Educational PurposeThis checklist helps individuals and couples organize the major decisions involved in creating a retirement-income plan. It is intended as a starting point for planning and for preparing questions to discuss with appropriately qualified professionals.
Use it to review:
- Expected retirement expenses.
- Social Security and pension benefits.
- Retirement accounts and other assets.
- Income gaps.
- Guaranteed-income needs.
- Liquidity and emergency savings.
- Taxes and required distributions.
- Healthcare, inflation, survivor needs, and legacy goals.
1. Define the Retirement Timeline
- Identify the desired retirement date
- Consider whether retirement will be full or gradual
- Estimate the number of years remaining before retirement
- Discuss whether either spouse plans to work part-time
- Identify when employer income and benefits will end
- Consider whether the retirement date is flexible
- Review how an earlier or later retirement could affect income
Planned retirement date — Adult 1
Planned retirement date — Adult 2
Expected retirement age — Adult 1
Expected retirement age — Adult 2
Will either person continue working? (Yes / No / Unsure)
Notes
2. Estimate Monthly Retirement Expenses
Estimate expenses based on the life you expect to live in retirement — not only what you spend today.
Essential Expenses
| Item | Estimated Amount |
|---|---|
| Housing | $ __________ |
| Utilities | $ __________ |
| Food and household needs | $ __________ |
| Healthcare and prescriptions | $ __________ |
| Insurance | $ __________ |
| Transportation | $ __________ |
| Taxes | $ __________ |
| Debt payments | $ __________ |
| Family responsibilities | $ __________ |
| Other | $ __________ |
| Total essential expenses | $ __________ |
Flexible Expenses
- Travel
- Entertainment
- Hobbies
- Dining out
- Gifts
- Charitable giving
- Family celebrations
- Optional home improvements
- Other lifestyle expenses
Estimated monthly flexible expenses
Estimated total monthly retirement spending
3. List Expected Retirement-Income Sources
Record the estimated amount, start date, and whether each source is guaranteed or variable.
| Item | Estimated Amount |
|---|---|
| Social Security — Adult 1 | $ __________ |
| Social Security — Adult 2 | $ __________ |
| Pension — Adult 1 | $ __________ |
| Pension — Adult 2 | $ __________ |
| Existing annuity income | $ __________ |
| Retirement-account withdrawals | $ __________ |
| Rental income | $ __________ |
| Business income | $ __________ |
| Part-time work | $ __________ |
| Interest or dividends | $ __________ |
| Other | $ __________ |
| Total expected monthly income | $ __________ |
Social Security benefits may generally begin as early as age 62, but claiming age affects the monthly amount. Benefits increase when claiming is delayed, up to age 70.
4. Review Social Security Decisions
- Review the Social Security earnings record
- Correct any inaccurate earnings information
- Obtain estimated benefits at several claiming ages
- Compare claiming at age 62, full retirement age, and later
- Consider continued employment and expected earnings
- Review spouse and survivor-benefit considerations
- Consider health and family longevity
- Discuss how claiming age affects household cash flow
- Avoid assuming that the same claiming age is best for both spouses
- Confirm when and how to apply
Adult 1 — Estimated benefit at planned claiming age
Adult 1 — Planned claiming age
Adult 2 — Estimated benefit at planned claiming age
Adult 2 — Planned claiming age
Question requiring further review
5. Review Pensions and Employer Benefits
- Request an updated pension estimate
- Confirm the earliest and normal retirement dates
- Compare lump-sum and monthly-payment options, when available
- Review single-life and survivor-income options
- Determine whether payments include cost-of-living adjustments
- Understand what happens after the retiree’s death
- Review retiree health-insurance eligibility
- Review unused leave or other retirement benefits
- Confirm beneficiary information
- Obtain written plan documents before making an election
Estimated pension amount (per month)
Selected or expected payment option
Survivor benefit included? (Yes / No / Unsure)
Is the election reversible after payments begin? (Yes / No / Unsure)
6. Inventory Retirement Assets
| Item | Estimated Amount |
|---|---|
| Checking and savings | $ __________ |
| Emergency fund | $ __________ |
| 401(k), 403(b), or 457 plan | $ __________ |
| Traditional IRA | $ __________ |
| Roth IRA | $ __________ |
| Taxable investments | $ __________ |
| Existing annuity | $ __________ |
| Real estate | $ __________ |
| Business interest | $ __________ |
| Other assets | $ __________ |
| Total assets reviewed | $ __________ |
Asset Review
- Confirm account ownership
- Review current investments
- Review fees and expenses
- Confirm beneficiaries
- Identify accounts from former employers
- Determine which assets are liquid
- Identify assets subject to surrender charges or restrictions
- Review account tax treatment
- Avoid counting the same asset for multiple purposes
