Annual financial checklist for retirement

If you're like other retirees, even if you generally feel financially secure, you may still be concerned about market downturns, running out of money or the financial consequences of ill health. The following financial checklist was developed to help guide you through the steps that may help you maintain financial security throughout retirement.*

These steps assume that you already have a retirement income plan and withdrawal strategy in place. If you don't, contact a TIAA financial consultant for help at no additional cost by calling 888-583-2535, weekdays 8 a.m. to 10 p.m. (ET).

  1. Review your account balances and income sources to see how much you have and if it's in line with your retirement income plan and withdrawal strategy.
  2. Determine what percentage of your total assets you'll withdraw next year and from which income sources.
  3. If you haven't already, determine at what age you'll claim your Social Security benefits.
  4. Reassess your overall investment strategy based on any major market or life changes.
  5. Review your taxes and expenses and make any needed adjustments to help keep your income plan on track.
  6. Review your asset allocation and investments to make sure they align with your goals.
  7. Review/establish a financial plan in the event a spouse or significant other were to pass away.
  8. Revisit your plans for long-term care.
  9. Review how much equity you have in your home and strategies for using it.
  10. Revisit/update your estate plan as needed.

Download the checklistOpens PDF.

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*The information provided here, including the checklist, is based on information from Retiree Insights 2017, a multiphase annual research program conducted by Greenwald & Associates and The Diversified Services Group that examines key issues pertaining to retirement.

This article is intended for informational and educational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which the information may relate. Certain products and services may not be available to all entities or persons.

The TIAA group of companies does not provide tax advice. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.