A practical checklist for the year before you retire

Retirement planning involves more than picking a last day at work. You may also need to coordinate income, healthcare, household plans and paperwork. This checklist breaks the year into manageable stages. Treat the dates as planning prompts, not universal deadlines: your circumstances may call for a different schedule.

12 months out: Set a target date and discuss plans with your family

Start with a date you can use for planning, even if it changes. Then talk through what retirement might look like at home. A partner, relatives or other people who share responsibilities with you may have questions or plans of their own.

• Choose a target month and note any reasons it might need to move, such as a family commitment or a workplace decision.
• Discuss where you expect to live, whether anyone plans to keep working, and how you will share household responsibilities.
• Talk about the activities you want time for, whether that means travel, volunteering, caring for family or a quieter routine.
• Write down unresolved questions and agree on a time to revisit them. Include family members who will be directly affected.

12 months out: Map your budget, savings and income sources

A retirement budget can compare projected expenses with expected income. It can also account for possibilities such as higher costs or a market downturn.

• List regular household spending, including housing, food, transportation and insurance. Add less frequent costs and activities you expect to pursue.
• Gather recent account statements and make a list of savings, retirement accounts and other assets you intend to discuss as part of your plan.
• List potential income sources, such as Social Security, a pension or work income. Note when each might begin and what information you still need.
• Explore different spending and income scenarios with a qualified financial professional. A tax professional can help you understand questions about withdrawals and taxes.

Keep estimates and open questions in one place. If the picture does not match your expectations, you can discuss options such as changing the target date or revisiting spending plans. The aim is to understand the choices, not to settle every detail at once.

6 months out: Review investments, debt and cash reserves

A portfolio review can consider investment risk alongside the need to support retirement withdrawals. Debt and accessible cash are also part of the broader planning picture.

• Gather current investment statements and note questions about your mix of investments, your comfort with fluctuations and your anticipated withdrawals.
• List debts, their balances, payment amounts and interest rates. Ask a qualified financial professional how different repayment choices might fit your plans.
• Review the cash you can access and identify expenses or uncertainties you want to discuss when considering a reserve.
• Ask whether your savings and withdrawal plans still fit the scenarios you mapped earlier. Make a note of any decisions that require further review.

6 months out: Check healthcare coverage and enrollment deadlines

Healthcare planning includes reviewing coverage, costs and enrollment windows. People retiring before Medicare eligibility may also need to consider coverage in the meantime.

• Ask your employer when your current coverage ends and request information about any coverage options connected to your departure.
• Review coverage needs for yourself and anyone covered through your plan. List medications, providers and services you want to check against potential options.
• Find the enrollment dates that apply to your situation, including any relevant Medicare deadlines. Confirm details with the appropriate benefits administrator or program.
• Add estimated premiums and other healthcare costs to your budget. Keep a record of whom you contacted, what you learned and the next deadline to check.

3 months out: Review estate documents and beneficiary designations

An estate review can include wills, powers of attorney, advance directives and beneficiary designations. A qualified legal professional can explain the options and help you review documents for your circumstances.

• Locate existing documents and note anything you want to discuss with a legal professional, including changes in your family or wishes.
• Review beneficiary designations on relevant accounts and insurance policies. Ask the account provider how to make any changes you decide are needed.
• Organize account statements, insurance information and other key records. Make a list of where they are kept and whom a trusted person can contact.
• Discuss your plans with the people involved, as appropriate, and let them know where to find necessary information.

Before your last day: Confirm employer benefits and organize your next steps

A final conversation with your employer can help you confirm benefits, pension choices and departure-related details. Ask for written information where available, and keep it with your retirement records.

• Confirm your last working day, final pay, any applicable bonus and whom to contact with follow-up questions.
• Ask about pension elections, employer benefits and any forms or deadlines that apply to you. Discuss choices with a qualified professional before deciding.
• Record the dates for next steps, including coverage decisions and any planned income applications. Keep copies of submitted forms and confirmations.
• Set a check-in after retirement to compare your budget and routine with your expectations. Bring unresolved questions to the appropriate professional or benefits provider.