The Retirement Readiness Checklist

Nobody handed you a retirement playbook. Check off what you've done. What's left is your to-do list.

1. I know when I want to retire and roughly what I'll spend each month. Pick a target age or range. Then estimate monthly spending: housing, health care, travel, family, and taxes.
2. I've listed every account I own. Include old 401(k)s, IRAs, cash, and company plans. You can't plan what you can't see.
3. I know which accounts I'll draw from first, and why. The order you withdraw can change your tax bill for years.
4. I have a plan for when to claim Social Security. If you're married, plan for both of you. This decision is hard to undo.
5. I've looked at how taxes will affect my retirement income. Ask about Roth conversions and required minimum distributions (RMDs).
6. My investments are set up for spending, not just saving. The move from building to drawing down is a different job.
7. I have a plan for company stock, options, or deferred comp. Time these around your exit date and your tax situation.
8. I've planned for health care, Medicare, and long-term care. A health event can undo years of saving if you haven't planned for it.
9. I've planned for supporting family without hurting my own retirement. Aging parents or adult children? Give it a number so every yes is on purpose.
10. My will, beneficiaries, and healthcare directives are current. Beneficiaries override your will, so check every account.