7. Calculate the Retirement-Income Gap
Essential monthly expenses
Dependable monthly income (Social Security, pensions, contractual annuity income)
Essential-income gap (essential expenses − dependable income)
Total monthly spending
Total expected monthly income
Overall monthly gap or surplus
When a gap exists, possible approaches to evaluate may include:
- Reducing planned expenses
- Working longer
- Working part-time
- Delaying certain benefits
- Using systematic withdrawals
- Creating contractual guaranteed income
- Increasing savings before retirement
- Paying off debt before retirement
- Adjusting the retirement date
- Combining several strategies
8. Evaluate Guaranteed-Income Needs
- Identify expenses that must be paid every month
- Calculate how much of those expenses existing income covers
- Determine the amount of any remaining essential-income gap
- Decide whether predictable income would improve financial security
- Compare annuity income with other available approaches
- Decide whether income is needed immediately or later
- Consider whether income must cover one life or two
- Review inflation and purchasing-power concerns
- Review beneficiary and legacy priorities
- Confirm that adequate liquid funds will remain outside the contract
An annuity may provide payments for a specified period or for one or more lifetimes. The guarantee and access to contract value depend on the written terms and the issuing insurer’s financial strength and claims-paying ability.
Estimated essential-income gap
Amount of the gap we may want covered predictably
Main reason for considering guaranteed income
9. Protect Liquidity and Emergency Savings
- Maintain an emergency reserve
- Keep money available for home repairs
- Prepare for vehicle replacement
- Set aside funds for medical and dental expenses
- Plan for insurance deductibles
- Prepare for taxes
- Consider family emergencies
- Identify upcoming major purchases
- Avoid placing all available assets into restricted contracts
- Understand surrender charges and withdrawal limitations
Current emergency savings
Target emergency savings
Accessible funds expected to remain after retirement-income decisions
10. Plan for Inflation and Long-Term Growth
- Estimate how long retirement may last
- Review whether income sources increase over time
- Identify payments that remain fixed
- Consider how inflation may affect essential expenses
- Maintain appropriate assets for potential long-term growth
- Review investment risk and time horizon
- Avoid depending entirely on one income or investment source
- Consider how spending may change during different retirement stages
- Schedule regular plan reviews
Income expected to increase over time
Income expected to remain level
Assets intended to support future growth
11. Review Healthcare and Long-Term-Care Needs
- Estimate health-insurance premiums
- Review Medicare eligibility and enrollment timing
- Estimate prescription and out-of-pocket costs
- Include dental, vision, and hearing expenses
- Review health savings account funds
- Consider long-term-care risks
- Review long-term-care insurance, when applicable
- Identify funds available for caregiving or facility expenses
- Discuss healthcare wishes and legal documents
- Avoid assuming all healthcare expenses will be covered
Estimated monthly healthcare expense
Potential long-term-care funding source
Healthcare issue requiring professional review
12. Review Debt Before Retirement
- List all remaining debts
- Record balances, rates, and monthly payments
- Identify high-interest debt
- Evaluate whether the mortgage will continue into retirement
- Avoid using retirement funds without understanding taxes and consequences
- Consider whether debt payments fit the expected retirement budget
- Establish a repayment plan before income decreases
- Avoid taking on unnecessary new debt near retirement
| Debt | Balance | Monthly Payment | Payoff Date |
|---|---|---|---|
| Mortgage | $ ______ | $ ______ | __________ |
| Credit cards | $ ______ | $ ______ | __________ |
| Auto loan | $ ______ | $ ______ | __________ |
| Student loan | $ ______ | $ ______ | __________ |
| Other | $ ______ | $ ______ | __________ |
Debt requiring the most attention
13. Review Taxes and Required Distributions
- Identify which accounts contain pretax money
- Identify which accounts contain after-tax money
- Review the taxation of Social Security and pension income
- Review the taxation of annuity withdrawals or payments
- Estimate federal and state income taxes
- Plan for tax withholding or estimated payments
- Review required minimum distribution rules
- Confirm which accounts are subject to required distributions
- Coordinate withdrawals among account types
- Obtain qualified tax guidance before major transfers or distributions
Required minimum distributions generally apply to traditional IRAs and many employer retirement plans beginning at the applicable age. Current IRS guidance states that many account owners generally begin at age 73, although rules can vary by birth year, account type, employment status, and beneficiary status.
