A 4-Step Retirement Financial Planning Checklist

Posted On 

A 4-Step Retirement Financial Planning Checklist (seniorlivingconnectors.com)

Retiring can be a wonderful yet confusing time. Making sure you have your finances organized before taking this big step will alleviate undue stress, allowing you to take advantage of the time you have been looking forward to having. Let us take the guesswork out of what you will need to establish before taking this leap towards your future, with a 4-step retirement financial planning checklist to guide you.

Step 1: Inspect your retirement income sources

Knowing where your retirement financing comes from will allow you to establish how much income will come from each source and how long it will provide what you need. Your retirement savings and income sources can come from:

  • Savings accounts
  • Annuities
  • Life insurance
  • Pension
  • Social security

For assistance in determining what sources of income you can expect to receive, contact us. Our clinical concierge will direct you to the most appropriate financial specialists for your needs. 

Step 2: Uncover how much tax you will pay on your retirement income  

Knowing how much tax you need to spend on your retirement income is imperative in establishing if you have saved enough for your financial retirement. Sources of income may be taxed differently, and therefore you will need to scrutinize the tax payable for each income source to navigate your retirement financial planning.

The trusted website for retiree finances, Kiplinger, has a great Arizona state tax guide for seniors. To access this, click here.  

Step 3: Calculating your expenses for retirement financial planning

The income a senior will need to have saved to retire largely depends on what expenses they carry. Living costs differ from person to person, but they can include things such as:

  • Loans and debt
  • Health Care
  • Taxes
  • Living and leisure expenses
  • Housing expenses

Estimating your expenses is an integral step to ensure you have enough saved for retirement and if you need to make any adjustments to your retirement financial planning.

Step 4: Deciding on your retirement date

Once you have followed the above 3 steps on the checklist, setting this date should be a lot less daunting. These are some aspects to take into consideration:

  • Are you ready to stop working?

If you have a close connection with colleagues and still enjoy working, you may want to cut back on your hours or work part-time instead of retiring. Working part-time will give you spare time in your day, allowing you to earn an income and retain your network of friends into your retirement.

  • Time with your partner

Create a cohesive plan with your partner. For example, perhaps they want to continue working, which means that you can assist with domestic responsibilities until they decide to retire, or you may want to keep working until your partner retires so that you can do activities together. You will both need to assess your expectations and personal goals.

  • Your retirement wish list

This is a personal list of goals or dreams you have. Everyone has different things they would like to do when they retire. While one person would like to play golf for hours on end, another may want to tackle that novel they have always wanted to write or donate all their time to a charity close to their heart. Whatever your wish list is, having a clear plan for your retirement will help to guide you in selecting the retirement date.


Although retiring can seem daunting, if you set time aside to plan your financial retirement plan, you can build a secure course of action that allows you to do the things you love while mitigating financial stress.

We suggest starting your financial retirement planning well in advance, as examining your financial income sources will give you time to adjust your plans if necessary.

This post was inspired by Aging in Place’s “Retirement Financial Planning Checklist.” To read the original, please click here



Senior Living Connectors Staff Writer

How can we help?

Call us to talk about your unique situation,or share your contact details and we'll get right back to you.

(623) 776-3098