The Retirement Readiness Checklist

What it covers

Six areas, with a free guide or calculator for each check. Here's the first check in each; the printable copy has all 25, with room to tick them off.

1. Your picture and your number

   Starting later isn't starting too late. It just means starting from a clear picture.

   I know what I'd retire to. Not just from: the people, projects and days you're aiming for. It shapes how much you need and when.

   + 3 more in the checklist

2. Catching up

   The rules give people over 50 extra room to save. Here's how to use it.

   I get my full employer match. If your workplace plan matches contributions, find out what it takes to get all of it. It's often the first step people take.

   + 4 more in the checklist

3. Reaching your money

   If you might stop work before 59½, the order you draw from matters.

   I understand the rule of 55. If you leave your job in or after the year you turn 55, withdrawals from that employer's 401(k) or 403(b) generally avoid the 10% early-withdrawal tax (50, or 25 years of service, for qualified public safety workers). It doesn't apply to IRAs.

   + 3 more in the checklist

4. Social Security

   One of the few incomes that lasts for life and rises with inflation. When you start is your choice.

   I've opened my Social Security account and checked my record. At ssa.gov/myaccount, check that every year of earnings is there. Missing years can lower your benefit.

   + 3 more in the checklist

5. Health cover

   Health costs are the piece early retirees most often underestimate.

   I have a plan for health cover before 65. COBRA (usually up to 18 months), a marketplace plan, a spouse's plan or part-time work with benefits. Price each one.

   + 3 more in the checklist

6. Protection and paperwork

   The unglamorous checks that protect everything else.

   My beneficiaries are up to date. On every retirement account and insurance policy. Beneficiary forms usually override a will.

   + 3 more in the checklist