Check your progress
Throughout the decade preceding retirement, check periodically to see how successfully you're:
- Finding a balance between investing more conservatively while allowing for some growth of your assets.
- Outpacing inflation.
- Creating a distribution plan that allows for a comfortable lifestyle and stretches your savings over your lifetime.
Use the calculator links at right to check your progress. If you're not saving enough, look for ways to save more or re-evaluate your retirement expectations. In addition, focus on financial issues that can affect retirement planning decisions as you approach retirement. Here are common financial/retirement planning considerations for most people during the preservation phase:
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
During your 50s:
- Retirement plans and desired retirement age
- Retirement savings, including preliminary calculations to determine if your retirement savings goal is on target
- Maximum allowed contributions to your retirement plan and catch-up contributions if you're behind in your retirement savings
During your 60s:
- Retirement savings distribution options
- 401(k) rollovers, depending on employment status
- Retirement plan finalization
- The transition from accumulation of savings to distribution
- Work options if you can't afford to retire or want to continue working
- Medicare application (three months before turning 65)
- Employer-provided insurance, Medigap insurance, long-term health care insurance, prescription drug coverage and other options for meeting health care needs
- Social Security benefits
- 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
The most critical steps you can take 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: