Retirement Income Planning Checklist

Retirement planning becomes easier when you turn a broad goal into a series of specific decisions. This checklist can help you organize the information you will need before evaluating retirement dates, income sources, investments, insurance, and healthcare coverage.

1. Estimate your retirement spending

Begin with the expenses you expect to pay each month. Separate essential expenses—such as housing, food, utilities, insurance, taxes, and healthcare—from flexible spending such as travel and entertainment. Include irregular costs for home repairs, vehicles, family support, and other large purchases.

Inflation can change the cost of those expenses over a long retirement, so avoid assuming that today’s spending will remain unchanged.

2. List your dependable income sources

Identify income you expect from Social Security, pensions, annuities, employment, rental property, or other sources. Note when each source can begin, whether it adjusts for inflation, and whether payments continue for a surviving spouse.

Your Social Security statement can provide estimates based on your earnings record. Claiming age affects the monthly amount, so compare more than one starting date.

3. Organize retirement accounts and investments

Create a complete list of workplace plans, IRAs, taxable accounts, bank accounts, and other assets. Record each account’s owner, beneficiary, investment allocation, fees, withdrawal restrictions, and required distribution considerations.

Investing involves risk, including loss of principal. A retirement portfolio should be evaluated in light of income needs, time horizon, liquidity, and comfort with market fluctuations.

4. Plan for healthcare

Estimate premiums and out-of-pocket costs for coverage before and after Medicare eligibility. Medicare does not cover every healthcare or long-term-care expense. Review enrollment timing carefully, especially if you or your spouse will continue working after age 65.

5. Test different retirement dates

Compare how working longer, saving more, changing spending, or starting Social Security at a different age may affect the plan. A useful analysis should show the assumptions being used rather than presenting one projection as guaranteed.

6. Review taxes and estate documents

Withdrawals from different account types may have different tax consequences. Coordinate retirement-income decisions with a qualified tax professional. Review beneficiaries, powers of attorney, healthcare directives, wills, and trusts with a qualified attorney.

7. Revisit the plan regularly

Retirement planning is an ongoing process. Review the plan after major life changes and at least annually to update spending, account values, beneficiaries, healthcare choices, and assumptions.

Want to organize the moving parts of retirement? Start a conversation with Moffat Financial.

Disclosure: This material is for general educational purposes and is not personalized investment, tax, legal, or Medicare advice. Investing involves risk, including loss of principal. Services are offered only where properly licensed, registered, or otherwise authorized.

Sources: Social Security Administration retirement planning; Medicare.gov basics; SEC Investor.gov guidance on fees and expenses.

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Investment advisory services offered through West Wealth Group, LLC, an SEC Registered Investment Adviser. Investing involves risk, including loss of principal.

General education, not personalized investment, tax or legal advice. Insurance and annuity guarantees depend on policy terms and the issuing insurer’s claims-paying ability. Annuities are not FDIC insured.