Free Retirement Planning Checklist

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Retirement Planning Checklist

A comprehensive guide to ensuring your retirement is properly planned

1. Social Security Claiming Strategy

Determine your full retirement age (FRA) Age 67 for those born 1960 or later
Estimate your monthly benefit at different claiming ages Compare benefits at age 62, FRA, and 70
Understand spousal benefits Know how marriage affects your benefit amount
Consider New Jersey taxation of benefits Up to 85% of benefits may be taxable in NJ

2. Retirement Account Rollovers

Review 401(k) plan options when changing jobs Compare rollover vs. leaving funds in former plan
Understand IRA vs. 401(k) differences Tax treatment, withdrawal rules, and protections
Consider required minimum distributions (RMDs) Age 73 (75 for those born 1951 or later)

3. Tax-Efficient Withdrawal Planning

Create a tax-diversification strategy Balance traditional IRA, Roth, and taxable accounts
Plan Roth conversion opportunities Consider conversions during low-income years
Coordinate with Social Security timing Optimize when to start withdrawals vs. benefits

4. Estate Planning Documents

Review and update your Will Ensure it reflects current wishes and laws
Establish or review powers of attorney Financial and healthcare directives
Review beneficiary designations Retirement accounts, life insurance, TODs
Consider a living trust For probate avoidance and incapacity planning
Create or update advance healthcare directive Also known as a living will

5. Medicare Enrollment Timeline

Mark your Initial Enrollment Period (IEP) 7 months around your 65th birthday
Understand Medicare Parts A & B Hospital insurance and medical insurance
Research Medicare Advantage vs. Medigap Compare coverage options and costs
Plan for prescription drug coverage (Part D) Evaluate coverage gaps and costs

6. Monthly Budget Projection

Calculate essential monthly expenses Housing, utilities, groceries, healthcare
Estimate discretionary spending Travel, hobbies, entertainment
Account for healthcare costs Premiums, out-of-pocket, prescriptions
Include one-time annual expenses Property taxes, insurance premiums
Build in a contingency buffer 3-6 months of expenses recommended

Educational Content Disclaimer This checklist is provided for educational purposes only and does not constitute specific financial, tax, or legal advice. Consult with qualified professionals before making decisions about your retirement plan. De Cesare Retirement Specialists is a registered investment adviser. Registration does not imply any level of skill or training. Please review our disclosure information at decesareos.polsia.app.