Planning for retirement isn’t something you do overnight. It’s a lifelong process that requires clear goals, consistent action, and a strategy that adjusts as you move through life. At G.W. Sherwold Associates Inc., we’ve created the ultimate retirement planning checklist to help you prepare for 2025 and beyond—whether you’re just getting started or nearing the finish line.
This guide outlines what to do at every stage, including savings milestones, investment strategies, and key steps to take along the way.
In Your 20s and 30s: Lay the Groundwork
Timeline: 30+ years from retirement
- Open a 401(k), IRA, or both. If your employer offers a match, contribute at least enough to receive it.
- Aim to save at least 15% of your income toward retirement. Start lower if needed and increase annually.
- Build a solid emergency fund to avoid dipping into retirement savings when unexpected expenses arise.
- Focus on paying off high-interest debt like credit cards.
- Invest for long-term growth with a diversified, stock-heavy portfolio.
In Your 40s: Stay on Track
Timeline: 20–25 years from retirement
- Increase your contributions and try to max out your accounts each year.
- Calculate how much you’ll need in retirement based on your expected lifestyle and expenses.
- Roll over or consolidate old retirement accounts to simplify management.
- Review your insurance coverage, including life and long-term disability.
- Begin shifting your asset allocation slightly to reduce risk as retirement gets closer.
In Your 50s: Fine-Tune the Details
Timeline: 10–15 years from retirement
- Take advantage of catch-up contributions once you turn 50.
- Start thinking through your income sources in retirement, such as Social Security, pensions, and withdrawals.
- Pay off as much debt as possible, especially your mortgage.
- Consider opening a Health Savings Account (HSA) if eligible, and plan for potential healthcare costs.
- Stress-test your retirement plan with different market scenarios and spending levels.
In Your 60s: Make the Transition
Timeline: 0–10 years from retirement
- Decide when to start collecting Social Security, weighing the pros and cons of delaying for a higher benefit.
- Choose a target retirement date based on your financial preparedness and lifestyle goals.
- Explore options for creating steady income, such as annuities or part-time work.
- Sign up for Medicare at age 65 and evaluate supplemental insurance options.
- Create or review your withdrawal strategy to ensure tax efficiency and sustainability.
In Retirement: Stay Active and Informed
Timeline: Retirement and beyond
- Stick to your spending plan and adjust it as needed.
- Monitor your portfolio and rebalance annually to stay aligned with your goals.
- Keep your estate plan updated, including wills, powers of attorney, and beneficiary designations.
- Focus on your well-being and maintain an active, fulfilling lifestyle.
Partner With G.W. Sherwold Associates Inc.
This retirement planning checklist is a powerful starting point, but every individual’s retirement journey is different. At G.W. Sherwold Associates Inc., we work one-on-one with clients to create tailored strategies that reflect their unique needs and goals.
Planning ahead can help you retire with confidence—and we’re here to guide you every step of the way.
Get in touch today to start building a retirement plan that works for you.