Retirement Planning Checklist

Whether retirement is 30 years away or just around the corner, this checklist will help you assess your readiness and identify areas that need attention. Use it as a roadmap to retirement planning success.

Phase 1: Building the Foundation (20+ Years to Retirement)

Savings & Investing

• Contribute at least enough to your 401(k) to get the full employer match
• Work toward saving 15-20% of your gross income for retirement
• Consider opening a Roth IRA if you qualify
• Invest aggressively appropriate for your time horizon
• Rebalance your portfolio annually

Financial Fundamentals

• Build an emergency fund of 3-6 months of expenses
• Eliminate high-interest debt
• Get adequate life and disability insurance
• Create or update your will and beneficiary designations

Phase 2: Acceleration (10-20 Years to Retirement)

Increase Savings

• Max out your 401(k) contributions ($23,500 in 2025, plus $7,500 catch-up if 50+)
• Max out your IRA contributions ($7,000 in 2025, plus $1,000 catch-up if 50+)
• Consider a backdoor Roth IRA if your income is too high for direct contributions
• Explore HSA contributions if you have a high-deductible health plan

Planning Details

• Estimate your retirement expenses in today's dollars
• Calculate your projected Social Security benefits at ssa.gov
• Review any pension benefits you may have
• Consider working with a financial advisor for a comprehensive plan

Phase 3: Pre-Retirement (5-10 Years Out)

Fine-Tune Your Plan

• Create a detailed retirement budget
• Develop a Social Security claiming strategy
• Plan for healthcare coverage before Medicare eligibility
• Consider long-term care insurance
• Begin shifting to a more conservative investment allocation

Tax Planning

• Evaluate Roth conversion opportunities
• Understand required minimum distribution (RMD) rules
• Plan for the tax implications of retirement account withdrawals
• Consider the order of withdrawals from different account types

Phase 4: The Final Countdown (1-5 Years Out)

Get Specific

• Set a specific retirement date
• Finalize your retirement income plan
• Decide when to claim Social Security
• Plan the transition from accumulation to distribution
• Update your estate plan and beneficiary designations

Healthcare Planning

• Research Medicare options and enrollment periods
• Budget for healthcare costs not covered by Medicare
• Consider supplemental coverage (Medigap or Medicare Advantage)
• Plan for prescription drug coverage (Part D)

Retirement Income Sources to Consider

• Social Security - Know your full retirement age and break-even point
• 401(k) / IRA - Plan your withdrawal strategy
• Pension - Understand your options (lump sum vs. annuity)
• Taxable Accounts - Provide flexibility and tax diversification
• Part-Time Work - Can extend your portfolio's life significantly
• Rental Income - Common for Douglas County property owners

Colorado-Specific Considerations

For Douglas County residents planning retirement:

• Colorado is tax-friendly for retirees—Social Security benefits are tax-free for those 65+
• Property taxes are relatively low compared to other states
• Consider how Colorado's cost of living compares to potential retirement destinations
• Factor in altitude and climate considerations for healthcare

Common Retirement Planning Mistakes to Avoid

• Underestimating how long you'll live (plan for 30+ years)
• Ignoring inflation's impact on purchasing power
• Claiming Social Security too early without strategy
• Not accounting for healthcare costs
• Keeping too much in company stock
• Failing to have a withdrawal strategy