Planning for retirement can feel overwhelming, yet with the right guidance and a clear roadmap, you can turn uncertainty into confidence. This comprehensive checklist will help you align contributions, asset allocation, insurance and tax strategies to build a resilient, long-lasting retirement portfolio.

Whether you’re just beginning your journey or approaching the finish line, each actionable step below will bring you closer to financial independence and peace of mind.

Maximize Your Annual Contributions

One of the most powerful ways to accelerate your retirement savings is to make the fullest possible contributions to tax-advantaged accounts. In 2025, the limits are set to help you supercharge your nest egg:

• 401(k): $23,500 standard limit; $31,000 for those age 50+; $34,750 for ages 60–63.

• IRA: $7,000 limit; $8,000 for those age 50+.

By maxing out these accounts annually, you reduce taxable income and harness the power of compounding returns. Aim to complete all contributions before the calendar year-end deadline to secure full tax benefits. If you’re eligible, explore Roth conversions or backdoor Roth IRAs in lower income years to lock in tax-free growth.

Craft a Personalized Asset Allocation

Determining the right mix of stocks, bonds and cash depends on your risk tolerance and time horizon. A simple rule of thumb is to subtract your age from 100 (or 110/120 for those planning longer retirements) to find your maximum stock allocation. For example, at age 65, you might hold up to 35% in equities.

Model portfolios illustrate how you can balance growth and stability. Consider this moderate allocation for a $500,000 portfolio:

Within equities, a blend of large cap, small cap and international shares delivers broadly diversified, low-cost index funds in a cost-effective manner. Vanguard, T. Rowe Price and other providers offer templates that can be tailored to your objectives.

Diversify and Rebalance Regularly

Diversification protects against market swings by spreading risk across asset classes and geographic regions. Make sure you’re diversified not just between stocks and bonds, but also within each class (U.S., international, small cap, emerging markets).

After periods of market volatility, stick to annual rebalancing to target allocations. Selling outperforming assets and buying underweight positions helps lock in gains and maintain your desired risk profile. A disciplined approach prevents emotional decisions when markets move sharply.

Set Savings Milestones and Withdrawal Strategies

Having clear benchmarks helps you gauge your progress. Aim to accumulate approximately 11 times your final working salary by retirement. This target, combined with a safe withdrawal rate of 7% over a 15-year span, can guide your spending plan.

The bucket strategy divides investments into near-, mid- and long-term needs, ensuring you have cash or bonds for the first several years while equities work on growth for later decades.

Use the following steps to assess your risk profile and select an allocation that matches your comfort level and retirement timeline:

• Identify your time horizon: years until and after retirement.
• Evaluate your risk tolerance: conservative, moderate or aggressive.
• Match portfolio mixes to your profile: adjust stock/bond percentages.
• Review and revise at major life events or market shifts.

Build Income Sources and Safeguard Your Coverage

Guaranteed income streams should cover essential expenses. Social Security, defined benefit pensions and annuities provide a stable foundation. Delegate discretionary spending to portfolio withdrawals.

Insurance is a critical safety net. Execute this checklist to ensure your coverage matches evolving needs:

• Health insurance: verify coverage for routine and long-term care.
• Life insurance: adjust beneficiaries and coverage amounts.
• Disability insurance: maintain protection until retirement age.
• Long-term care insurance: lock in premiums while you’re younger.
• Home and auto insurance: bundle policies for potential discounts.

Optimize Tax Planning and End-of-Year Actions

Taxes can significantly impact net retirement income. Employ strategies such as tax-loss harvesting and qualified charitable distributions (QCDs) to manage liabilities. Remember that required minimum distributions start at age 73 and must be taken by December 31 to avoid penalties.

To wrap up each year, complete this action checklist before deadlines:

• Contribute to IRA and 401(k) accounts.
• Rebalance portfolio to target percentages.
• Harvest capital losses or gains based on your tax bracket.
• Review and adjust insurance coverages.
• Take or plan for RMDs and charitable distributions.

Prioritize Health and Consult Experts

Your wellbeing influences retirement longevity and costs. Schedule regular health screenings and plan for long-term care early to avoid unexpected expenses.

Working with a professional advisor can transform your retirement outlook. Studies show that those who partner with experts report better outcomes. Seek a fiduciary who offers personalized solutions and acts in your best interest. A professional advisor for tailored guidance can help simplify choices, optimize your strategy and keep you accountable.

By following this structured checklist—covering contributions, allocation, diversification, withdrawal planning, insurance, tax management and health considerations—you’ll be well on your way to a secure, fulfilling retirement. Start today, review annually, and adapt as life evolves to ensure your golden years truly shine.