First year an RMD may apply
Accounts potentially subject to RMDs
Tax question requiring professional guidance
14. Plan for a Surviving Spouse or Partner
- Estimate household income while both people are alive
- Estimate income after the first death
- Review Social Security survivor benefits
- Review pension survivor elections
- Review joint-annuity or survivor-income options
- Determine which expenses may continue
- Confirm life-insurance coverage
- Confirm beneficiary designations
- Ensure both adults understand accounts and bills
- Identify who could assist the surviving household member
Expected income while both are living (per month)
Estimated income after the first death (per month)
Estimated reduction (per month)
Action needed to strengthen survivor security
15. Review Beneficiaries and Legacy Goals
- Review retirement-account beneficiaries
- Review annuity beneficiaries
- Review pension elections
- Review life-insurance beneficiaries
- Coordinate beneficiary designations with estate documents
- Determine whether leaving assets is a major priority
- Understand how income elections affect beneficiaries
- Review charitable intentions
- Update designations after major life changes
- Seek legal and tax guidance when needed
Primary legacy goal
Account or document requiring an update
16. Prepare Important Documents
- Will
- Financial power of attorney
- Healthcare power of attorney or directive
- Beneficiary information
- Insurance policies
- Pension documents
- Annuity contracts
- Retirement-account statements
- List of debts and recurring bills
- Property records
- Tax returns
- Emergency contacts
- Digital-account instructions
Storage location
Trusted person who knows how to access the documents
17. Review Professionals and Product Recommendations
- Confirm the professional’s license or registration
- Understand the professional’s role
- Ask how the professional is compensated
- Request all fees and commissions in writing
- Review potential conflicts of interest
- Compare alternatives
- Read the complete contract and disclosures
- Verify the issuing insurer
- Review insurer financial-strength information
- Obtain tax and legal guidance when appropriate
- Avoid signing documents that are not understood
- Use the applicable free-look or review period
Professional or firm
Recommendation being reviewed
Main benefit presented
Main limitation or risk
18. Create the Retirement-Income Action Plan
| Action | Responsible | Deadline | Done |
|---|---|---|---|
| Obtain Social Security estimates | __________ | __________ | |
| Request pension information | __________ | __________ | |
| Complete retirement budget | __________ | __________ | |
| Review retirement accounts | __________ | __________ | |
| Calculate income gap | __________ | __________ | |
| Review guaranteed-income needs | __________ | __________ | |
| Review taxes and RMDs | __________ | __________ | |
| Review beneficiaries | __________ | __________ | |
| Organize documents | __________ | __________ | |
| Schedule professional consultation | __________ | __________ | |
| Other | __________ | __________ |
Final Retirement-Income Readiness Check
Before finalizing the plan, confirm that you understand:
- When retirement income will begin
- How much monthly income is expected
- Which income is guaranteed
- Which income may change
- The amount of the essential-income gap
- How withdrawals will be funded
- How much money will remain accessible
- How inflation may affect the plan
- How taxes may affect spendable income
- When required distributions may apply
- How healthcare expenses will be funded
- What happens after the first spouse dies
- What beneficiaries may receive
- Which decisions are reversible
- Which decisions may be permanent
- When the plan will be reviewed again
Next retirement-income review date
The TrueWealth Takeaway™
A retirement-income plan should connect the household’s expenses, income sources, assets, taxes, risks, and family responsibilities. The goal is not simply to accumulate money — the goal is to understand what income will arrive, when it will begin, how long it may last, which expenses it must cover, and what remains available for emergencies and future needs.
— The TrueWealth Perspective™
© 2026 TrueWealth Leadership Development Agency. All Rights Reserved.
Educational Disclaimer: This material is provided for educational purposes only and should not be interpreted as financial, insurance, legal, tax, or investment advice. Individual circumstances vary. Consult qualified professionals before making financial or insurance decisions.