones and your medical doctors know your healthcare wishes.

Discussing one’s death can be difficult. Portfolio Advisors can help you navigate through the paperwork of wills, trusts, powers of attorney, and healthcare directives so your wishes are fully honored. We also can also help you designate your beneficiaries and create a comprehensive plan for a lasting legacy.

Stress Test Your Plan

Before you retire, you should speak with your financial advisor at Portfolio Advisors to review your retirement plan. A good idea is to review several scenarios that could occur during retirement. This is stress testing your retirement plan. Seeing how your retirement income and retirement savings hold up under volatile market conditions or unexpected illnesses is a wise course of action. The greatest risk most retirees face is running out of retirement savings and outliving their retirement income. Now is the time to stress test your retirement plan.

Set Up a Regular Review Schedule

A good retirement checklist starts with scheduling a regular meeting with your financial advisor. These meetings can take place quarterly, semi-annually, or annually. During your meeting you can discuss your investment goals, risk tolerance, investment horizon, expected retirement income, and review your retirement plan. Whenever you have a major life event, such as marriage, divorce, birth of a child, or buying a home, speak with your financial advisor to discuss the next steps and how this affects your retirement checklist.

Checking in periodically with your advisor during the market ups and downs to discuss your risk tolerance and any emotions is a good idea. It is always best to consult with them before you buy or sell any investments in your portfolio as this will affect your retirement plan. Meeting regularly will take out the emotion of investing and help you stay the course so you can enjoy a fruitful retirement.

When to Consult a Financial Advisor

Everyone is unique and, therefore, each person’s retirement plan will be different. This is why Portfolio Advisors recommends developing a checklist for retirement planning. Having a retirement checklist takes the guesswork out of planning for retirement by helping you focus on what are your specific goals and ambitions for retirement.

You should consider consulting a financial advisor during life’s major events, such as marriage, divorce, birth of a child, and retirement. A financial advisor can help provide strategies so you can reach your investment and retirement goals.

Conclusion & Next Steps

Once you have all your information gathered together and have some rough ideas about your retirement the next step is to consult with a retirement planning advisor. Portfolio Advisors can help you take your rough draft for retirement and turn it into a reality.

Our expertise in financial planning, investment management, retirement and tax planning, risk management, and charitable giving is what sets us apart from other firms. We can serve as your one-stop-shop for all aspects of your retirement and financial planning needs and help you develop a comprehensive, tailor-made plan just for you.

We feel you will find our hands-on, white-glove service approach to financial planning refreshing. Our goal is to help you achieve financial peace of mind, now and in the future.

Disclosures: This material is for informational purposes only and should not be considered investment advice. Past performance is no guarantee of future results. Investing involves risk, including the potential loss of principal.