The complete retirement planning checklist
42 essential action items across 12 critical areas of retirement planning. Track your progress, download the PDF, and take control of your financial future.
42 Actionable Items
Covering every aspect of retirement preparation
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0 of 42 itemsComplete the checklist items below, then download the full PDF.
Financial Health Baseline
Understand where you stand today before planning ahead.
Calculate your net worth
Total all assets minus all liabilities to establish your starting point.
Review your monthly cash flow
Track income vs. expenses for at least 3 months to identify savings capacity.
Check your credit score
Your credit health affects loan rates, insurance premiums, and financial flexibility.
List all financial accounts
Consolidate a list of all bank, investment, and retirement accounts in one place.
Emergency Fund
Your safety net protects retirement savings from unexpected costs.
Build 3–6 months of essential expenses
Keep this in a high-yield savings account, separate from investments.
Review fund adequacy annually
Adjust for life changes — new baby, mortgage, health conditions.
Establish a 'sinking fund' for predictable costs
Car repairs, home maintenance, and medical co-pays shouldn't drain emergency reserves.
Insurance Review
Ensure your family is protected against life's major risks.
Review life insurance coverage
Verify your coverage equals 10–15x annual income or matches your family's actual needs.
Evaluate disability insurance
Income protection is often more important than life insurance for working-age adults.
Review health insurance benefits
Understand deductibles, out-of-pocket maximums, and HSA eligibility.
Consider long-term care insurance
Especially important if you're 50+ or have family history of chronic illness.
Debt Review
Eliminate high-interest debt before it erodes your retirement savings.
List all debts with interest rates
Prioritise paying off high-interest debt (credit cards, personal loans) first.
Create a debt payoff timeline
Use the avalanche (highest rate first) or snowball (smallest balance first) method.
Evaluate mortgage refinancing
Lower interest rates can free up significant cash for retirement investments.
Investment Review
Optimise your portfolio for your timeline and risk tolerance.
Review asset allocation
Ensure your stock/bond mix aligns with your age and retirement timeline.
Maximize employer 401(k) match
Not claiming the full match is leaving free money on the table.
Review investment fees
High expense ratios can cost hundreds of thousands over a career. Target < 0.5%.
Diversify across account types
Use a mix of traditional (pre-tax) and Roth (post-tax) accounts for tax flexibility.
Estate Planning
Protect your legacy and make your wishes legally enforceable.
Create or update your will
Specify asset distribution, guardianship for minors, and executor appointment.
Establish powers of attorney
Designate someone to make financial and healthcare decisions if you're incapacitated.
Consider a living trust
Trusts can avoid probate, provide privacy, and give more control over asset distribution.
Create an advance healthcare directive
Document your medical wishes so your family doesn't have to guess.
Nominee & Beneficiary Review
Outdated beneficiaries are one of the most common estate planning mistakes.
Update all beneficiary designations
Review 401(k), IRA, life insurance, and bank account beneficiaries annually.
Verify beneficiary designations match your will
Beneficiary designations override wills — mismatches cause legal battles.
Name contingent beneficiaries
Always have a backup beneficiary in case your primary predeceases you.
Tax Planning
Strategic tax moves can save tens of thousands over your lifetime.
Maximize tax-advantaged contributions
Contribute the maximum to 401(k) ($23,500 in 2024) and IRA ($7,000 in 2024).
Consider Roth conversions
Converting traditional IRA funds to Roth in low-income years can save future taxes.
Harvest investment losses
Tax-loss harvesting can offset gains and reduce your annual tax bill.
Plan for Social Security timing
Delaying from 62 to 70 can increase benefits by up to 77%.
Retirement Goals
Define what retirement actually looks like for your family.
Define your retirement lifestyle
Travel plans, hobbies, relocating — your lifestyle drives your savings target.
Calculate your retirement number
Use the KAV Retirement Calculator to find your target corpus.
Plan for healthcare costs
Healthcare is typically the largest retirement expense. Budget $315,000+ per couple.
Risk Profile Assessment
Align your investment risk with your comfort level and timeline.
Complete a risk tolerance questionnaire
Understand how much volatility you can handle emotionally and financially.
Review your risk capacity vs. tolerance
You may be able to take more risk than you think — or less. Age, income, and goals matter.
Adjust allocation to match your profile
Conservative investors need more bonds; aggressive investors can hold more equities.
Portfolio Review
Annual portfolio maintenance keeps your plan on track.
Rebalance your portfolio annually
Drift from your target allocation increases risk. Rebalance at least once a year.
Review individual fund performance
Replace consistent underperformers with low-cost index alternatives.
Consolidate old 401(k) accounts
Rolling old employer plans into an IRA simplifies management and often reduces fees.
Annual Action Items
Repeat these items every year to stay on track.
Schedule an annual financial review
Review progress against your retirement goals at least once per year.
Update your retirement timeline
Life changes — new job, raise, child, health event — affect your plan. Adjust accordingly.
Review and update insurance coverage
Major life events (marriage, baby, home purchase) require coverage adjustments.
Check contribution limits for the new year
IRS limits change annually. Maximize contributions to take full advantage.
Get the complete checklist
Download all 42 items as a printer-friendly PDF. Plus, get personalised next steps and an invitation to a free consultation.
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