The complete retirement planning checklist

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.

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.

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.

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, so a mismatch can send money to the wrong person.

Name contingent beneficiaries

Always have a backup beneficiary in case your primary predeceases you.

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%.

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.

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.

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.

Schedule an annual financial review

Review progress against your retirement goals at least once per year.

Update your retirement timeline

Life changes such as a new job, a raise, a child or a 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.