Retirement Planning Checklist: 10 Things to Do Before You Quit Your Job

Preparing for retirement is more than just picking a date on the calendar. It's a major life decision that requires thoughtful planning and a clear financial strategy. While everyone’s retirement journey is different, there are some essential steps that can help you feel more confident before leaving the workforce.

Here are 10 things to consider before giving notice:

1. Know Your Numbers

Take time to calculate how much income you’ll need to live comfortably. Include everyday expenses, healthcare, housing, travel, and unexpected costs. A detailed budget can help clarify what retirement might truly cost.

2. Evaluate Your Retirement Accounts

Check the status of your 401(k), IRA, or other retirement savings plans. Are your contributions and investment allocations aligned with your target retirement date? Understanding what you’ve saved — and where — is key.

3. Understand Your Social Security Options

The age you claim Social Security can significantly impact your monthly benefit. Learn how timing affects your payout, and consider how it fits into your overall retirement income plan.

4. Review Your Healthcare Coverage

Healthcare costs can be one of the biggest retirement expenses. If you’re retiring before age 65, explore coverage options to bridge the gap until Medicare eligibility begins.

5. Plan for Required Minimum Distributions (RMDs)

Once you reach a certain age, you may be required to start withdrawing money from traditional retirement accounts. Understanding RMDs helps you avoid penalties and manage taxable income.

6. Address Any Debt

Carrying debt into retirement can strain your cash flow. Try to reduce or eliminate high-interest debt so more of your income can go toward living — not liabilities.

7. Know Your Pension or Employer Benefits

If your employer offers a pension or other retirement benefits, learn how and when payments begin. Make sure you understand any options available to you.

8. Revisit Your Investment Strategy

As you shift from saving to spending, your investment risk tolerance may change. Now is a good time to review your portfolio and ensure it aligns with your goals and timeline.

9. Create a Withdrawal Strategy

Which accounts will you draw from first — and in what order? A tax-efficient withdrawal strategy may help stretch your savings and reduce unexpected tax consequences.

10. Talk to a Financial Professional

One of the best ways to feel confident about your retirement decision is to sit down with a trusted financial advisor. They can help you develop a retirement income plan, optimize your strategy, and ensure nothing important gets overlooked.

Final Thoughts

Retirement is a big milestone — and planning ahead can make all the difference. This checklist is a great starting point, but your financial situation is unique.

Have you reviewed your retirement plan with a financial advisor recently? A quick conversation can provide clarity, peace of mind, and help you take the next step with confidence.