Retirement Planning Checklist — 10 Years, 5 Years, and 1 Year Out

10 Years Before Retirement

Ten years out is when retirement planning shifts from background noise to active planning. This is the time to get serious about your numbers and make strategic decisions.

• Calculate your projected Social Security benefit at different claiming ages (visit ssa.gov)
• Estimate your retirement income needs — what will your essential expenses be?
• Review your investment allocation and begin gradually reducing risk
• Maximize contributions to your IRA and 401(k)
• Pay down high-interest debt
• Review your life insurance coverage — is it still appropriate?
• Begin researching Medicare and supplemental insurance options
• Consider long-term care insurance (rates are lower at 55–60)

5 Years Before Retirement

Five years out is when your retirement plan becomes concrete. You should have a clear picture of your income sources and expenses.

• Create a detailed retirement budget — essential vs discretionary expenses
• Decide on your Social Security claiming strategy
• Research Medicare plans in your area
• Evaluate whether an annuity makes sense for your income floor
• Consider paying off your mortgage before retirement
• Review beneficiary designations on all accounts and insurance policies
• Build an emergency fund of 6–12 months of expenses in liquid savings
• Meet with a financial planner and insurance agent to review your complete plan

1 Year Before Retirement

One year out is when you finalize your plan and take action on all remaining items.

• Enroll in Medicare during your Initial Enrollment Period (7 months around your 65th birthday)
• Choose your Medicare Supplement or Medicare Advantage plan
• Enroll in Medicare Part D prescription drug coverage
• Finalize your Social Security claiming date
• Purchase any annuity products you have decided to include in your plan
• Review and update your will and estate planning documents
• Notify your employer of your retirement date
• Understand your pension options if applicable (lump sum vs monthly income)

In Retirement — Ongoing Checklist

Retirement planning does not stop when you retire. These are the ongoing tasks to stay on top of:

• Review Medicare plan during Annual Enrollment Period (October 15–December 7) each year
• Review your investment allocation annually
• Monitor your withdrawal rate — are you on track?
• Update beneficiary designations after major life events
• Review life insurance coverage — does it still serve its purpose?
• Plan for required minimum distributions (RMDs) starting at age 73

The Insurance Component of Your Retirement Checklist

Insurance is one of the most important — and most overlooked — components of retirement planning. AG Insurance helps West Virginia residents check off the insurance items on this list: Medicare enrollment and plan selection, Medicare Supplement or Advantage comparison, Part D drug plan selection, life insurance review, annuity evaluation, and supplemental dental/vision/hearing coverage.