The Ultimate Retirement Planning Checklist for March

Planning for retirement is a year-round process, but March presents a great opportunity to reassess your financial progress and fine-tune your strategy. Whether you’re years away from retirement or approaching it soon, this comprehensive checklist will help you stay on track and ensure a secure future.

1. Review Your Retirement Goals

Your financial needs and goals may evolve over time. Take a moment to evaluate:

Retirement age – Are you on track to retire when you initially planned?

Lifestyle expectations – Will you downsize, travel, or start a new venture?

Healthcare needs – Have you factored in medical and long-term care costs?

Financial independence – Will your savings and income sources cover your expected expenses?

2. Assess Your Retirement Savings

A strong savings strategy is key to a secure retirement. Use March as a checkpoint to:

Review retirement accounts – Check your 401(k), IRA, or other savings vehicles.

Maximize contributions – Contribute the full allowable amount to your retirement plans:

401(k) and 403(b) limit: $23,000 ($30,500 if 50+ in 2025).

IRA limit: $7,000 ($8,000 if 50+).

Consider catch-up contributions – If you’re 50 or older, take advantage of extra contributions.

Adjust savings rates – Increase contributions if you’re behind on your savings target.

3. Check Your Investment Portfolio

Ensure your portfolio aligns with your retirement timeline and risk tolerance:

Rebalance investments – Adjust asset allocation to maintain your ideal risk level.

Diversify holdings – Spread investments across different asset classes.

Consider income-generating assets – Look at bonds, dividend stocks, or annuities.

4. Evaluate Your Social Security and Pension Plan

Understanding how Social Security and pension benefits fit into your retirement plan is crucial:

Estimate Social Security benefits – Use the SSA.gov calculator.

Decide when to claim – Delaying benefits until age 70 increases your monthly payment.

Review pension options – Check payout options and ensure beneficiaries are updated.

5. Organize Your Retirement Accounts

Simplify your retirement savings by:

Consolidating old 401(k) plans – Rolling over into an IRA or your current employer’s plan.

Reviewing beneficiaries – Ensure account designations reflect your current wishes.

Minimizing fees – Check investment and administrative fees on all accounts.

6. Plan for Taxes in Retirement

Taxes can significantly impact your retirement income. Use these strategies to minimize tax burdens:

Roth conversions – Consider converting a portion of traditional IRA funds to a Roth IRA.

Tax-efficient withdrawals – Withdraw funds strategically from taxable, tax-deferred, and tax-free accounts.

Plan for Required Minimum Distributions (RMDs) – If you’re 73 or older, ensure you take your annual RMDs.

7. Evaluate Your Health and Insurance Needs

Medical expenses can be a major retirement cost. Be proactive by:

Reviewing Medicare options – If you’re nearing age 65, research plans and enrollment deadlines.

Maximizing HSA contributions – If you have a Health Savings Account, continue saving tax-free for medical expenses.

Exploring long-term care insurance – Consider policies to cover future healthcare costs.

8. Update Your Estate Plan

An updated estate plan ensures your assets are distributed according to your wishes:

Review your will and trusts – Make any necessary updates.

Assign financial and healthcare power of attorney – Ensure trusted individuals are designated.

Plan for charitable giving – Consider donor-advised funds or legacy donations.

9. Meet with a Financial Advisor

A financial professional can help you refine your retirement plan and adjust for changing circumstances:

Assess your financial health – Review savings, investments, and projected income.

Identify tax-saving opportunities – Optimize withdrawal strategies to minimize taxes.

Ensure you're on track – Get guidance on making necessary adjustments.