Retirement planning checklistSoaring health care costs and expanding life spans mean that planning ahead is more important now that ever. Use these checklists to make sure that you're on track for a healthy, wealthy retirement.Checklist for retiring in about 30 years1. Control debt.2. Establish and maintain an emergency savings plan.3. Make regular contributions to an IRA.4. Contribute to employer retirement plan if one is available.Checklist for retiring in about 20 years1. Emergency savings plan in place.2. On track to be debt free by retirement.3. Well-established retirement savings plans with suitable investments for your time frame.4. Keep spending in check.5. Update your will and consider estate planning.Checklist for retiring in 5 to 10 years1. Evaluate investments for suitability.2. Emergency savings plan in place.3. On track to be debt free by retirement.4. Well-established retirement savings plans.5. Determine how much money needed for retirement; compare that to current savings.6. Work to close the gap between retirement savings and the amount of money needed for a comfortable retirement.7. Is downsizing your home an option?Checklist for 1 year from retirement1. Estimate a budget for your retirement income.2. Set up payment plan to coordinate savings, pension and retirement plan withdrawals to coincide with budget.3. Consider part-time jobs.4. Speak with a Social Security representative to determine when you should apply for benefits.5. Review will and power of attorney; insure that beneficiaries on retirement accounts are up to date.6. If retirement comes before Medicare eligibility, make plans to purchase private health insurance or continue your employer's plan through COBRA. advertisementRelated Links:Retirement benefit tied to marriage date3 retirement trends may affect you 5 little-known facts about Social SecurityRelated Articles:Roth IRA conversionIs a Roth conversion right?'Twist' clouds retirement
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
You won't owe taxes if you pay fees from your IRA. In fact, there may be other tax breaks.
Employees who spend more time engaged with their 401(k) tend to be more active savers.
... Read more