Retirement planning is not a one-time event. The decisions that matter most often change as
you move through different stages of life. What makes sense at age 50 may be very different
from the priorities you face at 60 or 70.
A successful retirement planning process involves more than simply saving money. It requires
coordinating retirement accounts, investment strategies, taxes, income sources, healthcare
planning, and estate considerations over several decades.
This retirement planning checklist outlines key financial actions to consider in your 50s, 60s, and 70s based on guidance from reputable sources, including the Internal Revenue Service (IRS),Social Security Administration (SSA), Financial Industry Regulatory Authority (FINRA), andmajor retirement planning research from institutions such as Fidelity Investments.
Your 50s are often considered the "retirement red zone"—the period when retirement begins to
feel real and the financial decisions you make can have a significant impact on your future.
Rather than starting from scratch, this decade is typically about finishing the foundation you've
spent years building. It's often the last opportunity to maximize retirement savings, strengthen
your retirement account strategy, and address potential gaps before retirement income becomes
a reality.
One of the most effective ways to strengthen retirement readiness is to fully utilize
tax-advantaged retirement accounts.
This may include:
For many workers, increasing contributions during their 50s can significantly improve long-term retirement income potential.
When evaluating the best retirement savings opportunities, maximizing tax-advantaged
accounts is often one of the first places to start.
As retirement approaches, portfolio allocation deserves closer attention.
Many investors accumulate investments over decades without periodically reviewing whether
their risk exposure still aligns with their goals.
Questions to consider include:
The goal is not necessarily to become conservative, but to ensure your investment allocation
reflects your long-term retirement objectives.
Begin identifying potential income sources, including:
Understanding these income sources early can help identify potential shortfalls while there is
still time to make adjustments.
Many individuals focus on saving while giving little attention to future taxes.
However, retirement income may come from accounts with very different tax treatments
Examples include:
Early planning can help create more flexibility later when minimizing taxes in retirement
becomes a priority.
Your 60s are often when retirement planning shifts from accumulation to distribution.
The focus becomes less about growing assets and more about converting savings into
sustainable income.
Many retirees spend years building assets but very little time planning how those assets will be
used.
Key questions include:
A retirement plan should address both investment growth and income sustainability.
This stage is where many individuals seek guidance from a certified financial planner or
fiduciary retirement planner.
As retirement approaches, many workers leave an employer and must decide what to do with
their workplace retirement plan.
Potential options may include:
For individuals with Roth 401(k) assets, a rollover Roth 401(k) to Roth IRA may provide
additional flexibility and simplify account management.
Some retirees may also evaluate whether it makes sense to convert 401(k) to Roth IRA assets
through a Roth conversion strategy. Because conversions generally create taxable income,
these decisions should be evaluated carefully as part of a broader retirement income plan.
The years immediately before retirement often present valuable tax planning opportunities.
Potential strategies may include:
These years may provide opportunities to build future tax-free retirement plan income sources
while reducing future tax exposure.
Healthcare expenses often represent one of the largest retirement costs.
Planning should include:
A comprehensive retirement planning process should account for healthcare costs alongside
investment and income planning.
By your 70s, retirement planning priorities often shift again.
The emphasis frequently moves toward retirement income management, taxes on retirement
income, healthcare planning, Required Minimum Distributions (RMDs), and legacy
considerations.
Most traditional retirement accounts eventually become subject to Required Minimum
Distribution rules.
RMDs can:
Failure to plan for these distributions may result in larger-than-expected tax obligations.
Many retirees discover that taxes remain an important part of retirement.
Potential taxable income sources include:
Understanding taxes on retirement income can help retirees make more informed withdrawal
decisions and support the goal of minimizing taxes in retirement.
By your 70s, healthcare planning often becomes one of the most important components of
retirement planning.
Healthcare expenses can represent a significant portion of retirement spending, particularly as
individuals age.
Areas to review include:
Many retirees assume Medicare will cover most healthcare expenses. However, Medicare
generally does not cover extended custodial long-term care services.
Because long-term care costs can significantly affect retirement savings and legacy goals,
periodic reviews can help determine whether existing assets, insurance coverage, or income
sources are sufficient to support future care needs.
Healthcare planning should be integrated into the broader retirement planning process rather
than treated as a separate issue.
Retirement spending often evolves over time.
Review whether income sources remain appropriate, including:
Periodic reviews can help ensure income strategies remain aligned with current needs.
Retirement planning extends beyond investment management.
Important items to review include:
Keeping documents updated can help ensure assets are distributed according to your wishes.
One of the biggest misconceptions about retirement planning is that it ends once retirement
begins.
In reality:
Retirement planning should be viewed as an ongoing process rather than a one-time decision.
Periodic reviews can help ensure your strategy remains aligned with your goals and changing
circumstances.
The most effective retirement plans typically evolve through three distinct stages:
Each stage presents unique opportunities and challenges, which is why many individuals seek
guidance from retirement planning firms, retirement planning companies, certified financial
planners, or fiduciary retirement planners.
At Legacy Wealth Management, we help individuals and families navigate every stage of the
retirement planning process.
Our team works with clients on:
Whether you're searching for retirement planning near me, evaluating retirement planning firms, or looking for guidance from a certified financial planner, our goal is to help create a retirement strategy that aligns with your long-term financial objectives.
If you'd like help reviewing your retirement strategy, retirement accounts, tax planning
opportunities, or retirement income plan, you can schedule a complimentary meeting by visiting
www.lwealthmanagement.com/contact or calling (877) 650-4738.
As a fiduciary-focused wealth management firm serving retirees and pre-retirees, we help
individuals and families navigate the retirement planning process with strategies designed to
align investments, income, taxes, and long-term financial goals.
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Ready to take the first step in your financial journey? Speak with one of our advisors today.
