Financial Group

A Checklist for Your Retirement Planning

Remember, it is never too early to start planning for your future!

Whether you’re one year or 15 years away from retirement, it’s never too late to ensure you’re prepared. Go through these seven steps to check whether you’re on track for a great retirement:

1. Assess your current financial situation by making a balance sheet and a budget. Then, make sure your budget is aligned with your priorities.

2. With your employer-sponsored qualified retirement plan, always contribute the necessary amount to receive the company match and, if possible, maximize allowable contributions to your employer-sponsored qualified retirement plan.

3. Evaluate your opportunities in IRAs. In 2021, you can contribute up to $6,000 into a traditional Individual Retirement Account (IRA) or Roth IRA. If you are age 50 or older, you can contribute an additional $1,000. Depending on your participation in other qualified plans, contributions to a traditional IRA may be tax deductible. Earnings for both traditional and Roth IRAs have the potential to grow on a tax-deferred basis.

4. Pay off high-interest debt immediately, then evaluate if other debt can be refinanced at lower rates. Pay off debt as aggressively as possible.

5. Consult a qualified professional about your life, health, and disability income insurance policies to determine the amount of coverage for your needs.

6. Find out how much you can expect to receive in retirement from pension plans, veterans’ benefits, and/or Social Security. To get an estimate on your future Social Security benefits, visit

7. Analyze which expenses are likely to decrease after you retire (clothing, commuting, etc.) and which will likely increase (medical, travel, etc.). Then plan accordingly.

If you have additional questions regarding this checklist or need tips on how you can stay on track,  schedule an appointment with our team today.


Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

This article was prepared by RSW Publishing.

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