Check Your Progress

The only way to know whether your retirement plan is working is to check your retirement savings progress early and often. But saving for retirement is just part of the big picture. Many life events and financial considerations affect decisions during each stage of your life and each phase of your retirement planning timeline. Here are common financial/retirement planning considerations for most people during the saving phase:

During your 20s:

  • Job benefits, especially the retirement plan
  • Retirement savings, including taking advantage of employer matching, if available
  • Traditional IRA or Roth IRA, especially if your employer doesn't offer a retirement plan
  • Life insurance
  • Credit rating
  • Life changes, such as getting married, buying a house or starting a family

During your 30s:

  • Retirement savings, including maximizing your savings by taking advantage of employer matching if it's available
  • Rollover IRA or traditional IRA, depending on employment status and retirement program availability
  • College savings accounts if you have children
  • Distribution options for your retirement account if you change jobs, whether it's a rollover, cash or combination of the two, and potential tax consequences
  • Consequences of taking early withdrawals from retirement savings
  • Legal documents, including wills, living wills, estate plans and durable power of attorney

During your 40s:

  • Retirement plans and retirement savings goals review
  • Retirement savings adequacy
  • College savings, including deciding if grants or scholarships will be needed
  • Aging parents' health care and long-term care insurance needs

Ongoing:

  • Complete, accessible financial information, especially beneficiary designations
  • Net worth
  • Retirement plan re-evaluation
  • Employer-sponsored retirement account consolidation
  • Debt amount
  • Credit rating
  • Sufficient savings for emergencies
  • Life-altering events, such as disability
  • Personal medical history and status
  • Local, state or federal tax law changes

Next steps

The most critical steps you can to make sure your retirement plan stays on track are:

  • Make it on ongoing, hands-on priority at each phase of the timeline.
  • Use your financial advisor as a resource to plan effectively.

These calculators will help you check your progress:

This information is not intended as tax advice. Investors should consult a tax advisor.