Checklist #15 · Retirement
Retirement Planning Starter
Define your retirement goals, set a savings rate that works, and build the initial investment approach — however early or late you're starting.
25 action items~20 min to complete5 sections
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Define Your Retirement Vision
0/4 completed
Define your target retirement ageKey
Estimate your annual spending in retirement
Factor in major retirement expenses: healthcare, housing, travel, legacy goalsWatch out
Estimate Social Security benefit at your target retirement ageAction
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$1.46M
Average retirement savings needed for $58,000/year in retirement (4% rule)
15%
Recommended savings rate (of gross income) including employer contributions
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Calculate Your Retirement Number
0/4 completed
Apply the 4% rule to estimate the portfolio neededKey
Adjust for Social Security and pension income
Calculate your current retirement gapKey
Use a compound growth calculator to project current savings forwardAction
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Choose the Right Accounts
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Contribute at least enough to your 401(k) to capture full employer matchKey
Determine whether traditional or Roth contributions are optimal
Open and contribute to an IRA (Roth or Traditional) if eligible
Understand the HSA as a triple-tax-advantaged retirement accountKey
Know the annual contribution limits and track your usage
Review Guardianship Beneficiary on Life InsuranceWatch out
Update Beneficiaries After Major Life EventsWatch out
Audit subscription services and membershipsAction
Set up automatic bill paymentsAction
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Build Your Investment Approach
0/7 completed
Set your target asset allocation based on time horizonKey
Invest in low-cost index funds — keep total expense ratio below 0.2%Key
Automate all contributions so investing is not a monthly decision
Rebalance annually to maintain target allocation
Increase contributions by 1% annually or with each raiseAction
Understand expense ratios and fund costsKey
Review your asset allocation annuallyAction
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Monitor and Adjust
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Review your total retirement portfolio balance and trajectory annually
Update your beneficiary designations when life changes (marriage, children, divorce)Watch out
Consider a fee-only financial advisor for an annual 1-hour review