1. Have You Set (Realistic) Retirement Goals?
We all want to retire on a private island, sipping piña coladas, but let’s talk reality. What kind of lifestyle do you envision? A quiet life near grandkids? Traveling the world? Living like a hermit with Wi-Fi? Defining your goals helps you calculate how much you’ll actually need to make those dreams a reality.
👉 Pro Tip: Use a retirement calculator to estimate your “magic number.” It’s like the Magic 8-Ball of finance, but way more accurate.
2. Have You Reassessed Your Budget for Inflation?
Inflation is like that one coworker who steals your lunch from the fridge—always creeping in and taking what’s yours. Even modest inflation can erode your savings over time, so make sure your retirement plan adjusts for the rising cost of living.
👉 2025 Forecast: Healthcare, housing, and eggs—yes, eggs—are expected to keep climbing in price. Plan accordingly!
3. Are You Maxing Out Your Retirement Accounts?
If you’re not contributing the max to your 401(k), IRA, or HSA, you’re leaving free money on the table—especially if your employer offers matching contributions. That’s like saying no to guac on your burrito. Don’t do it.
👉 2025 Contribution Limits: Check out the IRS updates for 401(k) and IRA limits in 2025. Spoiler alert: They usually go up!
4. Is Your Investment Portfolio Ready for the Future?
A diversified portfolio is like a good soup—too much of one thing, and it just doesn’t work. Review your investments to ensure they’re balanced for your risk tolerance and retirement timeline.
👉 2025 Watch-Out: With market volatility and potential interest rate changes, consider a mix of growth, income, and stability-focused investments.
5. Have You Thought About Healthcare Costs?
Medicare might sound like a catch-all solution, but it doesn’t cover everything. From supplemental insurance to long-term care, these costs can sneak up on you like a raccoon in your trash.
👉 Action Item: Research Medigap policies and long-term care insurance to fill in the gaps.
6. What About Social Security?
Social Security is a puzzle, and claiming it at the wrong time is like putting the corner pieces in the middle—chaos. Claiming benefits early reduces your monthly check, while waiting until age 70 maximizes your payout.
👉 Fun Fact: Social Security statements are now available online. Don’t guess; check your earnings and estimated benefits.
7. Do You Have a Tax Strategy?
Taxes don’t retire just because you do. Withdrawals from certain accounts (looking at you, traditional IRAs and 401(k)s) are taxable, and without a solid strategy, you could end up sending Uncle Sam a bigger slice of your nest egg than planned.
👉 2025 Tip: Consider converting some traditional retirement savings to a Roth IRA if it makes sense for your tax bracket. The future-you will thank you.
8. Are Your Legal and Legacy Plans in Order?
Let’s get real—none of us are immortal. Make sure your will, trusts, and beneficiary designations are up to date. Don’t forget a healthcare power of attorney and a living will, so your loved ones aren’t left guessing during tough times.
👉 Checklist Must-Have: An estate plan that minimizes taxes and ensures your assets go exactly where you want them.
9. Are You Debt-Free?
Carrying debt into retirement is like dragging an anchor behind your boat—it slows you down. Pay off high-interest debt before retirement to free up cash flow and lower stress.
👉 2025 Goal: Crush those credit card balances and auto loans ASAP.
10. Have You Scheduled a Professional Checkup?
Even the savviest DIYers need a second opinion now and then. Sit down with a financial planner to review your strategy, update projections, and make sure you’re not missing any key opportunities.
👉 Pro Tip: Look for fiduciary advisors who prioritize your interests over selling products.
The Bottom Line: Don’t Leave It to Chance
2025 is just around the corner, and your retirement plan deserves more attention than the box of random cables in your basement. With this checklist in hand, you’ll be one step closer to retiring the way you’ve always dreamed (even if that does involve a hammock and bottomless margaritas).
If you’re feeling overwhelmed, don’t worry—we’re here to help! Drop us a line, and let’s get your retirement plan in tip-top shape. Because you deserve to retire with confidence—and maybe even a little swagger.